Feed Palatability Enhancers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Feed Palatability Enhancers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Feed Palatability Enhancers Market is estimated to register a CAGR of 5.5% during the forecast period.

Key Highlights

• The increasing meat consumption is driving the feed palatability enhancers market, globally. The demand for high-quality meat and meat products from the health-conscious consumers are further inducing the demand.
• Asia-Pacific is the largest market for palatability enhancers, accounting for a major share in the overall market. The rise in income levels and growing awareness about quality feed and pet food are contributing to the demand in the region.
• The market for feed palatability enhancers is highly fragmented with the presence of key international players and many small players maintaining the competitiveness in the market. Some of the notable players are DuPont de Nemours, Inc., Associated British Foods plc, Kerry Inc., Symrise, Adisseo, Elanco, Ensign-Bickford Industries Inc., Kent Nutrition Group and others.

Key Market TrendsIncreasing Meat Consumption Driving the Market

The global meat consumption has been rising rapidly, thereby fuelling the growth of the feed palatability enhancers market. The growing preferences for high-grade meat and meat products from the health-conscious consumers are driving the demand for feed palatability enhancers, globally. According to the Irish State Agency, Bord Bia, the worldwide consumption of poultry meat has increased from 99 million tons in 2010 to 117 million tons in 2017. The rise in the levels of income in most of the developing countries has induced demand for superior quality meat and meat products. The per capita meat consumption in the United States, Brazil, and Argentina are also rising because of the lower costs in beef production, owing to the extensive land area under grazing. The unpleasant additives and supplements in livestock feed are formulated with the help of palatability enhancers, thereby augmenting the feed intake in animals.

Asia-Pacific - The Largest Market for Feed Palatability Enhancers

Asia-Pacific is the largest market for feed palatability enhancers, accounting for a significant share in the overall market. The growing consumer awareness about quality feed and pet food in the region has spurred the demand for feed palatability enhancers. Moreover, the soaring prices of meat driven by numerous disease outbreaks like the African Swine Fever have led the producers to tap the profits in the region, hence boosting the feed palatability enhancers market. The rise in income levels in developing countries like India and China are leading to growing numbers of pet ownership, healthcare, and spending, thereby driving the feed palatability enhancers market.

Competitive Landscape

The 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., Associated British Foods plc, Kerry Inc., Symrise, Adisseo, Elanco, Ensign-Bickford Industries Inc., Kent Nutrition 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. For instance, Associated British Foods plc entered into an agreement to acquire a major stake in South Africa-based sugar producer Illovo Sugar Ltd. in 2016, with a view to capitalize on its sugar ingredients including sweeteners across the world. Kerry Inc. agreed to acquire Ariake USA and Southeastern Mill's North American coating and seasonings business in 2018, which would further enhance Kerry's taste and clean-label portfolio of products.

Additional Benefits:

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

Companies Mentioned

DuPont
Associated British Foods plc (ABF)
Kerry Group plc
Symrise AG
Adisseo France SAS
Elanco Animal Health
Ensign
Bickford Industries Inc.
Kent Nutrition Group
Kemin Industries, Inc.
Tanke International Group

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