Feed Phytogenics market (Phytogenic Feed Additives market) size to exceed USD 740 million by 2022
Published Date: March 25, 2016 Author: Global Market Insights, Inc.
Feed Phytogenics market size is likely to be worth USD 744 million by 2022; as per a new research report by Global Market Insights, Inc. Increasing dependability on NGPs (natural growth promoters) for livestock such as swine, cattle and poultry, is likely to drive phytogenic feed additives market growth. Growth in livestock production owing to increase in per-capita meat consumption in countries such as China and India is likely to drive feed phytogenics market demand.
Essential oil-based products dominated feed phytogenics market share and accounted for over 40% of the total volume in 2014, with consumption exceeding 50 kilo tons in 2014. They are majorly used in swine production for effective weight gain applications. Herbs & spices are likely to attain growth rates at 2.9% up to 2022.
Restrictive antibiotics use in livestock diet by the European Union and the U.S. is likely to favor feed phytogenics demand. EU banned antibiotics use as growth promoter in livestock food in 2006 and FDA has passed regulation to completely stop its usage starting from 1st January, 2017.
Lack in product efficacy due to complex nature along with unpleasant odor or taste of certain compounds may challenge feed phytogenics demand as NGPs. Also, their concentration in livestock food additive can vary owing to volatile nature of essential oils. This problem can be overcome with use of microencapsulation technology, resulting in low dosage and increased profitability.
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Key insights from the report include:
- Global feed phytogenics market size was 121.5 kilo tons in 2014 with growth anticipated at 3.0% up to 2022 and register 153.3 kilo tons.
- Poultry production dominated the phytogenic feed additives market and accounted for 37.3% of the total volume in 2014. These products are mostly used as coloring agents in egg yolk color improvement for laying hens as they lack in synthesizing pigments.
- Ruminant applications are likely to attain significant growth rates at 3.1% from 2014 to 2022.
- Asia Pacific feed phytogenics market size was dominant. China was the dominant country in the region with consumption at approximately 35 kilo tons in 2014. Essential oils product in China generated revenue worth over USD 42 million in 2014.
- U.S. dominated the North America regional market and registered close to 13.5 kilo tons in 2014. Poultry applications were dominant in the U.S. and generated revenues exceeding USD 25 million in 2014.
- Global feed phytogenics market share analysis brings to light a consolidated industry with manufactures focusing on expanding product portfolio for different livestock along with regulatory compliance. Major industry players include Delacon Biotechnik, Pancosma SA and Bioamin. Other companies include TrueVet, Silvestris, Nutricare Lifesciences and Nor-Feed Sud.