The feed phytogenic market is projected to be worth US$ 782.3 million in 2023. By 2033, the market is expected to surpass US$ 1,142.13 million. The demand for phytogenic feed is expected to expand at a CAGR of 3.5% during the forecast period.
Market Overview:
The feed phytogenic industry, an emerging segment within the animal feed sector, has witnessed remarkable growth in recent years. Feed phytogenic products, plant-based additives used in animal feed, are increasingly sought after for their ability to enhance animal performance, gut health, immunity, and overall well-being. The surge in demand for animal protein and livestock production, coupled with the ban on antibiotic growth promoters in animal feed, is a key driver for market growth.
Challenges and Restraints:
Despite the growing demand, the feed phytogenic industry faces challenges that act as restraints for market growth. The lack of awareness and knowledge about the usage and benefits of phytogenic feed additives, along with the unavailability of standardized testing methods, poses challenges for manufacturers in terms of product development and marketing.
Opportunities for Growth:
The feed phytogenic industry presents several opportunities for market players to expand their business and increase market share. The rising trend of natural and organic products offers significant growth prospects. Increasing consumer awareness about the benefits of natural products is expected to be a driving force for the market.
To Get a Sample Copy of the Report visit@ https://www.futuremarketinsights.com/reports/sample/rep-gb-5622
Key Takeaways from the Feed Phytogenic Market:
- The United States feed phytogenic industry is expected to exceed US$ 175 million by 2033, owing to the industry’s increased demand for chicken meat.
- Vietnam and Indonesia are two of the Asia Pacific region’s leading feed producers.
- Rising animal health concerns and a taste for natural commodities are expected to propel the feed phytogenic business in Germany.
- Brazil is expected to lead the feed phytogenic market because of the region’s enormous development potential.
- Poultry is expected to continue to be the most appealing livestock propelling the sales of phytogenic feed.
- The most popular type of plant-derived chemical utilized in cattle is essential oils.
- Herbs and spices have recently attracted a lot of attention in the feed industry.
From Global Giants to Local Players: How Phytogenic Feed Industry is Standing Out with Unique Offerings
The feed phytogenic industry has a highly competitive landscape, with numerous global and local players operating in the market. Tier-1 and tier-2 players, including Biomin, Cargill, Delacon, DuPont, Kemin Industries, Adisseo, Pancosma, and Nutrex, dominate the global market. Due to their brand reputation, product differentiation, financial stability, strategic advances, and diverse regional presence. These companies have a global reach and varied product ranges, making it difficult for new players to enter the market and compete.
Ask Our Analyst More about Report @ https://www.futuremarketinsights.com/ask-question/rep-gb-5622
In addition to these dominant players, there are also numerous local firms present in the phytogenic feed industry. These players have a strong understanding of the regional market and have built a loyal customer base. They often focus on producing low-cost products, which allows them to compete with the key players in the market.
The phytogenic feed industry is characterized by intense R&D activities, with companies continuously investing in the development of new and innovative products. This has led to several mergers, partnerships, and collaborations among players to leverage their collective strengths and expand their market presence.
Key Developments in the Feed Phytogenic Market:
- Kemin Industries added VANNIXTM C4, an innovative phytogenic feed additive, to their range of chicken gut health products in January 2020 in North America.
- In January 2020, Delacon Biotechnik GmbH launched BioStrong Comfort. A product designed to reduce the impact of heat stress during periods of high temperature and humidity. It contains antioxidants derived from plants in the United States and Canadian markets.
- In 2017, Delacon and Cargill formed a partnership to provide better solutions for their customers. This included a minority stock investment from Cargill. After entering the Russian market in 2019, Delacon introduced its phytogenic products to China in March 2020.
- In October 2020, Royal DSM, a multinational corporation specializing in nutrition and health acquired Erber Group for €980 million. To expand their phytogenic feed additive offerings.
Get Full Access of this Report@ https://www.futuremarketinsights.com/checkout/5622
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
