The phytogenic feed additives market has been growing steadily in recent years, driven by increasing demand for natural and organic feed additives in animal nutrition. Phytogenic feed additives are plant-derived products that are used to enhance the performance and health of animals, and to improve the quality of animal products.
The phytogenic feed additives market is expected to witness robust growth in the coming years, with a projected CAGR of 7.2% between 2022 and 2027, according to MarketsandMarkets. The market is estimated to be valued at USD 864 million in 2022, and is expected to reach USD 1,223 million by 2027. This growth can be attributed to various factors such as increasing demand for natural and organic feed additives, rising consumer awareness of animal health and welfare, and the need to meet the growing global demand for meat and dairy products. With innovation and product development in the market, along with evolving regulatory environments, the phytogenic feed additives market is poised for continued growth and expansion.
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Some of the key trends in the phytogenic feed additives market include:
- Growing demand for natural and organic products: Consumers are becoming more aware of the health and environmental benefits of natural and organic products, and this is driving demand for phytogenic feed additives. These additives are seen as a natural and sustainable alternative to traditional feed additives.
- Increasing focus on animal health and welfare: Phytogenic feed additives are believed to have a positive impact on animal health and welfare. This is important to consumers who are concerned about the quality and safety of animal products, and are willing to pay more for products that are produced in a humane and sustainable way.
- Rising demand for meat and dairy products: The global demand for meat and dairy products is on the rise, and this is driving growth in the phytogenic feed additives market. Phytogenic feed additives are used to improve the productivity and efficiency of livestock, and to produce high-quality animal products that meet consumer demand.
- Innovation and product development: The phytogenic feed additives market is highly competitive, and companies are investing in innovation and product development to stay ahead of the curve. New products are being developed to address specific needs in animal nutrition, such as improving gut health or reducing stress.
- Regulatory environment: The regulatory environment for phytogenic feed additives is evolving, with more countries introducing regulations to ensure the safety and efficacy of these products. This is expected to drive growth in the market, as consumers and producers seek out products that meet these standards.
Overall, the phytogenic feed additives market is expected to continue growing in the coming years, driven by increasing demand for natural and organic products, rising consumer awareness of animal welfare and health, and the need to meet the growing global demand for meat and dairy products.
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.
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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.
