Feed Palatability Enhancers and Modifiers Market Outlook
Feed Palatability Enhancers and Modifiers Market is projected to register a CAGR of 3.62% and reach a value of USD 3.64 Billion by 2030
The use of feed palatability enhancers and modifiers has increased in recent years as they play an important role in increasing the feed consumption of animals. They are also used to mask the unpleasant smell and taste of other feed ingredients. The increasing demand for meat products has boosted the demand for feed and feed additives, thus, resulting in the growth of the global feed palatability enhancers and modifiers market. Rising concerns about the quality of feed are also favorably impacting market growth.
The global feed palatability enhancers and modifiers market has been segmented on the basis of type, livestock, and region.
Based on type, the global feed palatability enhancers and modifiers market has been segmented into flavors and sweeteners and texturants. The flavors and sweeteners segment accounted for the larger market share in 2018. The segment is also expected to register the higher CAGR during the forecast period. The flavors segment is further classified as natural (fruits, spices, and others) and artificial. Similarly, the sweeteners segment is sub-segmented into natural (stevia, thaumatin, glycyrrhizin, and others) and artificial (saccharin, neotame, neohesperidine dihydrochalcone, and others). Livestock rearers prefer flavored and sweetened feed as it results in higher consumption, thus boosting animal productivity.
The global feed palatability enhancers and modifiers market has been segregated, by livestock, into ruminants, pets, swine, aquaculture, and others. The ruminants segment is expected to dominate the global feed palatability enhancers and modifiers market during the assessment period while the poultry segment is projected to account for a negligible share of the market. However, the pet segment is projected to register the fastest growth during the forecast period.
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Regional Analysis
On the basis of region, the global feed palatability enhancers and modifiers market has been segmented into North America, Europe, Asia-Pacific, and RoW. Asia-Pacific is expected to dominate the global feed palatability enhancers and modifiers market during the review period owing to increasing awareness among livestock rearers regarding the importance of feed safety, especially for young animals, to increase productivity. The expanding feed industry in the region is also a major driving factor for market growth.
Key Players
Some of the key players in the global feed palatability enhancers and modifiers market areDowDupont (US), Kemin Industries (US), Kerry Group (Ireland), Grupo Ferrer Internacional, S.A. (Spain), Ensign-Bickford Industries Inc. (US), Tanke International Group (China), Prinova Group LLC. (US), Pancosma SA (Switzerland), Nutriad International NV (Belgium), Phytobiotics Futterzusatzstoffe GmbH (Germany), and Solvay S.A. (Belgium).
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