Northbrook, IL -- (SBWIRE) -- 02/17/2021 -- The feed mycotoxin binders and modifiers market is estimated to account for a value of USD 2.4 billion in 2020 and is projected to grow at a CAGR of 3.0% from 2020, to reach a value of USD 2.8 billion by 2025. Increasing need of green adjuvants, improving efficiency and effectiveness of agrochemicals are some of the factors driving the growth of the feed mycotoxin binders and modifiers market.

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There are over 500 identified mycotoxin strains in the world, including aflatoxins (B1, B2, G1, G2, and M1), ochratoxin A, deoxynivalenol, and fumonisins that are the major mycotoxins found in livestock feed. The incidences of disease outbreaks, owing to them are on the rise. All the regions in the world, developed or developing, are susceptible to the harmful impact of these mycotoxins. According to the FAO study, about 25% of the crops produced across the globe contain mycotoxins. Thus, to improve the health and wealth of livestock and to produce maximum livestock performance, mycotoxin binders & modifiers are expected to be used by the livestock growers.

COVID-19 Impact on the Global Feed mycotoxin binders and modifiers Market

Amid the spread of Covid-19 pandemic the demand for meat products fell sharply, due to health concerns in the countries. Thus the production levels and prices of the products fell simultaneously. Regions such as Europe and North America, recorded losses of their feed businesses. China suspended the operation of 5 of its Brazilian swine meat processing units, as confirmed by the US National Pork Producers Council (NPPC).

It also carried out similar operations in the European region and US, inorder to prevent the second wave of Coronavirus in China. Such scenarios have created a situation of instability in the markets and further the logistics and supply chain briers are acting as barriers to smooth flow of operations. However with global efforts are taken to support the feed sector, as meat is an important food source providing an array of nutrition's to the humans. Which will help return the feed mycotoxin binders and modifiers market scenarios to normalcy in the future.

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The global feed mycotoxin binders & modifiers market was dominated by the North American region. The large market size of the region is attributed to the high adoption of mycotoxin binders & modifiers. This is mainly due to the increase in demand for safe and high-quality livestock-based products, food safety awareness, stringent quality regulations, and aim to reduce, prevent and eliminate the growth and presence of mycotoxin contaminant in the food chain.

Key players in this market include include major players such as Cargill (US), BASF (Germany), ADM (US), Bayer (Germany), Perstorp (Sweden), Chr. Hansen (Denmark). These major players in this market are focusing on increasing their presence through expansions & investments, mergers & acquisitions, partnerships, joint ventures, and agreements. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.