Feed Phytogenics Market crossed USD 600 million in 2017 and industry expects gains around 3.5% by 2024 as rising livestock production owing to increased meat demand in China and India along with rising awareness of adverse antibiotics effects should stimulate the industry growth.
Sellbyville, DE -- (SBWIRE) -- 02/06/2019 -- The swift rise in the commercialization prospects of feed phytogenics market can undoubtedly be attributed to the growing prevalence of diseases in livestock, stringent healthcare regulations on the utilization of antibiotics in animal feed, and escalation in the consumption of meat across the globe. In addition to this, increasing consumer awareness pertaining to the resistance development issues caused by the consumption of antibiotic growth promoters in animals has led to extensive demand for feed additives, thus accelerating the feed phytogenics industry expansion.
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Elaborating further on the benefits of phytogenics feed additives, these products are known to enhance the health and performance of livestock including aquatic, swine, poultry, and cattle, which are essentially used for meat consumption. Moreover, phytogenics feed additives possess a wide range of properties along the likes of anti-microbial, antioxidative, anti-inflammatory, and digestion-enhancement, which has a positive impact on the health of the livestock.
The increased demand for phytogenics feed additives from nutritionists, veterinarians, growers, consultants, and business owners in the farming sector is slated to favor the growth prospects of feed phytogenics industry. As these products are obtained from natural bioactive compounds found in plant-based species such as fennel, thyme, garlic, oregano, rosemary, black seed, and clove, the demand from commercial agriculture settings is set to increase drastically in the near future.
The Asia Pacific to emerge as a lucrative growth terrain for the global feed phytogenics industry
In the past few years, China has been a prominent player in the global beef and meat sector in terms of production, trade, and consumption. According to trusted estimates, China is the largest beef producer in Asia and the third biggest in the world. In this regard, it would be prudent to mention that the beef sector has been one of the fastest growing industries in the Chinese livestock space and a significant contributor to the economic progress of the country.
Owing to the steady domestic prices and a rapid surge in meat production, China has witnessed massive investment in the cattle farming industry in the recent past – a factor that has impelled the growth prospects of China feed phytogenics market. Moreover, the governmental efforts to reform trade policies and resolve the issue of trade barriers would further benefit the feed phytogenics manufacturers. In fact, as per a research study compiled by Global Market Insights, Inc., China feed phytogenics industry size is slated to surpass USD 50 million by 2024.
Speaking in the similar context, India is gradually evolving as one of the major growth avenues for the participants of the feed phytogenics industry. The ever-increasing demand for feed additives by fish producers and the beef industry of the nation is on the rise lately. Especially, the massive uptick in beef exports by India have proved to be quite beneficial for the feed phytogenics industry.
As per the Agricultural Outlook 2017-2026 report published by the Food and Agriculture Organization (FAO) and the Organization for Economic Cooperation (OECD), India is the third-biggest exporter of beef in the world and is estimated to hold on to that spot over the upcoming decade. In addition to this, rising preference for natural growth promoters for the production of different livestock species would further proliferate the India feed phytogenics market size in the years ahead.
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With the well-known feed phytogenics industry participants such as Igusol, Biolandes, Delacon Biotechnik, Doterra, and DuPont Danisco making concerted efforts to develop cost-effective phytogenics, the feed phytogenics market outlook appears highly-promising. Additionally, the escalating uptake of phytogenics feed additives by the livestock sector would further assist in impelling the revenue portfolio of feed phytogenics industry, which is slated to exceed USD 790 million by the end of 2024.