The market for feed phytogenics is estimated at USD 631.4 million in 2018 and is projected to reach USD 962.5 million by 2023, at a CAGR of 8.8% from 2018 to 2023.
The feed phytogenics market growth is driven by 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 health benefits of phytogenics. The high-growth potential in emerging markets and untapped regions provide new growth opportunities for market players.
However, the high cost of these natural feed additives and complex composition of phytogenic feed additives are expected to restrain the market growth over the next few years, especially in developing countries such as China, India, and Brazil which are cost-sensitive markets.
Based on type, the herbs & spices segment is projected to be the fastest-growing from 2018 to 2023. These products are gaining popularity due to their medicinal properties and flavors and the ban on the use of certain antibiotics as growth promoters. They are also gaining importance as they do not have a negative impact on animals in terms of long-term usage.
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On the basis of function, the palatability enhancers segment is projected to be the fastest-growing from 2018 to 2023. Palatability enhancers help increase the feed intake in livestock due to the presence of flavor and aroma. Results are more prominent among young animals, which drives the demand for these palatability enhancers.
On the basis of livestock, the poultry segment is projected to be the fastest-growing from 2018 to 2023. The ban on antibiotic growth promoters in markets such as Europe and South Korea has also driven the demand for feed phytogenics in poultry, as it includes antimicrobial, antiviral, and/or antioxidant properties.
The European region is projected to be the fastest-growing market for feed phytogenics between 2018 and 2023. The increasing demand for organic and natural meat and animal-based products in the region drives the demand for organic feed and organic and natural feed additives. The major driver for this market in the European region is the ban on antibiotics as growth promoters, resulting in an increased demand for alternative growth promoters.
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