Phytogenic Feed Additives Market Worth $1,223 Million by 2027
Phytogenic Feed Additives Market by Type (Essential Oils, Flavonoids, Saponins, and Oleoresins), Livestock (Poultry, Swine, Ruminants, and Aquatic Animals), Source, Form, Function, Packaging and Region - Global Forecast to 2027
Northbrook, IL -- (SBWire) -- 09/06/2022 --The global phytogenic feed additives market is estimated to be valued at USD 864 million in 2022. It is projected to reach USD 1,223 million by 2027, with a CAGR of 7.2%, in terms of value between 2022 and 2027. The reasons that are driving the growth of the Phytogenic feed additives market are increasing demand of natural additives for enhancing the livestock performance. Phytogenic feed products enhances the nutritional profile of the feed products and also enhance their palatability due to which they are in significant demand across the feed industry.
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Essential oils account for the largest market share in the phytogenic feed additives market
Based on type, essential oils account for the dominant share in the Phytogenic feed additives market. Due to the recent global rise in awareness regarding natural ingredients and products, essential oils being a plant source have been able to gain significant traction in the industry as a natural ingredient. It also offers various desirable characteristics such as improving feed intake, maintenance of gut health, supporting healthy digestion along with possessing potent antioxidant and anti-inflammatory properties which are likely to significantly contribute to their demand over the forecasted period.
The poultry segment is projected to account for the largest market share in the phytogenic feed additives market
Based on livestock, the poultry segment is projected to account for the largest market share in the phytogenic feed additives market. Some of the reasons boosting the growth of this category are the increasing usage of phytogenic feed additives in poultry birds for their muscle development, enhancement of laying capacity and supporting their overall development. Rising awareness regarding animal health and benefits of phytogenic feed additives in feedstuff have significantly contributed to the growth of this market for poultry.
The herbs & spices segment is projected to retain its position as the dominant segment in the phytogenic feed additives market during the forecast period
Based on sources, the herbs & spices segment is expected to retain its position as the dominant segment during the forecast period. The herbs & spices have a range of medicinal properties and flavors that promote healthy livestock digestion and act as antioxidants, antimicrobials and antioxidants along with possessing anti-inflammatory properties. These desirable characteristics are likely to continue to contribute strongly to the market growth of herbs & spices as the demand for natural ingredients continues to gain traction in the industry over the forecasted period.
The liquid segment is projected to account for the second dominating market in the phytogenic feed additives market
Based on form, the liquid segment is expected to retain its second position in the phytogenic feed additives market. The liquid phytogenic feed additives offers numerous desirable characteristics such as decreased feed wastage and increased consumption and find extensive applications across poultry and ruminant diets that contribute significantly to their demand and market growth.
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Asia Pacific is projected to be the largest market for the phytogenic feed additives market during the forecast period
Based on region, Asia Pacific region is projected to be the largest market for phytogenic feed additives industry during the forecast period. This growth of the phytogenic feed additives industry in the region is supported by an increasing number of feed mills and feed production. The region also has countries such as China, India, Japan, Thailand and Vietnam which have a large livestock population due to which the demand for phytogenic feed additives have also witnessed a significant rise in recent years as the awareness towards usage of natural additives and need of adequate nutrition increased in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Cargill (US), ADM (US), DuPont (US), DSM N.V. (Netherlands), Land O' Lakes (US), Adisseo (France), Nutreco (Netherlands), Kemin Industries (US), Natural Remedies (India), and Nor Feed (France).
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