Author: Simon Duke, Editor, Feedinfo News Service
According to a recent report from MarketsandMarkets, the global feed phytogenic feed additives market is projected to reach nearly USD 1 billion by 2023, with a CAGR of 8.8%. What is your company’s view of market growth? What about your projections for 2040?
An estimation of a CAGR of nearly 9% by 2023 seems very realistic for this type of feed additive to me. Phytogenics remains one of the core feed additive types that are accepted for their potential to support animal health and performance. As such, they benefit from the trend to invest in the animal’s gut health, thereby helping to restrict the farmer’s dependency on antibiotics as much as possible.
While a profound sales growth is expected to continue in the next decades, predicting trends beyond 2030 is more difficult. Nowadays, many feed additive types are used for similar purposes, resulting in comparable growth numbers for different product types. I believe that in the future, feed additive manufacturers and animal producers will learn more about the precise benefits and restrictions of different feed supplements, which will result in a more detailed positioning and optimized use of these products. Rather than just supplementing feed with a gut health supporting additive with the general aim to improve performance of animals, I believe that animal producers will rely on a selection of a restricted number of well-studied additives that will be applied, alone or in combination, during specific production stages or different conditions.