Pune, India, April 2022, MRFR Press Release/Market Research Future has published a Half-Cooked Research Report on the Global Feed Mycotoxin Detoxifiers Market.
According to the MRFR analysis, the Feed Mycotoxin Detoxifiers market size was valued at around USD 2,336.48 million in 2020 and is expected to reach around USD 3,264.13 million by the end of 2030 at a CAGR of 3.50%.
Mycotoxin Detoxification are substances or mixtures of substances that are incorporated into a feed matrix to reduce the animal's exposure to known mycotoxins, thereby reducing their toxicity. These substances may act to reduce gastrointestinal absorption, decrease bioavailability, promote excretion, or alter the mycotoxins' mode of action. They can also have an impact on these animals' performance.
Feed mycotoxin detoxifiers market is driving owing to growing demand to improve the health and wealth of livestock and to produce maximum livestock performance by livestock farmers. Over 500 mycotoxin strains have been reported globally, including aflatoxins (B1, B2, G1, G2, and M1), ochratoxin A, deoxynivalenol, and fumonisins, which are the most common mycotoxins found in livestock feed. Further, poultry and aqua feed sector rearing in feedlots can be considered a significant growth sector for the feed mycotoxin detoxifiers market. Further, due to population growth and rising individual consumption, the demand for poultry meat is expected to continue to rise. However, the presence of potential substitutes and the rising inclination of livestock farmers toward substitutes is hampering the growth of the market. Substitutes include feed additives such as mold inhibitors, acidifiers, and other feed preservatives.
COVID-19 has had a negative impact on overall chemical production owing to disruptions in the global supply chain. This is due to the global lockdown and travel restrictions imposed to limit the spread of the coronavirus. Clusters of cases among workers in meat processing plants spread quickly across several countries, affecting human, animal, and environmental welfare. The focus of hygiene in processing plants is on product quality and food safety. Many processing plants in the United States (US) shut down when major outbreaks were discovered, putting pressure on the pig and poultry industries in particular. This resulted in longer transport distances to plants with increased capacity, as well as overcrowding of farm animals. Producers were encouraged to slow their growth rates, but some were forced to cull animals on the farm in ways that likely included suffering and upset owners and workers. Furthermore, the procurement of raw materials was a major impediment, as the majority of raw material suppliers in the market were forced to close their operations due to the outbreak of COVID-19. The closure of several raw material producers and Feed Mycotoxin Detoxifiers manufacturers has resulted in a drop in global consumption. Furthermore, the imposition of various fiscal and monetary policies by governments and management around the world to limit the damage caused by COVID-19 is expected to result in some relief.
The global Feed Mycotoxin Detoxifiers market is consolidated with prominent players accounting for the majority of the market share. Some of the prominent players in the global Feed Mycotoxin Detoxifiers market include Cargill (US), BASF (Germany), ADM (US), Bayer (Germany), Perstorp (Sweden), Chr. Hansen (Denmark), Kemin (US), Nutreco (Netherlands), Adisseo (France), Alltech (US), Novus International (US), Biomin (Austria), Impextraco (Belgium), Norel (Spain), and Global Nutritech (Turkey). Manufacturers seek to gain a competitive advantage over other players by expanding production facilities, acquiring, forming joint ventures, and forming partnerships with key stakeholders. Furthermore, in order to gain the largest share of the global market, producers are increasingly focusing on strategic alliances with stakeholders, new product development, and capacity expansion.
By Animal type