Feed Phytogenics Market by Type (Essential Oils, Herbs & Spices, and Oleoresins), Livestock (Swine, Ruminants, Aquatic Animals, and Poultry), Function (Performance Enhancers and Palatability Enhancers), and Region - Global Forecast to 2023
“The feed phytogenics market is projected to grow at a CAGR of 8.8%.”
The feed phytogenics market is estimated at USD 631.4 million in 2018 and is projected to grow at a CAGR of 8.8%, to reach USD 962.5 million by 2023. Feed phytogenics play a crucial role as natural growth promoters in livestock. They have evolved as key feed additives; they increase feed intake, improve gut function, prevent diarrhea, and have anti-microbial and anti-oxidative effects on livestock. The major drivers of this industry are increasing animal husbandry, implementation of new technology such as encapsulation in feed phytogenics, and increasing focus on untapped markets such as Brazil, Thailand, Vietnam, China, and India. However, the high cost of these natural feed additives and complex composition of phytogenic feed additives are some of the factors restraining the growth of the feed phytogenics market.
“Demand for palatability enhancing feed phytogenics is projected to witness high growth during the forecast period.”
On the basis of function, the palatability enhancers segment is projected to grow at the highest CAGR from 2018 to 2023. The use of phytogenics as palatability enhancers is gaining popularity with the increasing need to increase the productivity of animals due to the increasing demand for animal-based products. These products increase the feed intake in the animals, especially in the younger animals, thereby promoting the growth of the animals.
“Asia Pacific is estimated to dominate the feed phytogenics market in 2018.”
The Asia Pacific region is estimated to account for the largest share of the global feed phytogenics market in 2018. Growth in population, the rise in disposable income of the population, progressive urbanization in the region, and increase in demand for quality meat products is estimated to fuel the demand for natural feed additives. Furthermore, the growth of the feed industry in the Asia Pacific region increased by 3% between 2016 and 2017, with an increase in the number of feed mills and feed production, particularly in countries such as China and India.
Break-up of Primaries:
By Company Type: Tier 1 - 33 %, Tier 2 - 28%, and Tier 3 - 39%
By Designation: C Level - 49%, D Level - 21%, and Others* - 30%
By Region: North America - 25%, Europe - 30%, Asia Pacific - 40%, and RoW - 5%
*Others include sales managers, marketing managers, and product managers.
Leading players profiled in this report:
Phytobiotics Futterzusatzstoffe GmbH (Germany)
A&A Pharmachem Inc. (Canada)
Kemin Industries (US)
The report segments the feed phytogenics on the basis of type, function, livestock, and region. In terms of insights, this report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the global feed phytogenics market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
To get a comprehensive overview of the feed phytogenics market
To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
To gain insights about the major countries/regions in which the feed phytogenics market is flourishing
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook