Disruptive new technologies ignite 17.2% growth rate, finds Frost & Sullivan
LONDON, July 3, 2018 /PRNewswire/ -- Frost & Sullivan's recent analysis of the global Animal Feed Phytogenics Market, Forecast to 2021 reveals that traditional knowledge of the efficacy of herbs in animal husbandry, new technologies driving growth in the production of compound feed, ban on antibiotic growth promoters (AGPs) in Europe, and the natural products trend are key factors driving double-digit market growth. Frost & Sullivan anticipates the global animal feed phytogenics market to reach $776.9 million by 2021, with a CAGR of 17.2% between 2016 and 2021.
"The need to increase digestion, improve feed conversion, boost immunity, and improve overall health by means of natural solutions is becoming increasingly important in countries such as China, Brazil, and the USA, where AGPs are being restricted or banned in the near future," said Jincy Varghese, Consultant, Agriculture & Nutrition at Frost & Sullivan. "Heightened consumer awareness, safety concerns, and push toward natural, organic, and sustainable feed additives are further factors driving market growth."
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From a regional perspective, Europe is expected to dominate the market with high and sustainable market growth of 18% over the forecast period. The North American market is anticipated to grow at 16.5% with the Asia Pacific market experiencing consistent growth of 17.6% until 2020. Growth in the Rest of World market is expected to remain relatively nascent at 10.7%.
Our experts have identified six key trends opening up growth opportunities in the market:
- Increased popularity of natural solutions in the pet food segment;
- Consumer push for more natural ingredients and products;
- Increased affordability of phytogenics due to rising availability and commoditization of various herbs used in phytogenic products;
- Rising global demand for organic meat variety requiring increased livestock production and higher volumes of feed and feed additives;
- New technologies such as the encapsulation of active ingredients to enhance the efficacy of phytogenic feed additives; and
- Emergence of strategic partnerships to strengthen technologies and build expertise in untapped application areas.
"Due to the lack of research regarding their efficacy and no standardization of phytogenic ingredients, customers are strongly influenced by a manufacturer's reputation, customer service, and pricing," noted Varghese. "To mitigate these challenges, participants should expand their capabilities to offer a wide range of concentrates, focus on technical know-how, customize their products for product differentiation, and provide robust published research to back their claims."
Global Animal Feed Phytogenics Market, Forecast to 2021 market intelligence identifies drivers and restraints, regulations, market size and forecast, value chain analysis, and market share and competitive environment for players such as Biomin, Lucta, and Delacon. Revenue forecast by region, growth opportunities and companies to action are also provided.
Global Animal Feed Phytogenics Market, Forecast to 2021 is part of Frost & Sullivan's global Agriculture & Nutrition Growth Partnership Service program.
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Global Animal Feed Phytogenics Market, Forecast to 2021
SOURCE Frost & Sullivan