The market for feed phytogenics was valued at USD 586.8 Million in 2017; it is projected to grow at a CAGR of 8.8% from 2018, to reach USD 962.5 Million by 2023.
Northbrook, IL -- (SBWIRE) -- 06/05/2018 -- The report "Feed Phytogenics Market by Type (Essential Oils, Herbs & Spices, and Oleoresins), Livestock (Swine, Ruminants, Aquatic Animals, and Poultry), Function (Performance Enhancers and Palatability Enhancers), and Region - Global Forecast to 2023", The feed phytogenics market is estimated at USD 631.4 Million in 2018 and is projected to reach a value of USD 962.5 Million by 2023, at a CAGR of 8.8%. Factors such as advancements in the feed industry, increased demand for livestock products, the rise in awareness about animal health & feed quality, ban on antibiotics as growth promoters, and the health benefits of phytogenics drive the market growth.
Browse 108 market data Tables and 40 Figures spread through 162 Pages and in-depth TOC on "Feed Phytogenics Market - Global Forecast to 2023"
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The essential oils segment, by type, accounted for the largest share of the feed phytogenics market in 2017.
The essential oils segment accounted for the largest share of the global feed phytogenics market in 2017. The demand for essential oils has increased due to the ban on antibiotics as growth promoters. These oils can be combined and used in various blends which increases their popularity.
The palatability enhancers segment, by function, is projected to be the fastest-growing segment in the feed phytogenics market in 2017.
Feed phytogenics have witnessed substantial demand as feed palatability enhancers as they help increase the feed intake in animals. Feed phytogenics, due to the presence of enhanced flavor and aromatic ingredients in them, have an impact on feed palatability.
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The poultry segment accounted for the largest share in the feed phytogenics market in 2017.
The ban on antibiotics growth promoters in regions such as Europe and South Korea has also boosted the demand for feed phytogenics in poultry, as it includes antimicrobial, antiviral, and/or antioxidant properties.
Asia Pacific dominated the feed phytogenics market in 2017.
In 2017, the Asia Pacific region led the global market for feed phytogenics. The increase in awareness about food safety and the of meat among consumers and high requirement of feed additives with high conversion rate with no side effects in animals drive the market for natural feed products in the region, thereby boosting the demand for feed phytogenics.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Delacon (Austria), Biomin (Austria), Cargill (US), DuPont (US), Adisseo (China), Dostofarm (Germany), Phytobiotics Futterzusatzstoffe GmbH (Germany), Pancosma (Switzerland), A&A Pharmachem Inc. (Canada), and Kemin Industries (US).
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