Market Outlook
The global feed palatability enhancers market is predicted to exhibit 4% CAGR from 2019 to 2024 (forecast period) to touch a size of USD 3.5 billion. Immense demand for high-quality produce of eggs, milk, and meat is expected to drive the market demand. Animal husbandry and the uptick in livestock farming due to global demands of food can facilitate the trend. Awareness of animal health and the effect of feed palatability enhancers in enhancing the immunity system of animals as well as safeguarding their health can bode well for the market.
Development of new formulations which helps animals in digestion of foods as well as aid farmers in keeping the quality of meat intact can positively impact the feed palatability enhancers market growth. The role of these additives in increasing the visual appeal of foods for pets as well as enhance their health can spur the demand for feed palatability enhancers. Rising adoption of pets can facilitate the growth of this rising trend.
But the rise in prices of ingredients such as proteins can pose a challenge to the market.
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Competitive Analysis
Eminent feed manufacturers in the global feed palatability enhancers market include Symrise, Diana Foods, Associated British Foods Plc., Adisseo, Ensign-Bickford Industries Inc., Tanke International Group, Kent Feeds Inc., Solvay, Eli Lilly and Company, Grupo Ferrer Internacional S.A., DuPont, Elanco, Kerry Group, Nutriad, and Kemin Industries, Inc. Development of new technologies such as medium chain fatty acids which have functional benefits have been adopted by these players to sustain the livestock production.
Industry News
A concerted research effort led by the Instituto de Ciências do Mar, Brazil and Norwegian krill producer, Aker BioMarine, has conclude the positive effects of krill meal in boosting the production of juvenile whiteleg shrimp. This is bound to bear good news for shrimp farmers globally.
Segmentation Analysis
The global feed palatability enhancers market is segmented by type, source, and livestock.
By type, it is segmented into feed texturants, feed flavors & sweeteners, and others.
By source, it is segmented into synthetic and natural.
By livestock, it is segmented into pet food, aquaculture, ruminants, poultry, swine, and others.
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Regional Analysis
Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) are regions taken into consideration in the compilation of the global feed palatability enhancers market report.
The APAC region had accounted for the largest market share and may exhibit an impressive growth rate during the forecast period. The large animal feed sector in Thailand, India, Vietnam, and China can positively boost the demand for feed palatability enhancers in the region. Increasing demand for animal products as well as awareness of animal feeds can drive the market demand at an exponential rate. Large consumption of Swine, Fish, Poultry and other livestock and rising costs of natural feeds are other factors driving market growth.
The North American region is the second largest after APAC due to the demand for meat products in the U.S. Consumption of beef has led to the need for animal feed supplements containing a rich percentage of feed palatability enhancers which can appeal to the animal. Solutions developed by manufacturers with the help of nutritionists can drive the regional feed palatability enhancers market.
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