Global Feed Phytogenics Market - Growth, Trends and Forecasts (2017 - 2022)
Phytogenic feed additives comprise a wide variety of herbs, spices, and essential oils. They perform antimicrobial activity, anti oxidative effects, enhance palatability, improve gut functions and promote growth. The global feed phytogenic market was worth around $550 million in 2014 and is expected to cross $675 million by 2020 growing at the CAGR of 3.5% during the forecast period (2017 - 2022). The demand for meat has stimulated due to the incessant rise in population, lifestyle changes, and cultural trends. The increasing meat demand has led to increased utilization of compound feeds and feed additives. The growth in organic meat sector has witnessed tremendous growth in the last five years. This growth has created tremendous opportunity and demand for alternative feed additives such as phytogenics. Implementation of new technologies, such as encapsulation of active ingredients, is considered to further improve the efficacy of phytogenic feed additives. These factors along with rising health awareness in the region have led to surge in demand for phytogenic feed additives. Chemical feed additives with combinations lead to antagonistic reactions; this appears to be strongly driven by the ban on most of the antibiotic feed additives in Europe. This situation has generated an opportunity for phytogenic feed additives company. Focus to enhance feed utilization and to improve the digestive health in the animals is another factor for growth in feed phytogenics market. Essential Oils feed market is the major segment with gradual increase in consumption rate in European regions. Poultry segment is the largest consumer of feed additives market followed by swine and cattle. The demand for phytogenics for calves is expected to be highest during the forecast period as a result of attaining the target by protecting them from scours, diarrhea and other gastrointestinal imbalances. Europe is forecasted fastest growing market followed by North America. The determined push from EU for alternatives to antibiotics has led to increased consumption of Phytogenics in Europe. The market for phytogenic feed additives is expected to grow gradually as more number of compound feed manufacturers are moving towards value addition of the products offered to stay ahead of competition. The key companies in the market are Biomin, Delacon Biotechnik, Pancosma SA, Danisco and Others. The most preferred strategies of the key players in recent years is to achieve competitive advantage and to expand the business units in various geographical areas by joint ventures,expansion and acquisition. The key payers are eventually focusing on agreements and partnerships to balance the supply and demand of the market. Introducing new effective products is another strategy to stay ahead of the competition.