| Source: Global Market Insights Inc. Global Market Insights Inc.
Selbyville, Delaware, UNITED STATES
Selbyville, Delaware, March 28, 2022 (GLOBE NEWSWIRE) — According to the latest report by Global Market Insights Inc., the Feed Phytogenics Market was estimated at USD 695 million in 2021 and is anticipated to surpass USD 900 million in revenue by 2028, growing at a CAGR of 3.5% from 2022 to 2028. The report provides an in-depth assessment of top winning strategies, market size & estimations, competitive scenario, wavering market trends, drivers & opportunities, and major investment pockets.
Feed phytogenics are widely utilized as alternative additives to antibiotics since they promote animal health. They offer various beneficial properties, such as they are less toxic, natural, and residue free, for animal feed application. High demand for feed additives is set to drive market growth over the review timeline.
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Oleoresins are solvent-free extracts that contain non-volatile components and provide different flavors. They find extensive usage in animal nutrition feed as digestive and appetite stimulants for treatment and prevention of some pathological conditions. Mounting demand for feed additives for improving the value of livestock by overcoming nutrient problems, deficiencies, and performance issues is foreseen to boost product demand in the coming years. On account of these factors, the oleoresins product segment is estimated to exhibit notable progress to reach a valuation of over USD 165 million by 2028.
On the other hand, the global feed phytogenics market from the essential oils product segment was valued at more than USD 345 million in 2021 and is projected to grow at a robust pace through 2028. This growth is attributed to the ability of essential oils to enhance animal health performance and boost feed intake in animals.
Key reasons for feed phytogenics market growth:
2028 forecasts show ‘swine’ segment retaining its dominance:
In terms of livestock, the swine segment is poised to exceed a valuation of USD 245 million by the end of 2028. Feed phytogenics can improve feed intake and reduce weight during lactation in swine. They also increase the daily litter weight gain and decrease weaning-to-first-service interval. These factors are calculated to foster segmental outlook in the forthcoming years.
Europe to maintain top status in terms of revenue:
On the regional spectrum, the Europe feed phytogenics market surpassed a valuation of USD 195 million in 2021 and is slated to observe considerable growth at a CAGR of around 3.3% between 2022 and 2028. Surging meat consumption, along with high meat production and increasing meat export, is primed to bolster regional market growth over the forecast timeline.
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Impact of COVID-19 pandemic on feed phytogenics market:
The outbreak of the novel coronavirus adversely impacted animal protein production, in turn affecting animal feed production. Shifting consumer preferences and supply chain disruptions resulted in a decline in product demand during the COVID-19 pandemic. However, growing focus on expediting economic recovery, declining COVID cases, and prominent research activities in the sector have been helping the feed phytogenics market regain its pre-pandemic momentum gradually in recent years.
Leading market players:
Key participants in the global feed phytogenics industry include Biomin GmBH, Igusol, Natural Remedies Pvt Ltd, Phytosynthese, Dow DuPont, Nutricare Lifesciences Limited, Nor-Feed, and Natural Herbs & Formulations, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.