Feed Phytogenics Market: Trends, Growth Opportunities and Forecast to 2027
Aug 10, 2021
The feed phytogenics market share is estimated to surpass USD 865 million by 2027
Delaware, United States - August 10, 2021 /MarketersMedia/ —
The latest trends in the feed phytogenics market are impelled by the surging efforts of key industry players towards strategic initiatives comprising acquisitions, partnerships, and new product launches for catering to the increasing demand for animal feed.
Considering an instance, in January 2020, global ingredient manufacturer, Kemin Industries, rolled out a novel phytogenics feed additive, dubbed VANNIX C4. The additive joins the all-inclusive lineup of poultry gut health solutions that are offered by Kemin Animal Nutrition and Health – North America.
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Driven by such advancements, the feed phytogenics market share is estimated to surpass USD 865 million by 2027, according to the most recent study by Global Market Insights, Inc.
This rise is ascribed to an escalation in the per capita consumption of meat and an upsurge in the production of livestock. Moreover, key international livestock financers and producers are opting for the formation of joint ventures, in turn enabling large-scale production across major countries.
Some major trends driving feed phytogenics industry value are:
Soaring usage of phytogenic additives as a substitute for antibiotics in North America
The North America feed phytogenics industry size accounted for a revenue of more than USD 103.5 million in 2020 and will expand at a lucrative CAGR of more than 3.5% through 2027. The growth is propelled by the increasing awareness regarding the demerits and side effects of synthetic phytogenics feed additives.
Furthermore, the ban on antibiotics, based on the European strategy, has resulted in the escalated usage of phytogenic additives as a substitute for antibiotics. While the use of antibiotics has been sharply restricted in the United States, these rules do not ban the prescribed/occasional usage of antibiotics.
Rather, the regional expansion is also driven by the high production of meat in the United States. The country is a prominent exporter of meat to countries comprising Japan, Mexico, China, Russia, South Korea, Canada, and the Middle East.
Rising demand for phytogenic substances from herbs & spices
The herbs & spices segment will exceed a valuation of USD 235 million through 2027, recording a growth rate of more than 3.5% over the projected period. There is a high demand for phytogenic substances that are obtained from certain herbs, spices, and extracts, and depict pharmacologic actions in the digestive tract of animals, as demonstrated by their relaxant and spasmolytic drugs.
In addition, the increasing awareness among farmers regarding healthy and natural animal feed for the enhancement of the quality of production of farm animals is slated to push the demand for animal feed phytogenics over the estimated period. Herbs help farm animals in the process of immune stimulation, activation of feed intake, anthelmintic, coccidiostatic, anti-inflammatory or antiviral, and also possess anti-bacterial properties.
Increasing usage of essential oils
The essential oils segment in the feed phytogenics market is touted to depict a considerable CAGR of more than 3.5% CAGR through 2027. This is due to the rising trend of using natural ingredients in the field of animal feed phytogenics.
Surging demand for poultry livestock
The poultry livestock segment is slated to record more than 35% of the overall market share by 2027. The trend has been observed due to the escalating production of poultry, especially in Mexico, Brazil, and South Africa. On the whole, the soaring demand for phytogenics in ruminant feed will boost feed phytogenics market size through the forecast period.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Name: Arun Hegde
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Organization: Global Market Insights Inc.
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Website: https://www.gminsights.com/pressrelease/feed-phytogenics-market
Source URL: https://marketersmedia.com/feed-phytogenics-market-trends-growth-opportunities-and-forecast-to-2027/89040922
Source: MarketersMedia
Release ID: 89040922
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