Phytogenic Feed Additives Market Projected to Reach $1,226 Million by 2025, at a CAGR of 9.8%

November 21 18:52 2019
Phytogenic Feed Additives Market Projected to Reach $1,226 Million by 2025, at a CAGR of 9.8%

MarketsandMarkets™
The global phytogenic feed additives market is projected to reach USD 1,226 million by 2025, recording a CAGR of 9.8% during the forecast period.

The report Phytogenic Feed Additives Market by Type (Essential Oils, Flavonoids, Saponins, and Oleoresins), Livestock (Poultry, Swine, Ruminants, and Aquatic Animals), Source (Herbs & Spices, Flowers, and Fruits & Vegetables), Region – Global Forecast to 2025″, The global phytogenic feed additives market size is projected to reach USD 1,226 million by 2025, which was estimated at USD 701 million in 2019, recording a CAGR of 9.8% from 2019. One of the major factors driving the phytogenic feed additives industry is the growing restriction on the use of antibiotics as a growth promoter. Also, rising concern regarding animal health and feed quality has been driving the growth of this market.

Phytogenic Feed Additives Market

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The essential oils segment, by type, is projected to grow at the highest CAGR in the phytogenic feed additives market during the forecast period.

Essential oils are extracts from particular plants or plant parts. These oils also have certain environmental benefits-the animal performance changes with the various blends and strength of these oils. The numerous benefits of essential oils, such as producing digestive enzymes, improving gut histology, and antibacterial characteristics, are driving the market for essential oils in the livestock sector. One of the main reasons for the increase in their demand is to substitute antibiotic growth promoters, which have been banned in the European Union since 2006. Affordable prices and growing importance to produce quality meat from healthy livestock are also driving this segment toward a higher growth rate.

The poultry segment, by livestock, is projected to witness the highest growth in the phytogenic feed additives market during the forecast period, due to the increased production of poultry birds.

The poultry segment is projected to grow at the highest rate during the forecast period since broilers intensively consume phytogenics for better gut health and have a high feed conversion rate as compared to other livestock types. Poultry in the Asia Pacific region is also witnessing an ever-increasing demand, as consumers in Taiwan and Indonesia are adding white meat instead of red meat to their diets. Additionally, poultry population growth, which has doubled in the last two decades, according to the Food and Agriculture Organization of the United Nations (FAO), is supporting the high growth rate of the poultry segment.

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Asia Pacific is projected to account for the largest phytogenic feed additives market share during the forecast period.

Asia Pacific dominated the phytogenic feed additives market in 2018; this has been supported by the presence of a large livestock population (FAO 2016) and the growth rate. Also, livestock producers in China and India are focusing on animal health by resorting to natural solutions.

Additionally, there has been a rise in the demand for meat and meat products, in accordance with the need for a protein-rich meat diet. The market for poultry is estimated to increase in India and China due to factors such as the focus on meat quality and public health campaigns, which encourage the consumption of lower-fat protein options. Fish consumption is also increasing in the region owing to similar health trends. On the other hand, there has been an increase in production as well as consumption of dairy products in the region. According to the FAO, milk production grew at a rate of about 5% per year from 1980 to 2015 in the geography, against the global average of only 2% during the same period. These factors are expected to drive the phytogenic feed additives market in the Asia Pacific region.

The major vendors in the global phytogenic feed additives market are Cargill (US), Delacon Biotechnik GmbH (Austria), BIOMIN Holding GmbH (Austria), Bluestar Adisseo Co., Ltd. (China), and Natural Remedies (India).

 

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