MARKET REPORT 80 FEED & ADDITIVE MAGAZINE May 2022 people’s disposable income are the significant market drivers that will further flourish the growth rate. Furthermore, increase in the demand for poultry production will bolster the growth rate of feed phosphates market. Other factors such as changing dietary preferences and growing population will positively impact the growth rate of feed phosphates market. Another significant factor includes upsurge in the demand for meat-based products, and swift industrialization will act as a key trend that will further cushion the market’s growth rate. Moreover, the development of high quality and new raw materials and new emerging markets will further create lucrative and remunerative growth opportunities for the feed phosphates market during the forecast period 2022-2029. Additionally, increase in technological innovations and strong demand from various end-use industries will further propel the new growth opportunities in the future year. However, fluctuating prices of raw materials and availability of product alternatives will derail the feed phosphates market’s growth rate. Also, the lack of phosphate reserves globally and toxicity of feed phosphates will pose major challenges to the growth of the market. The negative impact of COVID-19 on supply chain and growing environmental concerns will act as major market restraints and further hinder the growth rate of feed phosphates market. The high cost of phosphate and increased use of phytase are also considered to be important restraints that will affect the growth of the market. "Global Market Insights Inc. predicts in its report that feed phosphate market size from poultry livestock will surpass USD 1.65 billion by 2027. According to the report; feed phosphate is widely used in poultry feed owing to its ability to replenish phosphorous, which contributes to the formation of strong skeleton & tissue, improves metabolism, functions of the nervous, immune & reproductive systems, and increases productivity."
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