MARKET REPORT 106 FEED & ADDITIVE MAGAZINE September 2024 Another supporting report comes from Evolve Business Intelligence. In its report, the company states that the market had a size of USD 960 million in 2023 and predicts that growth will continue at a CAGR of 8.6% between 2023 and 2033, reaching a size of USD 2.14 billion. All the reports we have evaluated reveal that the global phytogenic feed additives market is showing positive signs of growth. With a current market size of over a billion and a steady CAGR, the market is expected to continue growing in the future, reaching an average size of approximately USD 1.7 billion by 2030. This represents a significant opportunity for investors and stakeholders in the phytogenic feed additives market. FACTORS SUPPORTING MARKET DEVELOPMENT The global phytogenic feed additives market is experiencing significant growth, driven by a confluence of factors. Here are some key factors contributing to their market expansion: Consumer Demand for Natural and Sustainable Food Products Consumers are increasingly conscious of the environmental impact of their food choices and the welfare of animals. PFAs, being derived from natural sources, align with this growing preference for sustainable and ethical food production. Stricter Regulations on Antibiotic Use in Animal Feed Many countries are implementing stricter regulations on the use of antibiotics in animal feed to address concerns about antibiotic resistance. PFAs can provide a viable alternative to antibiotics, helping to improve animal health while reducing the risk of antibiotic-resistant bacteria. Growing Awareness of the Benefits of PFAs Research and development efforts have shed light on the numerous benefits of PFAs, including improved animal health, enhanced feed efficiency, and enhanced meat quality. This growing awareness among livestock producers and consumers is driving market growth. Continued Research and Development Efforts Ongoing research is focused on identifying new phytogenic compounds with enhanced properties and exploring their potential applications in animal feed. These advancements contribute to the market's dynamism and growth. Increasing Animal Protein Consumption and Demand for Quality Meat Products As the global population grows and dietary preferences shift towards protein-rich diets, the demand for animal-based products (meat, eggs and dairy) is increasing. PFAs play a crucial role in enhancing animal performance, which directly affects meat and
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