7.1% CAGR Projected by Feed Phytogenics Market Forecast to 2021 Asper Latest Research Report

“Feed phytogenics market is projected to grow at a CAGR of 7.1%”
The global feed phytogenics market size is projected to reach USD 769.5 Million by 2021, at a CAGR of around 7.1% from 2016 to 2021. The global market has grown exponentially in the last few years. European countries such as Germany, France, and Russia are the primary targets of the industry. Ban of in-feed antibiotics by the European Union and rise in awareness about animal health & feed quality are some of the major driving factors for the market.

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“Essential oils is projected to be the largest and fastest-growing segment, by type, from 2016 to 2021”
On the basis of type, the global market is segmented into essential oils, herbs & spices, oleoresins, and others (mucilage and echinacea). The essential oils segment accounted for the largest market share which is projected to grow at the highest CAGR during the forecast period due to its significant increase in the use of essential oils as feed additives in animal nutrition. Furthermore, one of the main reasons for this increase is to substitute antibiotic growth promoters, which have been banned as feed additives in the European Union since 2006.

“Palatability enhancers, by function, is projected to be the fastest-growing and largest segment from 2016 to 2021”

Feed palatability enhancers are gaining a substantial position in feed phytogenics as they are highly influential in the increase of feed intake in animals. Palatability enhancers help in improving feed palatability and enhances the feed intake, thus improving weight gain and growth of animals. The impact of the palatability depends on the applied dosage of the particular ingredients. However, the results are more prominent for the young animals.

“Europe is projected to be the fastest-growing segment from 2016 to 2021”
The demand for feed phytogenics is driven by the intense practice of selective breeding in Europe. Increased awareness among consumers about meat quality and increased meat consumption in the region, high demand for nutritive feed and sustainable animal nutrition products, increasing number of livestock, and management of feed operating cost are also driving the European feed phytogenics market.

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The major restraints of the feed phytogenics market include increase in cost of feed ingredients and complex composition of feed phytogenics. This market is moderately competitive and less concentrated due to the presence of a few number of large- and small-scale firms. Expansions, new product developments, and acquisitions are the key strategies adopted by market players to ensure their growth in the market. Players such as Cargill Incorporated. (U.S.), Phytobiotics Futterzusatzstoffe GmbH (Germany), Delacon Biotechnik GmbH (Austria.), BIOMIN Holding GmbH (Austria), and E. I. du Pont de Nemours and Company (U.S.), collectively accounted for the largest portion of the market in terms of developments till May 2016.

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