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Feed Phytogenics Market Worth $962.5 Million by 2023
Minnesota Ag Connection - 06/08/2018

According to the report "Feed Phytogenics Market by Type, Livestock, Function, and Region - Global Forecast to 2023," published by MarketsandMarkets, the market is estimated at $631.4 million in 2018 and is projected to reach a value of $962.5 million by 2023, at a CAGR of 8.8%. Factors such as advancements in the feed industry, increased demand for livestock products, the rise in awareness about animal health & feed quality, ban on antibiotics as growth promoters, and the health benefits of phytogenics drive the market growth.

The essential oils segment accounted for the largest share of the global Feed Phytogenics Market in 2017. The demand for essential oils has increased due to the ban on antibiotics as growth promoters. These oils can be combined and used in various blends which increases their popularity.

Feed phytogenics have witnessed substantial demand as feed palatability enhancers as they help increase the feed intake in animals. Feed phytogenics, due to the presence of enhanced flavor and aromatic ingredients in them, have an impact on feed palatability.

The ban on antibiotics growth promoters in regions such as Europe and South Korea has also boosted the demand for feed phytogenics in poultry, as it includes antimicrobial, antiviral, and/or antioxidant properties.

In 2017, the Asia Pacific region led the global market for feed phytogenics. The increase in awareness about food safety and the of meat among consumers and high requirement of feed additives with high conversion rate with no side effects in animals drive the market for natural feed products in the region, thereby boosting the demand for feed phytogenics.

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Delacon (Austria), Biomin (Austria), Cargill (US), DuPont (US), Adisseo (China), Dostofarm (Germany), Phytobiotics Futterzusatzstoffe GmbH (Germany), Pancosma (Switzerland), A&A Pharmachem Inc. (Canada), and Kemin Industries (US).

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