Feed Palatability Enhancers Market Gross Margin, Regional Statistics, Competitor, Forecast 2030
Market Outlook
The global feed palatability enhancers market is growing rapidly over the past few years. Animal feed products developed using these additives increase the intake of feed products among livestock. Also, feed palatability enhancers are extensively used in animal feed products to increase nutrient composition, which can increase the sustainability of livestock farms and foster the growth of these animals.
According to Market Research Future (MRFR), Feed Palatability Enhancer Market Size was valued at USD 7.6 billion in 2022. The Feed Palatability Enhancer market is projected to grow from USD 7.87512 Billion in 2023 to USD 9.74807 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.62% during the forecast period (2023 - 2030). The Market is being driven by growing meat consumption, and rising income levels influence the demand in the area are the key market drivers enhancing the market growth.
Favourable outcomes achieved through the usages of these enhancers, such as increased productivity of dairy, poultry, and meat products, are the key driving forces behind the growth of the market. Additionally, the spreading awareness towards animal nutrition and rising concerns of animal health & its effects on the human body are some of the major factors substantiating the growth of the market. Also, the rapidly increasing consumption of meat products and the ever-increasing population create a vast market demand from the poultry, swine, aquaculture, and other livestock.
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On the other hand, price volatility and the demand-supply gap in the raw material required to produce these enhancers impede the growth of the market. However, rigorous food safety regulations and the ban of antibiotic growth promoters would support the market growth throughout the anticipated period, preventing the outbreak of livestock diseases among consumers.
Market Segmentations
The report has been segmented into three major dynamics.
By Type : Flavors and Sweeteners [Natural Flavours (Fruits, Spices, others), Artificial Flavors, Natural Sweeteners (Stevia, Thaumatin, Glycyrrhizin, other), Artificial Sweeteners (Saccharine, Neotame, Neohesperidine Dihydrochalcone, others), Texturants, and others.
By Livestock: Poultry, Ruminants, Swine, Aquaculture, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Regional Analysis
Asia Pacific dominates the global feed palatability enhancers market due to the increasing demand for animal feed products. Besides, factors such as the growing consumption of meat products and the ever-increasing population in the region impact the market growth positively. Huge demand in the animal feed market led by the increasing demand for milk increases the market size of the feed palatability enhancers market. India and China are the major markets pushing the growth of the APAC feed palatability enhancers market.
North America stands second in the global feed palatability enhancers market trends. Rising demand for dairy, poultry, and meat products accelerates the market demand in the region. Besides,
the well-spread awareness towards livestock health influences the market growth in the region. The US, backed by favourable government regulations, accounts for the largest share in the regional market. Heading with the rising demand for meat products, the North American feed palatability enhancers market is estimated to register a substantial CAGR during the assessment period.
Europe has emerged as a profitable market for feed palatability enhancers, globally. The market growth attributes to the increasing demand for protein intake among people and the spreading awareness towards the availability of these feed palatability enhancing products & their benefits in the feed. Germany and the UK, backed by the accelerating demand for feed product, especially in swine & poultry applications, accounts for the major markets for these products in the region.
Market Competitive Analysis
The well-established, feed palatability enhancers market overview’s appears to be highly competitive and fragmented, with many large and small-scale players forming a competitive landscape. To gain a larger competitive share, market players adopt strategies such as mergers & acquisitions, expansion, collaboration, and product/ extraction technology launch. These players adopt advanced technologies to develop new production processes as well as to improve the existing ones. Manufacturers invest significantly in R&D activities to support the cutting-edge innovation pipeline while strategic deals between manufacturers help the growth and expansion plans of the key players.
Major Players:
Players operating in the key feed palatability enhancers market players include DowDupont (US), Kemin Industries (US), Kerry Group (Ireland), Grupo Ferrer Internacional, SA (Spain), Ensign-Bickford Industries Inc. (US), Tanke International Group (China), Prinova Group LLC. (US), Pancosma SA (Switzerland), Nutriad International NV (Belgium), Phytobiotics Futterzusatzstoffe GmbH (Germany), and Solvay SA (Belgium), among others.
Industry/Innovations/Related News:
September 17, 2019 --- Aker BioMarine (Norway), a fishing and biotech company, published its study in the Journal of the World Aquaculture Society. Trial findings support the utilization of krill meal as an effective growth enhancer in shrimp meal-challenged diets for white leg shrimp. The study led by Dr. Alberto Nunes from the Instituto de Ciências do Mar, Brazil (Labomar), assessed the feed preference and the growth response of juvenile whiteleg shrimp to different marine chemoattractants. This study determined which marine feed attractant can give the best growth performance of shrimp.
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