MARKET REPORT 62 FEED & ADDITIVE MAGAZINE April 2022 Rapid economic development with increasing disposable income has increased demand for good quality dairy and poultry products such as eggs, milk, meat and more which is expected to boost the phytogenic feed additives market across the globe. Rise in feed costs due to use of antibiotics could be reduced by the use of phytogenic feed additives which will drive the market sturdily over the forecast period. However, lack of awareness regarding the availability of these products and resistance towards change owing to lower profit margins is predicted to behave as restraining factors in the phytogenic feed additives market growth. Moreover, herbs and spices exhibiting antimicrobial properties may pose similar side-effect risks to the producers as well as meat consumers. MARKET STATUS BASED BY TYPE & FUNCTION The global feed phytogenic market, based on type, has been divided into essential oils, herbs & spices, oleoresins and others. According to the report of Market Research Future, the essential oils segment accounted for the largest market share in 2020, while herbs & spices is expected to register the highest CAGR of 9.34% during the 2021-2028 forecast period. By function, the global feed phytogenic market has been segmented as performance enhancer, palatability enhancer and others. Again, according to the same report, the palatability enhancer segment is projected to exhibit the highest CAGR of 9.34% during the 2021-2028 forecast period. Phytogenic feed additives are also known as natural performance enhancers. MARKET STATUS BASED BY LIVESTOCK TYPE Based on livestock type, the global feed phytogenic market has been segmented into poultry, swine, ruminants, aquaculture, and others. According to the report of Market Research Future, poultry segment accounted for the largest market share of 42.97% in 2020 and is expected to register a 9.37% CAGR during the review period. The consumption of phytogenic feeds supports gut health, growth performance, promote feed intake, feed conversion ratio in hot and humid condition, and supports the resilience of poultry to mitigate the specific effects of heat stress. The increasing demand for egg and poultry meat is expected to drive the demand for feed phytogenic among poultry. MARKET STATUS ON REGIONAL BASIS As a precursor to animal nutrition in various animal care industries, North America is an attractive region among the manufacturers of feed phytogenic. The region, according to the report of Market Research Future, accounted for 28.30% of the market in 2020 and is anticipated to reach USD 458.03 million by 2028. In North America, the US is the major contributor to the growth of the phytogenic feed market and is the second-largest feed-producing country across the globe. In 2017, the Food and Drug Administration (FDA) brought in new rules sharply curtailing the routine use of antibiotics on farms across the US. This increased the demand for phytogenic feeds, considering it one of the alternatives for antibiotics. In this region, the production of poultry feed is increasing at a tremendous rate based on escalating broilers population. Moreover, aqua is a potential industry in this region for which the number of fisheries has increased. Europe dominated the global phytogenic feed market with a share of 33.23% in 2020. In 2006, the use of AGPs in animal feed was banned in the EU, and regulations are implemented to reduce the use of therapeutic antibiotics. This led to an opportunistic market for phytogenic feed manufacturers. The feed industry in Europe has grown significantly in the last few years. According to Research Nester, in the 2018-2027 forecast period, North America is anticipated to be followed by Asia-Pacific in terms of consumption due to expanding phytogenic feed additives requirements in antimicrobial animal treatment and care-
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