Feed Palatability Enhancers Market Size and Market Growth:
Feed Palatability Enhancers market is anticipated to grow at 3.60% CAGR from 2018 to 2023 and it is estimated that the global market was valued at USD 3.08 billion in 2018 and is expected to reach USD 3.68 billion by 2022.
Feed Palatability Enhancers Market Overview:
Palatability enhancers are used to enhance the taste, smell and texture of pet foods to increase their desirability to companion animals. The bitter taste of vitamins, minerals and other medicines can be minimized by mixing palatability enhancers to the animal feed and thereby helping in increasing the intake of feed by animals. Moreover, palatability enhancer increases shelf life stability to the product.
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Feed Palatability Enhancers Market Drivers and Restraints:
The feed palatability enhancers market is fueled by the rise in the meat consumption all over the world. The feed palatability enhancers market has been growing at a steady rate over the last few years. The high consumption and export of meat in the Asia Pacific are fueling the market in the region. The unpleasant smell and bitter taste of the feed that comes from feed additives–that are considered good for the gut health of the digestive tract in the animals and are also a good substitute to the antibiotics in the feed are neutralized by the flavors and sweeteners. The market for these products is growing in developing economies such as China, India, and Brazil.
Feed Palatability Enhancers Market Geographical Analysis:
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific accounted for the largest share of the market followed by North America and Europe. Asia Pacific is also expected to register the highest CAGR in the coming years. The North American feed palatability enhancers and modifiers market is also growing rapidly due to the rising awareness of pet owners about the quality products and regarding the chemicals used in the animal feeds. These are the major factors which drive the growth of the feed palatability enhancers and modifiers market in the region.
Feed Palatability Enhancers Market Key Players:
The market is dominated by companies like Associated British Foods PLC, Diana Group, E. I. Dupont. Eli Lilly and Company, Ferrer, Kemin Europa, Kent Feeds Inc., Kerry Group PLC, Ensign-Bickford Industries Inc., and Tanke International Group.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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