BANGALORE, July 3, 2015 /PRNewswire/ --
Mordor Intelligence releases their report on the Global Feed Phytogenics Market along with in-depth studies of the African, European, North American, South American and Asia-Pacific regional markets.
Phytogenic feed additives are becoming popular among livestock farmers particularly because of their antimicrobial activity, anti-oxidative effect; enhance palatability, improved gut functions and growth promotion functions.
Due to the global population rise, changes in lifestyle in developing economies, and shift in cultural trends, consumption of meat based and animal based products have been rising continuously that in turn leads to higher usage of feed phytogenics for better management of animal health. Consumers' preference for organic meat here helps the phytogenics market as it is termed as alternatives to feed probiotics. Improper knowledge about the usage and regulatory constraints may hinder growth; however, with a very positive outlook of compound feed industry, the feed phytogenics market is sure to grow.
A glimpse at the statistics:
As per the 2014 figure, the global feed phytogenic market was worth around $550 million. Further the market is expected to cross $675 million by 2020 growing at the CAGR of 2.8% during the forecast period 2015-2020. Asia-Pacific is leading the global market with approximately 42% of the global market share due to the increased need of animal health concerns and accelerated meat consumption in the region. North American region is growing at an impressive rate owing to high demand of quality products among livestock farmers.
Herbs and Spices, Essential oils and Oleoresins are major types of feed phytogenics; 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 phytogenics covering 35% of the market share 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.
Among regions, Europe is forecasted as the fastest growing market followed by North America. 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. Developing continents like Asia and Latin America hold future opportunities for the industry and the companies to grow and expand the business.
According to Mordor Intelligence research and analysis, Biomin, Delacon Biotechnik, Pancosma SA, Danisco are the most active companies operating in Feed Phytogenics market. Achieving competitive advantage and business expansion are the preferred strategies for companies in the market. Other key players are Natural Remedies, Igusol, A&A Pharmachem Inc.
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Mordor Intelligence is a global market research and consulting firm. Our singular focus is to provide research insights for business success. Our research team has expertise in diverse fields like Agriculture, Healthcare, ICT, Chemicals, Manufacturing, Logistics, Electronics and Automotive.
SOURCE Mordor Intelligence LLP