Feed Palatability Enhancer Market Forecast
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).
Feed palatability enhancers are added to livestock food formulation to enhance the taste, texture, and aroma of the feed. They help to improve the quality of the feed which contributes to increased feed intake among the livestock. The most commonly added feed palatability ingredients include flavors, sweeteners, aroma enhancers, and others. They contribute towards improved animal health and reduce the livestock diseases which further helps in quality of products derived from livestock. Growing livestock industry is driving the market for feed palatability enhancers.
Feed palatability enhancers are means to improve the quality of livestock feed, increase feed consumption and enhance the performance of the livestock. Growing population in developing countries has increased the demand for production and consumption of poultry, swine, aquaculture, and other livestock which is driving the market for feed palatability enhancers. Moreover, rising cost of natural feed is boosting the growth of feed palatability enhancers market.
Owing to increasing outbreak of livestock diseases, there are continuous innovations in animal feed which is adding fuel to the growth of feed palatability enhancers market. However, increase in the cost of raw materials may hamper the market of feed palatability enhancers. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 3.62 % of feed palatability enhancers market during the forecast period, 2022-2030.
Downstream analysis:
Feed palatability enhancers market is segmented by types such as flavors, sweeteners, aroma enhancers, and others. Among all, the flavors segment is anticipated to be the fastest growing segment followed by the aroma segment over the forecast period.
On the basis of livestock, feed palatability enhancers can be segmented into ruminants, poultry, swine, aquaculture, pets and others. Among all, the pets segment is dominating the market in consumption of feed palatability enhancers market. However, the poultry segment is projected to grow substantially over the forecast period.
Competitive analysis:
The major players in the feed palatability enhancers market
- DuPont (U.S.)
- Associated British Foods PLC (U.K)
- Diana Group (France)
- Kerry Group PLC (Republic of Ireland)
- Eli Lilly and Company (U.S.)
- Kent Feeds Inc. (U.S.)
- Ensign-Bickford Industries Inc. (U.S.)
Regional Analysis
The global feed palatability enhancers market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). Asia Pacific is dominating the feed palatability enhancers market followed by North America. In Asia Pacific, rising population followed by increasing consumption of livestock in developing countries of Asia Pacific is boosting the feed palatability enhancers market. Moreover, China is experiencing rising trend in having pets which are growing the demand for feed palatability enhancers in pet foods in this region.
In North America, the U.S. is dominating the market owing to increasing demand for meat products. Moreover, rising demand for poultry and swine products in Europe will boost the feed supplement market. Additionally, Brazil and the Middle-East regions are witnessing growth owing to increase in demand for protein intake from swine and poultry applications.
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