Phytogenic Feed Additives Market Will Hit Big Revenues In Future

The global phytogenic feed additives market size is estimated to be USD 753.1 million in 2020 and is projected to reach USD 1,098.5 million by 2025, at a CAGR of 7.8% during the forecast period. The market has a promising growth potential due to several factors, including the increase in awareness among the livestock breeders regarding plant-based animal feed products and stringent government regulations regarding animal nutrition.

Based on source, the herbs & spices segment is the largest and fastest-growing market during the forecast period

Essential oils and pungent substances are mainly derived from herbs & spices. Herbs & spices have gained extensive attention in the feed industry in recent years 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. Various studies have confirmed the antioxidative and antimicrobial efficacy of herbs & spices in animal feed. Studies have also shown that some of these plant materials improve the palatability of the feed. Herbs & spices promote healthy digestion of the livestock; possess anti-inflammatory properties; and act as antimicrobials, antioxidants, and immunostimulants when added as phytogenic feed additives in animal nutrition.

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Based on livestock, the swine segment is projected to be the second-largest market during the forecast period

After poultry, the swine segment dominates the phytogenic feed additives market during the forecast period. Pork is one of the most consumed meat types across the world. The pork industry offers a great opportunity for the growth of the market. With rising pork trade and concerns over meat safety, the demand for phytogenic feed additives is expected to increase to ensure meat quality and safety. Pork is mainly consumed in Europe, Asia Pacific, and North America. China had the world’s highest pork consumption rate of 30.4 kg (67.0 pounds)/capita in 2018, according to the OECD. Countries such as Japan, Italy, China, and South Korea are major pork importers, whereas Germany, Spain, the US, Denmark, and Canada are the major pork exporters. These countries are expected to drive the market in swine feed at a global level.

The current scenario of COVID-19 is projected to moderately impact the market growth for phytogenic feed additives. The increase in consumption of animal-based products and the rise in concerns pertaining to animal health are factors that are projected to drive the demand for phytogenic feed additives. However, the shortage in labor, international trade restrictions and reduced consumption of livestock products are factors that are projected to have a short-term impact on the production and supply of phytogenic feed additives. According to Animal HealthCare Centre, USDA report, the companies are focusing on increasing their production capacity post-COVID-19 lockdown to meet supply gaps created in the domestic and international markets due to supply chain hindrances. This encourages various international governments to develop proper sanitary guidelines for feed additive production.

Thus, the decline in 2020 in the phytogenic feed additives market growth is mainly due to the impact of COVID-19 pandemic. Thereafter, as the restrictions of the government measures are likely to relax gradually, the market is likely to experience a rise in the coming years till 2025 as many feed additive producers have started seeking alternatives to antibiotics. There would be a strong consumer preference for meat products raised on natural feed additives and products, such as phytogenic feed additives, that also help reduce environmental impact.

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Key Market Players

Many domestic and global players provide phytogenic feed additives to improve animal health and performance. Major manufacturers have their presence in the European and Asian countries. The key companies in the phytogenic feed additives market are Delacon Biotechnik GmbH (Austria), BIOMIN Holding GmbH (Austria), Cargill, Incorporated (US), Bluestar Adisseo Co., Ltd. (China), DuPont (US), and Natural Remedies (India). Various strategies, such as expansions, mergers & acquisitions, and new product launches, were adopted by the key companies to remain competitive in the market.

Marker Research Report Insights & Consulting.