Phytogenics market grows fastest in EU
The global feed phytogenics market size is projected to reach US$769.5 million by 2021, at a CAGR of around 7.1% from 2016 to 2021. This is stated by the company MarketsandMarkets.
The global market has grown exponentially in the last few years. The European region is projected to grow at the highest CAGR during the forecast period owing to the ban of in-feed antibiotics by the European Union and growing consumer health concerns related to healthy and natural diet. The Asia-Pacific region was the largest market for feed phytogenics in 2015.
Essentials oils have largest share
On the basis of type, the global market is segmented into essential oils, herbs & spices, oleoresins, and others (mucilage and echinacea). The essential oils segment accounted for the largest market share which is projected to grow at the highest CAGR during the forecast period due to its significant increase in the use of essential oils as feed additives in animal nutrition. Furthermore, one of the main reasons for this increase is to substitute antibiotic growth promoters, which have been banned as feed additives in the European Union since 2006.
Read more about the use of phytogenics in animal diets.
High demand poultry boost use
The global market, based on livestock, is segmented into swine, ruminants, aquatics, equine, poultry, and others (dogs, cats, and other pet animals). The poultry segment accounted for the largest share of the global market in 2015. The poultry segment in the feed phytogenics market is growing as the production of poultry is becoming more intensive and vertically integrated due to continuous technological advancements along with growing economies. The middle class income also increases the demand of organic and safe poultry meat which in turn is driving the demand of feed phytogenics in this segment.
Most growth in palatability enhancers
On the basis of function, the global market is segmented into palatability enhancers, performance enhancers, and others (preventative health maintainers, antioxidants, and greenhouse gas emission mitigators). The palatability enhancers is projected to grow at the highest CAGR during the forecast period. Feed palatability enhancers are gaining a substantial position in feed phytogenics as they are highly influential in the increase of feed intake in animals.
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Competitive market
The major restraints of the feed phytogenics market include increase in cost of feed ingredients and complex composition of feed phytogenics. This market is moderately competitive and less concentrated due to the presence of a few number of large- and small-scale firms. Expansions, new product developments, and acquisitions are the key strategies adopted by market players to ensure their growth in the market.
Source: MarketsandMarkets
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