Asia-Pacific Feed Palatability Enhancers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Asia-Pacific feed palatability enhancers market is projected to register a CAGR of 5.7% during the forecast period (2020-2025). Increasing meat consumption is driving the feed palatability enhancers market. The demand for high-quality meat and meat products from health-conscious consumers, growing commercial production of livestock and increasing concern about animal health are further driving the market. The market for feed palatability enhancers is highly fragmented with the presence of key international players and many small players competing in the market. Companies like Associated British Foods plc (Ohly) Kerry Inc., Diana Group, Kemin Industries, Inc., Adisseo, and Ensign-Bickford Industries Inc. are some of the leading players in the market
Key Market TrendsIncreasing Meat Consumption Driving the MarketConsumer awareness about the meat quality and increasing consumption of meat has created the demand for quality feed. This rising protein-rich meat consumption makes the use of feed additives such as palatability enhancers inevitable to enhance the quality of the meat. According to the Organisation for Economic Co-operation and Development (OECD), in 2016, Chinese per capita poultry meat consumption was 11.6kg and it has seen a steady growth to reach 12.1Kg per capita consumption in 2019. Chinese pig meat consumption is declining due to the recent disease outbreak while poultry meat consumption is increasing. The pig meat consumption in 2019 declined to 29.3kg which was 30.4 kg in 2018. This will enhance the inclusion of feed additives which will, in turn, drive the market for palatability enhancers to increase the feed intake.
Increasing Feed ProductionGrowing consumption of meat and animal-sourced products has driven commercial livestock production. Significant enhancements in yields of animal products have been possible even with reducing or stagnant animal headcounts. For instance, in India, milk production increased to 83.6 metric tons in 2017 which was 78.1metric tons in 2016. while the cattle population reduced to 185.1 million in 2017 as against 186 million in 2016, according to FAO. The growing demand for livestock products has been driving significant changes on the supply side that are aimed at improving livestock product yields. According to Alltech Feed Survey, in 2018, India produced 38.7 million metric tons of feed as against 31.3 million metric tons in 2016. The unpleasant additives and supplements effects in livestock feed are masked with the help of palatability enhancers, thereby augmenting the feed intake in animals.
Competitive LandscapeThe market for feed palatability enhancers is highly fragmented with the presence of key international players and many small players competing in the market. Some of the notable players are DuPont de Nemours, Inc., Kemin Industries, Inc. Associated British Foods plc, Kerry Inc., Symrise, Adisseo, Elanco, Tanke International Group, and others. The most adopted strategies for these companies are mergers and acquisitions, and time to time collaborations for investments in new product developments and research enhancement. In April 2018, Kemin Industries, Inc. launched PALASURANCE® P Series, a plant-based solution for palatability in the Asia Pacific. This move is an extension of the flagship brand for all types of pet food, addresses the increased consumer demand for pet food products.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook