Feed phytobiotics Market Scenario
Feed Phytobiotics Market is expected to register 8.4% CAGR from 2019 to 2024 and reach USD 1.08 billion by the end of 2024. Feed phytobiotics are plant derived products. They improve feed performance when added to feed. Feed phytobiotics are derived from roots, spices, tubers, herbs, and other plant sources. Feed phytobiotics stimulates the secretion of digestive enzymes and helps in immune stimulation and holds a good anti-microbial, anti-bacterial, antiviral, and antioxidant properties. These phytobiotics are commonly available in solid, dried, and ground forms. They not only improve feed quality, but also animal health by reducing livestock diseases.
Global Feed Phytobiotics Market Trends as natural growth promoters (NGPs) due to its natural origin and is gaining popularity among the poultry feed additives owing to their beneficial effects on immune system and livestock growth performance. Feed phytobiotics are identified to be an effective alternative to the conventional antibiotics and other allopathic medicines used in poultry production, which had a concern related to bacterial resistance.
Growing population in developing countries has increased the demand for production of poultry, ruminants and other livestock for consumption, which has uplifted the demand for feed phytobiotics in the market. Furthermore, increasing consumption of poultry and meat products is adding fuel to the growth of the Global Feed Phytobiotics Market.
Alltech, Inc. (US), Archer-Daniels-Midland Company (US), E.I. du Pont de Nemours and Company (US), Cargill Inc. (US), Kemin Industries, Inc. (US), Phytobiotics Futterzusatzstoffe GmbH (Germany), BIOMIN Holding GmbH (Austria), AB Agri Ltd. (UK), ForFarmers N.V. (Netherlands), AdiFeed S.p. z o.o (Poland), Neovia (France), Pancosma (Switzerland), Adisseo France SAS (China), Dostofarm GmbH (Germany) are some of the key players operating in the global feed phytobiotics market.
Global Feed Phytobiotics Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific is dominating the feed phytobiotics market followed by North America. In Asia Pacific, China is the major contributor of poultry products, which, in turn, boost the market growth in this region. Furthermore, increasing consumption of livestock and rapidly growing population in developing countries of Asia Pacific is pushing the growth of the feed phytobiotics market.
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In North America, the U.S. is dominating in the feed phytobiotics market owing to government regulations imposed on the use of antibiotics and allopathic medicines in livestock.
Moreover, rising demand for poultry products in countries like the U.K. and France in the European region is projected to boost the feed phytobiotics market in the forecast period.
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