Feed Phytogenics Market size to exceed $865mn by 2027
Published Date: July 14, 2021 Authors: Kunal Ahuja, Kritika Mamtani
Feed Phytogenics Market size is set to surpass USD 865 million by 2027, according to a new research report by Global Market Insights Inc.
The increasing beef consumption owing to growth in per-capita disposable income of consumers is likely to drive feed phytogenics industry demand in the ruminant application segment. Moreover, phytogenics help in improving the technological properties of milk for cheese and butter production.
Multiple benefits of oleoresins to propel demand in the animal feed industry
Feed Phytogenics Market from oleoresins segment is expected to register over 3.6% CAGR from 2021 to 2027. Cinnamaldehyde, carvacrol, and capsicum oleoresin dietary supplementation enhances production performance of animals and also enhances the concentration of anti-oxidants in the liver of broilers. The import of oleoresins is growing in European countries owing to the widescale use of natural ingredients in animal feed. Austria, the UK, Germany, Belgium, and Spain are the leading importers of oleoresins in Europe.
The growing trend of seafood consumption to support product demand in aquatic livestock over the coming years
Phytogenics market from aquatic application segment is expected to surpass USD 70 million by 2027. The growing global consumption of seafood along with growing awareness of the quality of seafood products is boosting the aquafeed market expansion. In developing nations, the rising per capita income is likely to support the aquaculture & aquafeed industry growth and propel the demand for feed phytogenics in aquafeed industry. Phytogenic compounds in aquatic applications decrease the cost of feed and improve the antioxidant status of fish fillets and storage quality.
Browse key industry insights spread across 300 pages with 222 market data tables and 53 figures & charts from the report, “Feed Phytogenics Market Statistics, By Product (Essential Oils, Herbs & Spices, Oleoresins), Livestock (Poultry, Swine, Ruminant, Aquatic, Equine), Industry Analysis Report, Regional, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The growing aquaculture industry in Europe will fuel feed phytogenics industry share
Europe feed phytogenics market is anticipated to surpass USD 240 million by 2027. Europe has a huge aquaculture industry, which is dependent on complex commercial aquafeeds. Rainbow trout, Atlantic salmon, seabass, and sea breams are the most farmed species in the European market. Countries including Norway, Greece, Scotland, and Spain are major producers of these species, driving the regional aquafeed demand and support the European market statistics.
Key companies in the feed phytogenics market are adopting various strategies such as mergers, acquisitions, partnerships, joint ventures, and product innovations to enhance their performance and product offerings across the globe. For instance, in April 2020, Nestlé Purina PetCare acquired Lily’s Kitchen, a natural pet food brand, to strengthen its market position and product portfolio. The key players operating in the market are Synthite Industries Ltd., DuPont Nutrition, Akay Group Ltd., doTerra, Biosciences, The Himalaya Drug Company, and Biolandes SAS.
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