Feed Phytogenics Market - Forecasts from 2024 to 2029

Feed Phytogenics Market - Forecasts from 2024 to 2029

The feed phytogenic market is evaluated at US$885.702 million for the year 2022 and is projected to grow at a CAGR of 7.78% to reach a market size of US$1,496.51 million by the year 2029.

Phytogenic feed additives belong to a class of feed additives that include products such as herbs, spices, and essential oils to enhance the level of nutrition present in animal feed. Phytogenics are bioactive compounds obtained from plants, which feature a complete range of plant secondary metabolites. They comprise a wide range of diverse classes of substances, which provide a wide range of action options. Further, the increasing adoption of animal companions coupled with the growing incidence of animal diseases fuels the growth of the market.

Growth in the livestock population and increasing initiatives by the government along with the involvement of animal associations widen the market growth opportunities. Moreover, there is also a growing awareness of animal health which works as the key driver for the growth in the market. The feed phytogenic market is segmented into type, function, livestock, and geography.

MARKET TRENDS:

Several important aspects are the main drivers of the feed phytogenics industry. For instance, the industry is expanding as a result of growing consumer awareness and regulatory push for natural and sustainable options in animal feeding. Growing apprehensions over the use of synthetic chemicals and antibiotics in animal feed have led to a preference for phytogenics, which provide natural plant-based alternatives for improving animal performance and health.

Furthermore, the use of phytogenic feed additives has increased as a result of regional prohibitions or limits on antibiotic growth boosters. Furthermore, technological and scientific developments have sparked the creation of novel phytogenic products with enhanced efficacy and applicability, which is driving the market growth. Overall, the market growth is being propelled by the convergence of legislative changes, technical breakthroughs, and customer preferences.

MARKET DRIVERS:

Growing global livestock production is anticipated to drive the market’s growth.

Rising per capita meat consumption is encouraging farmers to increase the production of livestock including poultry and swine which, in turn, is boosting the demand for feed phytogenic market. Growing demand for organic meat and livestock products will further contribute to the growth of the feed phytogenic market during the forecast period.

Furthermore, the market for feed phytogenic is being driven by rising feed production because of the accelerated efficiency, performance, and health-related advantages of phytogenic in animals. The need for botany-based feed additives is being driven further by the demand for an increased feed conversion ratio and antibiotic-free additions from an increasing number of livestock farmers.

The need for superior quality meat and dairy products from health enthusiasts and the increasing popularity of natural ingredients in pet food are further leading producers to capture the untapped profits in the phytogenic industry. Furthermore, global demand for large quantities of feed and feed additives has led to substantial scientific investigation in the field, which is expected to boost the feed phytogenic market as a whole during the forecast period. Modern feed additives are now frequently employed as a crucial instrument to raise animal production and wellness. Among these, phytogenic feed additives are being used more frequently. As a result, more goods are being introduced to the feed phytogenics market.
Growing focus on animal health and welfare might impact the feed phytogenic market growth.

The feed phytogenics market is significantly impacted by the increased emphasis on animal health and welfare. Concerns over the welfare of animals kept for food production are growing among both consumers and regulatory agencies. The way animals are handled and fed has changed as a result of this increased understanding.

With their natural origins and health-enhancing qualities, phytogenics are becoming more and more recognized as a practical means of boosting the well-being and health of animals. Phytogenics provide a natural and sustainable feed additive option, in contrast to conventional feed additives like antibiotics, which may cause issues with residues and antimicrobial resistance.

These organic supplements are well renowned for their capacity to strengthen immune system performance, optimize nutrition utilization, and promote animal digestion. Phytogenics enable enhanced animal welfare outcomes, such as decreased stress and illness incidence, by promoting better general health.

Furthermore, it is anticipated that demand for feed additives like phytogenics will continue to rise as consumer tastes shift towards goods obtained from animals maintained in more sustainable and compassionate ways. The livestock industry's adoption of phytogenic feed additives is strongly influenced by the increasing emphasis on animal health and welfare, which in turn shapes the feed phytogenics market dynamics.

Europe is anticipated to be the major regional market.

Geographically, Europe is anticipated to hold a significant market share on account of the ban on the use of antibiotics, a growing focus on developing alternatives for chemical feed additives, and the high demand for safe and hygienic meat in EU countries. Moreover, the European Commission’s Directorate General for Health and Food Safety has established important rules for meat and meat products.

The capacity to track food, feed, and materials through all phases of production, processing, and distribution is referred to as traceability. Henceforth, the high demand for quality meat is the driving factor for the growth of the feed phytogenic market in the EU region. Furthermore, the feed phytogenic business has great potential for growth in the Asia-Pacific region. The market for feed phytogenic in the Asia-Pacific region is primarily driven by a replacement strategy for antibiotic growth promoters and the lack of toxic residues in plant-based additives.

Key Developments:

In January 2023, a collaboration between Evonik and Dr. Eckel Animal Nutrition went into effect. Through this collaboration, Evonik's Animal Nutrition business line was able to add the phytogenics product class to its existing range of products in the Gut Health Solutions sector.
In June 2022, the world's largest agriculture firm, Cargill, announced that it had entered into a legally binding agreement to purchase Delacon, the top authority on plant-based phytogenic additives worldwide, to serve feed clients in this expanding feed phytogenics market.

Segmentation:

By Type
Oleoresins
Herbs and Spices
Essential oils
Others
By Functions
Palatability Enhancers
Antioxidants
Performance Enhancers
Others
By Livestock
Swine
Poultry
Ruminants
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others