The Feed Mycotoxin Binders Market to exceed USD 290 million by 2028, Says Global Market Insights Inc.
- The growth of the feed mycotoxin binders market is propelled by rising consumer emphasis on health & nutrition, the proliferating feed industry, and growing demand for nutrient-rich feed among manufacturers and breeders, says this report.
SELBYVILLE, Del., March 21, 2022 /PRNewswire/ -- According to the research report by Global Market Insights Inc., the Feed Mycotoxin Binders Market was estimated at USD 145 million in 2021 and is primed to be valued at around USD 290 million by 2028, registering with a CAGR of 10% from 2022 to 2028. The report offers an in-depth analysis of market size & estimations, top winning strategies, competitive scenario, drivers & opportunities, wavering market trends, and major investment pockets.
Mycotoxin binders help improve the quality of feed and raw material to protect livestock from perilous health risks and to extend the shelf life of feed. Numerous benefits of the product have boosted consumer demand in recent years. Notably, growing product uptake in animal feed, especially in aquafeed applications, is anticipated to further fuel market growth through the forecast period.
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HSCAS offer high efficiency and absorption against aflatoxins. Favorable regulations about HSCAS products in the U.S. is promoting its uptake in the livestock feed sector. In 2021, the feed mycotoxin binders market share from the HSCAS product type segment was valued at over USD 70 million and is projected to register steady growth at above 10% CAGR over the assessment timeframe primarily owing to prevalent utilization of the product as an effective mycotoxin binder.
Key reasons for feed mycotoxin binders market growth:
- Growing adoption in aquatic food.
- High utilization in livestock feed in the U.S.
- Prevalent application in animal feed products.
2028 forecasts show 'aquaculture' segment retaining its dominance:
In terms of livestock, the aquaculture segment is estimated to grow at a CAGR of approximately 10% through the study timeframe. Mounting product usage as a natural binder, coupled with rising awareness regarding the nutritional benefits of aquatic food, is foreseen to boost product adoption in the aquafeed sector.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific feed mycotoxin binders industry held about 25% share in the overall industry in 2021 and is set to witness substantial growth through the forecast timeline. Prevalent product demand among manufacturers across APAC is likely to drive regional market growth in the forthcoming years.
Meanwhile, the North America feed mycotoxin binders market accounted for more than 15% of the global industry revenue in 2021 and is speculated to garner a sizable valuation by the end of 2028. Surging product demand in the natural animal feed additive industry, along with strong potential for products like bentonite and HSCAS in the region, is expected to bolster business growth. Favorable government regulations as well as increasing presence of various related organizations, including ANAC, AFIA, USDA, and AAFCO, which are deeply involved in creating awareness pertaining to ingredient benefits has boosted product adoption among manufacturers and breeders.
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Impact of COVID-19 pandemic on feed mycotoxin binders market:
Following the COVID-19 outbreak, supply chain disruptions brought operations in virtually all industries to a halt worldwide, including the feed sector. However, widespread vaccination efforts, coupled with rising government focus on accelerating economic recovery, have allowed industries to resume operations, which has positively impacted market growth in recent years.
Leading market players:
Some key participants in the global feed mycotoxin binders market include Biomin, Vetline, BASF, Kemin Industries Inc., Bayer AG, Novus International Inc., Alltech Inc., and Vibrac, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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