Market Highlights
The Global Phytogenic Feed Additives market is projected to be valued at USD 2.14 Billion by 2033, recording a CAGR of around 8.67% during the forecast period. Phytogenic feed additives, also known as PFAs or botanicals, are plant-derived substances added to animal diets to enhance performance. These additives include essential oils, herbs, and spices rich in bioactive compounds like phenols and flavonoids. They offer various benefits such as antioxidative, anti-inflammatory, antimicrobial, and digestion-enhancing effects. Common sources of phytogenics include oregano, thyme, garlic, horseradish, chili, peppermint, cinnamon, and anise. While phytogenics show promise in improving animal health and growth, research is ongoing to fully substantiate their efficacy, especially as alternatives to traditional in-feed antibiotics.
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The Phytogenic Feed Additives market experienced a detrimental effect due to the Covid-19 pandemic. The COVID-19 pandemic has caused supply chain hiccups that have resulted in shortages or decreased demand in the market for phytogenic feed additives. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. Due to the epidemic, end-user trends and tastes have altered, leading manufacturers, developers, and service providers to implement a variety of tactics aimed at stabilizing their businesses.
Segmental Analysis
The global Phytogenic Feed Additives market has been segmented based on Function , Source, Type and Livestock.
Based on the Function, the market is segmented based on Performance enhancers, Antimicrobial properties, Palatability enhancers and Others. The palatibility enhancer segment is projected to exhibit the highest CAGR of 9.34% during the forecast period. Another name for hytogenic feed additives is natural performance enhancers. The market demand is anticipated to be driven by the growth-promoting qualities of feed phytogenics, such as oleoresins, essential oils, and herbs & spices.
Based on Source, the market has been divided into Herbs & spices, Flowers, Fruits &, vegetables and Others. The essential oils segment accounted for the largest market share in 2020, while herbs & spices is expected to register the highest CAGR of 9.34% during the forecast period.
Based on the Type, the market has been divided into Essential oils, Flavonoids, Saponins, Oleoresins, mucilage, tannins, bitter substances, pungent substances and Others.
Based on Livestock, the market has been divided into Healthcare Products, Consumer Goods, and Industrial Goods. The poultry segment accounted for the largest market share of 42.97% in 2020 and is expected to register a 9.37% CAGR during the review period. Consuming feed phytogenics improves intestinal health, growth performance, feed intake, feed conversion ratio, and the ability of chickens to withstand the particular impacts of heat stress when temperatures are high and humid.
For More Information: https://evolvebi.com/report/phytogenic-feed-additives-market-analysis/
Regional Analysis
The Phytogenic Feed Additives market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The Europe region holds a dominant position in the Phytogenic Feed Additives market. With a share of 33.23% in the global feed phytogenic market in 2020, Europe held a dominant position. The EU outlawed the use of AGPs in animal feed in 2006, and laws are now in place to minimize the use of therapeutic antibiotics. As a result, feed phytogenic makers found themselves in an advantageous market. In the past few years, the feed business in Europe has experienced substantial growth. The North America region is witnessing rapid growth and emerging as a significant market for the Phytogenic Feed Additives industry. For producers of phytogenic feed, North America is a desirable location. By 2028, it is expected that the region, which had 28.30% of the market in 2020, will have grown to USD 458.03 million. The US is the second-largest feed-producing nation in the world and is a major factor in the expansion of the feed phytogenic business in North America. The Food and Drug Administration (FDA) implemented new regulations in 2017 that severely limited the routine use of antibiotics on US farms. This raised the demand for phytogenic feed because it was thought to be an antibiotic substitute.
