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Feed Phytogenics Market Strongly Driven by Rising Global Demand
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Market Dynamics of Feed Phytogenics:
Feed Phytogenics market is expected to witness rapid growth over the forecast period. Rapid growth of feed phytogenics market can be attributed to the factors such as increasing per capita meat consumption coupled with the rising livestock production over the forecast period. Rise in meat consumption brought a significant increase in the utilization of feed additives. Growth of organic meat sector also contribute vitally to the growth of feed phytogenics market. Further, the reduced usage of antibiotics as growth promoters also acted favorably in raising the demand for feed phytogenics market. Ban on the use of antibiotics by European Union and U.S. FDA supports the increased consumption of feed phytogenics. Furthermore, with the implementation of new technologies like encapsulation of active ingredients, the efficacy of phytogenic feed additives improved to a great extent.
Market Segmentation of Feed Phytogenics:
Feed Phytogenics market is segmented on the basis of type, livestock, and geography. Based upon type, feed phytogenics market is segmented into essential oils, oleoresins, herbs & spices, and others such as echinacea, mucilage etc. Essential oil is expected to attain relatively higher market share in the feed phytogenics market. High revenue share of essential oils in the feed phytogenics market can be attributed to its high contribution as feed additives in promoting animal nutrition. On the basis of livestock, feed phytogenics market is segmented into ruminants, swine, poultry, equine, aquatic, and others such as pet animals. Poultry sub-segment among the livestock segment is expected to account for relatively higher market value in the global feed phytogenics market. Factors such as increasing demand for safe and organic poultry, expansion of poultry segment are expected to contribute significantly in the segment growth during the forecast period.
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Regional Outlook of Feed Phytogenics:
Based on geography, Feed Phytogenics market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Asia Pacific is projected to attain relatively higher revenue share in the global feed phytogenics market. Higher revenue share of the region can be attributed to the continuous investments made by manufacturers in order to expand their geographical presence in the emerging economies. Europe is expected to witness rapid growth in the feed phytogenics market during the reviewed period. Ban of in-feed antibiotics by the European Union is expected to elevate the demand for feed phytogenics during the forecast period.
Key Market Players in Feed Phytogenics:
Some of the key players in the feed phytogenics market include Cargill Incorporated., Delacon Biotechnik GmbH, Phytobiotics Futterzusatzstoffe GmbH, BIOMIN Holding GmbH, E. I. du Pont de Nemours and Company, Pancosma SA, and Nutricare Lifesciences, Silvestris among others. Leading manufacturers in the feed phytogenics market are keen to expand their product portfolio to strength their position in the market. New product developments coupled with the increased R&D investments are some of some of the key initiatives taken by the companies to meet the growing demand for feed phytogenics.
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