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Global Plant based Feed Additives Market Insight2022-01-04 Comments
The Plant based Feed Additive market is anticipated to grow at a steady pace. According to the World Knowledge Information (WKI) “Global Plant based Feed Additives Professional Survey Report 2021, Forecast to 2026”, One of the main factors driving the development of the plant-based feed additive industry is the increasing restrictions on the use of antibiotics as growth promoters. In addition, increasing attention to animal health and feed quality has been driving the growth of this market. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 5.8% base on WKI regression analysis model.
“In the field of dairy products and poultry feed, many advantages of plant-derived feed additives have been developed from time to time. Through technological progress, new uses of plant-derived feed additives in various animal populations have been discovered, and it is expected to rapidly promote the development of the plant-derived feed additives market. As a part of growth strategies, leading players in the Plant based Feed Additives market are emphasizing on strategic partnerships, mergers, and acquisitions to establish a firm foothold in the market. Therefore, it is recommended that enterprise producers focus more on the development of new plant-based feed products in the future.” said Linda, Senior analyst, Chemical industry Market Research Center in WKI.
In view of the high incidence of animal-related diseases and the surge in demand for meat, the animal husbandry industry has been continuously improving. In order to meet the growing consumer demand, livestock owners are investing in plant-based feed additives, which help improve the quality of the final product. The introduction of plant-derived feed additives (also known as phytobiotics) has led to the derivation of potentially improved animal performance products. In addition to providing antioxidant effects, plant feed additives also have potential antibacterial properties. These animal feed additives also help promote growth by enhancing palatability and improving intestinal function to increase food intake. Plant-derived feed additives contain a series of biologically active properties, such as anti-inflammatory and antioxidant properties, which are expected to expand their adoption due to changes in consumer behavior during the forecast period. However, the lack of patents, safety laws and regulatory frameworks among different countries has led to the repeated use of feed additives. With the unprecedented outbreak of the COVID-19 pandemic, sales of meat, poultry and fish will drop sharply in 2020. Therefore, these factors hinder the development of the global plant based feed additives market.
The global animal feed additives market is highly consolidated with the presence of major global and regional players. DSM Nutritional Products AG, Evonik Industries, Novus International, Bluestar Adisseo Co. Ltd, Nutreco NV, BASF SE, Sumitomo Chemical, and Cargill Inc. are some of the major players in the global feed additives market. These companies majorly focus on expanding their businesses and undertaking strategies, such as mergers and acquisitions, expansions, and novel product innovations.
Segmentation of Plant based Feed Additives Market:
According to the type, the market is mainly divided into: Essential Oils, Flavonoids, Saponins, Oleoresins, etc. Among all product type segments, the essential oil segment has a large share. Essential oils are mainly considered to be a natural and plant-based ingredient with rich medicinal value. As we all know, it can improve immunity and intestinal health. In addition, it also imparts natural flavor to feed additive products. In short, these factors will promote the growth of market segments in the near future. According to the application, the market is divided into Poultry, Swine, Ruminants, and Aquatic Animals. Poultry is expected to account for the largest share, followed by swines. Due to the increase in household income levels, the demand for processed meat and protein diets continues to grow, and it is expected to continue to drive the demand for animal feed. In turn, this factor will cause various poultry farms to use more feed additives. Pork is one of the most consumed meat in the world. The pork industry provides excellent opportunities for market growth. With the increase in pork trade and concerns about meat safety, the demand for plant-based feed additives is expected to increase to ensure meat quality and safety.
Plant based Feed Additives Market: Regional Analysis
In terms of geography, the global Plant based Feed Additives market has been segmented into:Asia Pacific, North America, Europe, Middle East and Africa, South America. The Asia-Pacific region has the greatest growth potential in the global feed plant source industry. The replacement strategy of antibiotic growth promoters and the absence of harmful residues in plant additives have mainly promoted the demand for plant-derived feeds in the Asia-Pacific region. Increasing per capita expenditure on high-quality food products in China has also created lucrative growth prospects for players operating in the market. Rising disposable income will continue spurring demand for nutrition-rich animal source foods, translating into better growth prospects in the animal feed additives market.
Largest share area：Asia-Pacific
Largest share country：China