Feed palatability enhancers are additives incorporated in animal feed to enhance and modify its palatability. The global Feed Palatability Enhancers Market is expected to garner a revenue of USD 3.5 billion by 2024 with a CAGR of approximately 4% during the forecast period 2019 to 2024. Surging demand for high-quality livestock produce such as meat, eggs, and milk is boosting the sales of livestock feed, which in turn is driving the market growth of feed palatability enhancers. Additionally, rising concerns regarding animal health, along with increasing awareness regarding the benefits of healthy feed in animal nutrition are also contributing to the increasing sales of feed palatability enhancers. Animals refrain from consuming unpalatable feed, which negatively impacts the growth of the animal. Owing to which, feed manufacturers are focusing on adding various feed palatability enhancers in their feed products. However, the rising raw material prices and harmful effects of specific palatability enhancers are hampering the growth of feed palatability enhancers market across the globe. The market is expected to emerge lucrative for various vendors focusing on the production of natural feed products. The prices of natural feed products are witnessing a hike and are projected to continue to do so during the upcoming years, which in turn is expected to pave the way for several growth opportunities for the market players.
The global feed palatability enhancers market has been segmented based on type, source, livestock, and region.
By type, the global market has been classified as feed flavors & sweeteners, feed texturants, and others.
Based on the source, the global market has been categorized as natural and synthetic.
The global market has also been segregated, based on livestock, into swine, poultry, ruminants, aquaculture, pet food, and others.
The global market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American feed palatability enhancers market has further been segmented into the US, Canada, and Mexico. The European feed palatability enhancers market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The feed palatability enhancers market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The feed palatability enhancers industry in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
Global Feed Palatability Enhancers Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
Asia-Pacific garnered the largest market share in 2018 and is expected to register the highest CAGR during the forecast period from 2019 to 2024. The regions dominance and impressive growth can be attributed to the growth of the animal feed industry in the region, especially in countries such as India, China, Vietnam, and Thailand. Moreover, rise in the demand for poultry and dairy products, along with raising awareness regarding the importance of healthy feed in animal nutrition, yield, and productivity are also driving the growth of the regional market.
Global Feed Palatability Enhancers Market, by Type
Global Market, by Source
Global Market, by Livestock
Global Market, by Region
Feed palatability enhancers market is projected to grow at a 4% CAGR between 2019-2024.
The APAC region is expected to dominate the feed palatability enhancers market.
The feed palatability enhancers market is predicted to touch USD 3.5 billion by 2024.
Pets segment will lead the feed palatability enhancers market.
Increase in raw material cost may limit the feed palatability enhancers market growth.