PUBLISHER: The Business Research Company | PRODUCT CODE: 1464100
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464100
A feed palatability enhancer is a substance or additive incorporated into animal feed to enhance its taste, flavor, and overall sensory appeal, thereby promoting greater consumption by animals. By stimulating appetite and increasing feed intake, these enhancers play a crucial role in supporting the health, growth, and performance of animals, whether they are livestock, poultry, or pets.
The primary product categories of feed palatability enhancers include flavors, sweeteners, aroma enhancers, and texturants. Flavors encompass a range of taste experiences associated with food or drink, available in natural or synthetic origins, and utilized across various sectors including livestock, poultry, pets, and aquaculture.
The feed palatability enhancers market research report is one of a series of new reports from The Business Research Company that provides feed palatability enhancers market statistics, including feed palatability enhancers industry global market size, regional shares, competitors with feed palatability enhancers market share, detailed feed palatability enhancers market segments, market trends, and opportunities, and any further data you may need to thrive in the feed palatability enhancers industry. This feed palatability enhancers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The feed palatability enhancers market size has grown steadily in recent years. It will grow from $5.55 billion in 2023 to $5.77 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth observed during the historical period can be attributed to several factors, including the increasing demand for high-quality animal feed, a rising pet population, growing interest in natural and organic palatability enhancers, the expansion of livestock production, and rising incomes.
The feed palatability enhancers market size is expected to see steady growth in the next few years. It will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The projected growth in the forecast period can be attributed to several key factors, including the rising pet population, growing demand for natural and organic palatability enhancers, increasing livestock production, and the greater incorporation of technology into the industry. Significant trends anticipated in the forecast period include sustained market expansion, continued growth in product demand, increased adoption of technology, a growing preference for natural and organic palatability enhancers, and ongoing innovation in formulations and technologies for these enhancers.
The anticipated upsurge in livestock farming is poised to propel the expansion of the feed palatability enhancers market in the foreseeable future. Livestock farming, also known as animal husbandry, encompasses the agricultural practice of breeding, raising, and managing domesticated animals for various purposes, including food production, fiber, labor, and other by-products. As global incomes rise, there is a corresponding increase in the consumption of animal products, leading to a growing preference for meat-centric diets and subsequently driving up the demand for livestock production. Feed palatability enhancers play a crucial role in livestock farming by enhancing the taste, aroma, and overall acceptability of animal feed, thereby stimulating animals to consume it more readily. For example, in May 2023, the Government Digital Service, a UK-based government body, reported that the total value of livestock produced in 2022 amounted to $24.63 billion, marking a notable increase of $3.45 billion (16.2%) from 2021. Consequently, the escalating trend in livestock farming is fueling the growth trajectory of the feed palatability enhancers market.
Leading companies operating in the feed palatability enhancers market are actively engaged in developing innovative solutions to cater to the rising demand in the market. One such innovative solution is in-feed sweetening solutions, which are designed to increase demand for feed enhancers. These sweeteners work by stimulating the animals' sweet taste receptors, thereby promoting enhanced feed intake, particularly during the transition from liquid to solid feed. For instance, in November 2022, The Archer-Daniels-Midland Company, a prominent US-based food processing company, introduced scram mi sweet and specified, in-feed sweetening solutions tailored for various livestock species. These solutions are specifically formulated to activate the sweet taste receptors in swine, with a particular focus on piglets during the weaning phase. The efficacy of in-feed sweeteners as attractants has been demonstrated during critical developmental stages, such as weaning, where increased feed intake is essential to support the animals' nutritional requirements and overall growth.
In July 2022, Symrise AG, a prominent chemicals company headquartered in Germany, completed the acquisition of Wing Pet Food Ltd. for an undisclosed sum. This strategic move enables Symrise to enter and capitalize on the burgeoning pet food market in the Asia-Pacific region while enhancing its capabilities. Additionally, Symrise aims to elevate its value proposition in taste, nutrition, and health by leveraging Wing Pet Food's expertise and product range, thereby diversifying its offerings. Wing Pet Food Ltd., headquartered in China, specializes in research and development, particularly in providing innovative solutions for pet food palatability, aligning well with Symrise's strategic objectives for expansion and innovation.
Major companies operating in the feed palatability enhancers market report are Cargill Incorporated, BASF SE, Bayer AG, Yara International, Sumitomo Chemicals, Associated British Foods plc, Syngenta Crop Protection AG, DuPont, Israel Chemical Company, Kerry Group plc, K+S Group, Adama, Symrise AG, Elanco Animal Health, Nufarm Limited, Adisseo France SAS, Alltech, UPL Ltd., Kemin Industries Inc., Compass Minerals, Novus International, Kent Nutrition Group, Ensign-Bickford Industries Inc, Diana Foods, Biomin, Kent Feeds Inc, Nutriad, Impextraco NV, Nutreco, Tanke International Group
North America was the largest region in the feed palatability enhancers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the feed palatability enhancers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the feed palatability enhancers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The feed palatability enhancers market consists of sales of feed flavors, sweeteners, texturants, palatants, and feed modifiers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Feed Palatability Enhancers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on feed palatability enhancers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for feed palatability enhancers ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The feed palatability enhancers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.