MARKET REPORT 80 FEED & ADDITIVE MAGAZINE March 2024 USD 2.1 billion in 2022. Forecasting that the market will grow at a CAGR of 2%, the company predicts that the average size will be USD 2.4 billion by 2029. This implies a much lower growth potential compared to the projections of other research companies. The estimates of the current size of the market by 5 different research companies, which we have taken into consideration, are close to each other, although they differ slightly. Based on an average calculation based on the data in these 5 reports, it is possible to estimate that the global feed mycotoxin binders market will have a size of USD 2.5 billion in 2023, grow at a CAGR of 4.7% between 2023 and 2030, and reach a size of USD 3.49 billion in 2030. FACTORS SUPPORTING MARKET DEVELOPMENT The increasing risk of mycotoxin contamination in animal feed due to climate change and its threat to both animal health and food safety increase the importance of mycotoxin management. As a result, the market for mycotoxin binders is expected to show significant growth in the coming years. Animal breeders are becoming more aware of the detrimental effects of mycotoxins on animal health and performance, encouraging the use of mycotoxin binders to reduce these effects. The global expansion of the livestock industry is also considered to be another important driver for the growth of the market. As the livestock industry grows and demands more animal feed, the risk of mycotoxin contamination increases, which increases the need for mycotoxin binders. In addition, the focus on food safety, increasing consumer demand for high quality animal products, and stringent government legislation on the acceptable amount of mycotoxins in animal feed are expected to play a role as other supporting factors. Research and development activities of companies working in the field of mycotoxin binders make mycotoxin binders more efficient and economical, which is another important factor encouraging the use of binders. FACTORS LIMITING MARKET DEVELOPMENT Although the costs of mycotoxin binders have started to decrease, thanks to the research and development activities of companies, the costs of quality binders are still high, especially for small-scale farmers. This is expected to be one of the most important and challenging factors for the development of the market in the coming years. The complexity of mycotoxin contamination and the limited efficacy of some mycotoxin binders cause scepticism among farmers. Researchers claim that this is one of the challenges to be overcome in the market. It is also stated that the approval procedures for mycotoxin binders are too long in some regions, which delays market entry and increases the costs of producers, limiting the expansion of the market. Some other possible factors that may hamper the growth of the market in the coming years are as follows: • In some regions, the insufficient knowledge of animal breeders about the hazards of mycotoxin contamination and the advantages of using mycotoxin binders; • Concerns about the use of chemical-based mycotoxin binders and their potential impact on animal health and animal product quality; • The possibility that mycotoxin-producing fungi may develop resistance to binders over time;
RkJQdWJsaXNoZXIy MTUxNjkxNQ==