Growth of organic meat sector also contribute vitally to the growth of feed phytogenics market. Further, the reduced usage of antibiotics as growth promoters also acted favorably in raising the demand for feed phytogenics market. Ban on the use of antibiotics by European Union and U.S. FDA supports the increased consumption of feed phytogenics. Furthermore, with the implementation of new technologies like encapsulation of active ingredients, the efficacy of phytogenic feed additives improved to a great extent.
Feed Phytogenics market is expected to witness rapid growth over the forecast period. Rapid growth of feed phytogenics market can be attributed to the factors such as increasing per capita meat consumption coupled with the rising livestock production over the forecast period. Rise in meat consumption brought a significant increase in the utilization of feed additives.
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Feed Phytogenics refers to a wide variety of plant-derived products such as herbs, spices, and products, used to feed animals in order to improve the performance of agricultural livestock. The phytogenic feed compounds possess antioxidant property that contribute towards the protection of feed lipids from oxidative damage. Some of the other beneficial properties of feed phytogenics include antiviral, antifungal, and antimicrobial properties that help in enhancing palatability, improve gut functions, and promote growth. Feed phytogenics are widely available as dried and ground material, extracts or essential oils. Rising concerns relating to antibiotic growth promoters has resulted into a shift towards the use of alternate growth-promoting agents in animal nutrition. This is expected to fuel the demand for feed phytogenics market during the forecast period.
Based on geography, Feed Phytogenics market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Asia Pacific is projected to attain relatively higher revenue share in the global feed phytogenics market. Higher revenue share of the region can be attributed to the continuous investments made by manufacturers in order to expand their geographical presence in the emerging economies. Europe is expected to witness rapid growth in the feed phytogenics market during the reviewed period. Ban of in-feed antibiotics by the European Union is expected to elevate the demand for feed phytogenics during the forecast period.
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Key Market Players in Feed Phytogenics:
Some of the key players in the feed phytogenics market include Cargill Incorporated., Delacon Biotechnik GmbH, Phytobiotics Futterzusatzstoffe GmbH, BIOMIN Holding GmbH, E. I. du Pont de Nemours and Company, Pancosma SA, and Nutricare Lifesciences, Silvestris among others. Leading manufacturers in the feed phytogenics market are keen to expand their product portfolio to strength their position in the market. New product developments coupled with the increased R&D investments are some of some of the key initiatives taken by the companies to meet the growing demand for feed phytogenics.