Feed Mycotoxin Detoxifiers Market - Growth, Trends, and Forecasts (2023 - 2028)

The feed mycotoxin detoxifiers market is projected to grow at a CAGR of 6.4% during the forecast period.

Key Highlights

• The market growth is mainly attributed to the expansion of the animal meat market. According to the OECD-FAO Statistics, poultry meat consumption has consistently grown since 2017. In 2020, poultry meat consumption witnessed the highest of 134 million metric tons, which increased from the previous years. Increased global meat consumption and a rise in health concerns in livestock have made the market consume a higher quantity of mycotoxin detoxifiers. Along with this, the subsequent expansion of the compound feed industry and growing demand for animal feed worldwide are strengthening the market's growth.
• Companies across the world are highly engaged in the production of binders and bio-transformers, which aid in converting toxins into less toxic products. According to the Food and Agriculture Organization study, about 25% of the crops produced across the world contain mycotoxin. Thus, to improve the health and wealth of livestock and produce maximum livestock performance, mycotoxin binders and detoxifiers are expected to increase by livestock growers.

Feed Mycotoxin Detoxifiers Market Trends

Expansion of animal meat market

Mycotoxins (like mycophenolic acid, cyclopiazonic acid, and moniliformin) are considered harmful, with potential risks of damaging the feed content. Cases of multiple contaminations were reported, where mold species aptly produced various kinds of mycotoxins in a single ingredient. But the rise of global meat production can be attributed to the consistently increasing population, income levels, and urbanization rates in almost all regions of the world. The demand from these forces has put the animal health industry, including mycotoxin detoxifier additives, in an ever-expanding phase. Thus, it is driving forward revenues. The other aspect of this high demand is the need for increased animal performance and growth rates. The industry has used various mycotoxin detoxifier agents, particularly binders, to achieve better and much quicker animal growth.

According to research done by the World Watch Institute's Nourishing the Planet project for Vital Signs online, meat production and consumption are growing more rapidly than in previous decades, with harmful environmental and public health effects. Meat production worldwide tripled and increased 20% over the last four decades. Meanwhile, industrial countries are consuming increasing amounts of meat, nearly double the quantity in developing countries. This rise in meat production has specific and long-term changes in production systems. These changes are directly linked to the increase in the feed mycotoxin detoxifier markets. These changes are more pronounced in developing regions.

The growth in the global mycotoxin detoxifier market is primarily because of the expansion of the animal meat market. According to the US Department of Agriculture, the world's chicken meat production increased from 92.7 million metric tons in 2018 to 100.5 million metric tons in 2021. Thus, this production is increased with the rise in global meat consumption, and a rise in health concerns in livestock made the market consume a higher quantity of mycotoxin detoxifiers.

Asia-Pacific Dominates the Global Market

Asia-Pacific is the largest segment of the feed mycotoxin detoxifiers market. It is expected to record a robust growth rate due to its high animal population and larger meat consumption patterns. It holds a huge potential and shows substantial growth in terms of rising meat consumption, the production of local meat, increasing demand for quality food, growing awareness toward food safety, rising per capita spending on meat-related products, and expanding industrialization of the animal industry in these regions. In the Asia-Pacific, China is the world's largest producer and consumer in the livestock sector. China's consumption of meat and dairy products is expected to continue to climb sharply due to a rising population, strong growth in per capita income, improvement in domestic meat and dairy production systems, greater access to meat and dairy products (due to better transportation and distribution systems), and shifting consumption patterns. This is anticipated to increase the consumption of mycotoxin detoxifiers in the country.

The country's government's efforts to modernize and find efficiencies in its structure and practices and the increasing demand for meat and animal products to meet the nutritional needs of the growing population are the major factors driving the growth of the mycotoxin detoxifiers market. Additionally, India is the second most important country for mycotoxin detoxifiers as the animal population is high. Increased awareness among the farmers about the benefits of mycotoxin detoxifiers related to the reduction of mycotoxin contamination is another factor augmenting the growth of the market studied.

Feed Mycotoxin Detoxifiers Market Competitive Analysis

The feed mycotoxin detoxifiers market is consolidated. Major players in the market hold a sizeable market share of the total market. The global presence of companies and lack of local companies in a few of the countries have made the major players hold a greater share of the market. Some of the major companies in the market are Alltech Bio-products Co. Ltd, AMLAN International, Belgium Impextraco, Biomin Feed Additive (Shanghai) Co. Ltd, Special Nutrients Inc., etc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support