Growing consumer preference towards natural growth promoters coupled with increasing meat consumption rates are factors likely to drive the industry growth over the coming eight years. Phytogenics are feed additives used in livestock production. They belong to the group of natural growth promoters or non-antibiotic growth promoters derived from spices, herbs, etc. Global meat production accounted for approximately 310 million tons in 2014, and is estimated to grow annually by 2%, which will positively impact Phytogenics industry size. Moreover, escalating consumer demands for eradicating the use of antibiotics from meat is further boosting Phytogenics market revenue. Rising concerns regarding human & animal health and the environment are promoting phytogenic feed additives demand widely. —
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The government initiatives towards eliminating the use of antibiotics in meat products and encouraging natural growth promoters is also favoring the industry growth. For instance, the EU has banned the antibiotics use in animal products since 2006. Also, US FDA has declared to stop its usage by 31st December, 2016. In addition, private companies dealing with meat production are also supporting the use of NGPs over antibiotics. McDonalds and Tyson Foods in US have declared to stop antibiotics usage in their meat products.
However, complex nature of these compounds and their unpleasant taste and odor may inhibit the market size over the forecast timeframe.
The market segmentation is done in terms of products, livestock, and regions.
Feed Phytogenics product segment comprises Essential Oils, Oleoresins, and Herbs & Spices.
Herbs & spices based Phytogenics market is anticipated to grow at a CAGR of around 3% over 2018-2024, driven by their demand in improving digestion and appetite of the animals.
Essential oil feed Phytogenics market is predicted to dominate the product landscape, having attained a worth of USD 300 million in 2017. They serve as an important element in helping weight gain of swine. In addition to this, they play a vital role in regulating rumen ammonia production and help in improving animal performance.
Feed Phytogenics market segmentation in terms of Livestock includes Poultry, Ruminant, Swine, Aquatic, and Equine.
Phytogenics market for Swine contributed towards over 25% of the overall market share in 2017, and is estimated to witness moderate growth over the coming years. Feed Phytogenics market for Ruminant is estimated to grow at a CAGR of around 3% over 2018-2024
Poultry segment is estimated to dominate the feed Phytogenics consumption over the forecast timeline. The laying hens lack the ability to synthesize pigments and hence these compounds are used to improve coloring of the egg yolks. Moreover, growing trends of eradicating the use of antibiotics in poultry diets will favor Phytogenics feed additives demand in Poultry market.
Regional landscape covers North America, Asia Pacific, Europe, Latin America, and MEA.
Asia Pacific is expected to dominate the global feed Phytogenics market over the forecast period. The growth can be attributed to the high meat consumption rate, increasing purchasing power of the consumers, and the growth of new frozen meat outlets across the region. India and China will contribute majorly towards the regional growth. Europe market will experience moderate gains over the coming years, mainly driven by favorable government regulations and growing health awareness across this region.
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US market will witness a noticeable surge over the coming years, owing to the growing demand in poultry applications, which accounted for over USD 65 million in 2017.
Key industry participants are Bioamin, Nor-Feed Sud, Biotechnik, Delacon, Nutricare Lifesciences, Pancosma SA, Silvestris, and TrueVet.
Pea Protein Market : https://www.marketwatch.com/press-release/pea-protein-market-advanced-technologies-growth-opportunities-worldwide-by-2024-2019-07-31
Asia Pacific Non Alcoholic Beer Market : https://www.marketwatch.com/press-release/non-alcoholic-beer-market-in-apac-expected-to-reach-over-usd-75-bn-by-2024-2019-07-19
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