Feed Mycotoxin Detoxifiers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Feed Mycotoxin Detoxifiers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Feed Mycotoxin Detoxifiers Market was valued at USD 1,204.0​ million in 2019 and is projected to grow at a CAGR of 6.4% during the forecast period (2020-2025). In 2019, Europe was the largest geographical segment of the market studied and accounted for a share of around 43.2% of the market. The market growth can be mainly attributed by the expansion of the animal meat market and the subsequent expansion of the compound feed industry. Increased awareness among the farmers about the benefits of mycotoxin detoxifiers is another factor augmenting the growth of the market studied. As an impact of COVID-19 the global consumption of meat and other animal products is on the verge of a declining phase as consumer preference for plant-based foods is rapidly rising. In addition, animal products without any traces of synthetic compounds are anticipated to grow in the forecast period. Hence, the preference for animal feed with chemical ingredients including feed mycotoxin detoxifiers is projected to decline in the forecast period.

Key Market TrendsExpansion of animal meat market

The growth in the global mycotoxin detoxifiers market is primarily because of the expansion of the animal meat market. According to the OECD-FAO Statistics, the consumption of poultry meat which is animal meat has shown consistent growth from 2016. In 2018, poultry meat consumption has witnessed the highest of 120,884.63 thousand metric ton which was 116,845.36 thousand metric ton in 2016. Increased global meat consumption and rise in health concerns in livestock have made the market to consume a higher quantity of mycotoxin detoxifiers. Companies across the globe are highly engaged in the production of binders and bio-transformers which aid in converting the toxins into less toxic products.

Europe Dominates the Global Market

Europe is the largest segment of the feed mycotoxin detoxifiers market and is expected to record a robust growth rate. Owing to the ready availability of raw materials and high effectiveness. Asia Pacific holds huge potential and shows substantial growth in terms of rising meat consumption along with production of local meat, increasing demand for quality food, growing awareness towards food safety, increasing per capita spending on meat related products, and expanding industrialization of animal industry in these regions.

Competitive Landscape

The feed mycotoxin detoxifiers market is consolidated. Major players in the market hold a sizeable market share of the total market. The global presence of companies and lack of local companies in a few of the countries have made the major players have a greater share in the market. The minor players share less than half of the total feed mycotoxin detoxifiers market. Some of the major companies in the market are Alltech Bio-products Co., Ltd., AMLAN International, Belgium Impextraco, Biomin Feed Additive (Shanghai) Co., Ltd., Special Nutrients, Inc., etc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Alltech Bio
products Co., Ltd.
AMLAN International
Belgium Impextraco
Biomin Holding GmbH
Kemin Industries, Inc.
Perstorp Performance Additives
Special Nutrients
NutriAd
NOREL Animal Nutrition
Olmix Group
Micron Bio
systems

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