Feed phytogenics market to grow 2.5 percent by 2022
Increasing reliability on natural growth promoters will drive up market size
The feed phytogenics market size is likely to be worth $744 million by 2022, according to new research report by Global Market Insights Inc.
Increasing dependability on natural growth promoters (NGPs) 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 more than 40 percent of the total volume in 2014, with consumption exceeding 50 kilotons in 2014. They are majorly used in swine production for effective weight gain applications. Herbs and spices are likely to attain growth rates at 2.9 percent 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 January 1, 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.
Key insights from the report include:
- Global feed phytogenics market size was 121.5 kilotons in 2014 with growth anticipated at 3.0 percent up to 2022 and register 153.3 kilotons.
- Poultry production dominated the phytogenic feed additives market and accounted for 37.3 percent 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 percent 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 kilotons in 2014. Essential oils product in China generated revenue worth more than $42 million in 2014.
- U.S. dominated the North America regional market and registered close to 13.5 kilotons in 2014. Poultry applications were dominant in the U.S. and generated revenues exceeding $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 Biomin. Other companies include TrueVet, Silvestris, Nutricare Lifesciences and Nor-Feed Sud.