(Food-Beverage-News.Com, November 10, 2021 ) MarketsandMarkets forecasts the feed flavors & sweeteners market to grow from USD 1.2 billion in 2017 to USD 1.5 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period. The major factors that are expected to be driving the feed flavors & sweeteners market are increasing demand for palatability-boosting feed additives and increasing awareness of consumers towards quality meat products. The objective of the report is to define, describe, and forecast the feed flavors & sweeteners market size based on type, livestock, source, form, and region.
By type, the flavors segment is expected to grow at the highest growth rate during the forecast period
Among the types segment, the flavors segment is expected to grow at the highest CAGR during the forecast period. Feed flavors enhance the taste and smell of feed to maintain feed consumption by maximizing feed intake, thereby improving the performance of the livestock.
By livestock, the swine segment to record the highest CAGR during the forecast period
The swine livestock type is expected to witness a faster growth rate in this market, as swine experiences various physical, physiological, and behavioral changes during these three different phases of their lifespan that may lead to the decreased feed intake and extreme weight loss. To evade these problems, palatants feed additives such as sweeteners and flavors are mixed in the diets of pigs. These additives aid in increasing the feed intake and improve growth performance of these animals.
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to hold the largest market size in the feed flavors & sweeteners market during the forecast period, followed by the European region. The highest market share of Asia Pacific is due to ise in disposable income has led to an increase in urbanization and rapid industrialization. The region is heterogeneous, with diversity in income level, technology, and demands of end consumers to provide superior-quality feed to livestock, as the awareness among the consumers regarding the impact of quality feed provided to the livestock on the quality of the animal-based products is increasing, leading to enhanced scope for future growth.
Key Market Players
Nutriad International Dendermonde (Belgium), and Pancosma (Switzerland), Alltech (U.S.), FeedStimulants (Netherlands) and BIOMIN Holding GmbH (Austria), DuPont (US), Norel S.A. (Spain) and Prinova Group LLC (US), Agri-Flavors, Inc. (US), Origination O2D, Inc. (US), Kerry Group Plc (Ireland) and Pestell Minerals & Ingredients Inc. (Canada).
Nutriad International Dendermonde (Belgium), and Pancosma (Switzerland) are the visionary leaders in the animal feed flavors and sweeteners market. These players have broad product offerings that cater to most of the regions, globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.