Feed Phytogenic Market Size Worth USD 1.15 Billion by 2028 at 6.10% CAGR – Report by Market Research Future (MRFR)
Feed Phytogenic Market Insights and Industry Analysis by Type (Essential Oils, Herbs & Spices, Oleoresins, Others), Function (Performance Enhancer, Palatability Enhancer, Others), Livestock (Poultry, Swine, Ruminants, Aquaculture, Others) and Region (North America, Europe, Asia-Pacific, Rest of the World), Competitive Market Size, Share, Trends, and Forecast to 2028
New York, US, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Feed Phytogenic Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Feed Phytogenic Market Information by Type, Function, Livestock, and Region - Forecast till 2028”, the market is projected to cross USD 1.15 Billion by 2028 at 6.10% CAGR
Market Scope
For cattle feed, feed phytogenic is derived from natural sources. Feed phytogenic is a combination of plant-based compounds added to animal diets for a variety of reasons, including antibacterial activity, improved digestibility, and improved performance. These compounds exhibit a wide spectrum of bioactive characteristics. Water or feed can be used to provide feed phytogenic to the animal's body.
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Competitive Landscape
- Biomin GmbH (Austria)
- Cargill, Incorporated (US)
- DuPont (US)
- Kemin Industries, Inc. (US)
- Bluestar Adisseo Company (China)
- Phytobiotics Futterzusatzstoffe GmbH (Germany)
- Synthite Industries Ltd. (India)
- The Himalaya Drug Company (India)
- Pancosma (Switzerland)
- Ostofarm GmbH (Germany)
- Delacon Biotechnik GmbH (Austria)
- NOR-FEED GmbH (Germany (India)
Market Restraints
However, in the coming years, the availability of substitutes is projected to stifle market expansion.
Market Drivers
The global feed phytogenic market grew due to rising demand for natural feed additives and a negative attitude toward feed antibiotics. Moreover, throughout the projected period, the worldwide feed phytogenic market is expected to develop due to the expansion of the aquaculture industry and rising demand for animal products. Phytogenic feed has a number of advantages for cattle health. Because many nations have banned antibiotics, livestock feeders have been paying particular attention to plant-derived chemicals. Aside from that, the global market for feed phytogenic is predicted to be driven by the extensive availability of goods from various producers. However, properly processing the feed is tough. Due to a variety of variables like as high temperatures and filthy settings, feed phytogenic may lose its efficiency and effectiveness. To improve efficiency and effectiveness, market players are embracing new technology. Manufacturers are embracing encapsulation technology in large numbers.
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COVID-19 Analysis
The breakout of COVID-19 has resulted in regional lockdowns, border restrictions, and transportation network breakdowns. Customers stocked up on items like hand sanitizers and masks as a result of the outbreak, as well as home essentials like toilet paper and bread. The majority of the customer's budget was reallocated to vital goods, and non-essential firms saw a significant drop. Non-essential companies were ordered to remain closed throughout the first half of the epidemic as additional communities fell into lockdown. With border restrictions and government orders for lockdown, the COVID-19 epidemic has significantly damaged out-of-home activities, forcing individuals to stay at home. Schools, schools, and institutions were closed, and businesses around the world worked from home. During the pandemic, these factors had a negative impact on feed phytogenic sales. The demand for feed phytogenic is predicted to progressively increase as the situation returns to normal.
Market Segmentation
The global feed phytogenic market has been segmented into essential oils, herbs & spices, oleoresins, and others based on type. In 2020, essential oils held the biggest market share, while herbs & spices are predicted to grow at the fastest rate of 9.34 percent over the forecast period.
The global feed phytogenic market has been divided into three categories based on function: performance enhancers, palatability enhancers, and others. During the forecast period, the palatability enhancer segment is expected to grow at the fastest rate of 9.34 percent.
The global feed phytogenic market has been divided into poultry, swine, ruminants, aquaculture, and others based on distribution channel. In 2020, the poultry segment had the greatest market share of 42.97 percent, and it is predicted to grow at a 9.37 percent CAGR over the next five years.
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Regional Insights
North America is a popular destination for feed phytogenic manufacturers. In 2020, the region accounted for 28.30 percent of the market, and by 2028, it is expected to reach USD 458.03 million. The United States is the largest contributor to the expansion of the feed phytogenic market in North America and the world's second-largest feed producer. Since a result, demand for feed phytogenic surged, as it was seen as an alternative to antibiotics. Because of the growing population of broilers in this region, the production of poultry feed is increasing at a rapid rate. Furthermore, aquaculture is a promising sector in this region, as the number of fisheries has grown.
In 2020, Europe held a 33.23 percent share of the worldwide feed phytogenic market. AGPs were banned in animal feed in the EU in 2006, and measures were put in place to reduce the use of therapeutic antibiotics. This created a lucrative market for feed phytogenic producers. In recent years, Europe's feed sector has risen dramatically.
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