Phytogenic Feed Additives Market to be Dominated by Oleoresins Through 2028
Growing demand for natural additives after the ban on
AGP is expected to drive Global Phytogenic Feed Additives Market in the
forecast period, 2024-2028.
According to TechSci Research report, “Phytogenic Feed Additives Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the Global Phytogenic Feed Additives Market is anticipated to grow at an
impressive rate in the forecast period, 2024-2028. This can be ascribed
to the increasing demand for meat and dairy products in developing regions.
Also, the growing demand for natural additives after banning Antibiotic Growth
Promoter (AGP) to enhance livestock performance which is expected to create
significant growth during the forecasted period. Similarly, growing innovation
in the phytogenic feed additives markets and technological advancements are
expected to boost the growth of the market during the forecasted period. Similarly,
the growing demand for reducing the use of antibiotics, especially in the poultry
diet has demand for the phytogenic feed additives market during the forecasted
period. Also, the increasing research and
development activities provide a huge market opportunity for the key players
and rising awareness about the health benefits associated with phytogenic feed
additives to drive the growth of the market in the forecasted period.
However, the
elevated price of end products resulting in low-profit margins may hamper the Global
Phytogenic Feed Additives Market in the forecast period. Additionally, the
higher cost of active ingredients and raw materials used in phytogenic feed
ingredients may restrain the overall market growth. Similarly, a lack of
awareness about phytogenic feed additives in developing and underdeveloped
regions may restrict the growth of the market in the forecasted period. Also,
the prevalence of adulteration and side effects of essential oils may hamper
the growth of the phytogenic feed additives market during the forecasted
period.
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Global Phytogenic Feed
Additives market is segmented based on type, livestock, source, form, function,
packaging, and region.
Based on Type, the Global Phytogenic Feed
Additives Market can be segmented into Essential Oils, Flavonoids, Saponins,
Oleoresins, and Other Types.
Oleoresins segment is expected to dominate the market for the forecast period due
to the growing consumption of oleoresins as a phytogenic feed additive is worldwide.
Also, due to their desirable characteristics of being able to impart color,
flavor, and aroma to livestock feed which enhances the palatability of the feed
is expected to enhance the demand for phytogenic feed additives market during
the forecasted period.
Based on Livestock, the market can be further segmented
into Poultry, Swine, Ruminants, Aquatic Animals, and Other Livestock. Swine
segment is predicted to dominate the market in 2022 and maintain its dominance
throughout the forecast period. However, the growing consumption of swine meat
or pork has increased significantly in recent years and so increasing their
feed intake, improve their gut function, and increasing their resistance to
various diseases to enhance the demand for phytogenic feed additives market in
the forecasted period.
Major companies are operating in the Global
Phytogenic Feed Additives Market:
- Cargill, Inc.
- Archer Danield Midland
Company
- DuPont de Nemours,
Inc.
- Koninklijke DSM N.V.
- Land O Lakes Inc.
- Adisseo Inc.
- Nutreco N.V.
- Kemin Industries Inc.
- Natural Remedies Pvt.
Ltd.
- Nor Feed.
In January 2020, a leading company, Delacon
Biotechnik GmbH, introduced a new product BioStrong Comfort in the U.S. and
Canadian markets. This product is made up of plant-derived antioxidants and is
manufactured to lessen the effect of heat stress during high humidity and
temperature.
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“Europe
is expected to register the highest growth in the Global Phytogenic Feed
Additives Market on account of prohibition on the utilization of antimicrobial
substances as growth stimulators and stringent regulatory framework regarding
the usage of synthetic feed additives. Also, increasing the feed mills and feed
production is expected to create significant growth during the forecasted
period. Similarly, some countries that
have large livestock populations such as Europe, China, and India will demand Phytogenic
Feed Additives over the years. Additionally, growing demand for decreased feed
wastage and increased consumption, and finding extensive applications across
poultry and ruminant diets significantly enhanced the demand for phytogenic
feed additives in the forecasted period. Also, rising
awareness regarding animal health and benefits of phytogenic feed additives is expected
to propel the market growth till 2028” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Phytogenic Feed Additives Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Type (Essential Oils, Flavonoids, Saponins, Oleoresins, Other Types), By Livestock (Poultry, Swine, Ruminants, Aquatic Animals, Other Livestock),
By Source (Herbs & Spices, Fruits &
Vegetables, Flowers), By Form (Liquid v/s Dry), By Function (Performance
Enhances, Antimicrobial Properties, Palatability Enhances, Other Functions), By
Packaging (Flexible, Other Packaging) and By Region”, has evaluated the future growth potential of global Phytogenic
Feed Additives market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide innovative
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in global Phytogenic Feed
Additives market.
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