Market Trends of Feed Palatability Enhancers Industry
This section covers the major market trends shaping the Feed Palatability Enhancers Market according to our research experts:
Increasing Meat Consumption Driving the Market
Global meat consumption has been rising rapidly, thereby fuelling the growth of the feed palatability enhancers market. The growing preferences for high-grade meat and meat products from health-conscious consumers are driving the demand for feed palatability enhancers, globally. According to the FAO, global poultry meat production is estimated to reach 137 million tonnes in 2020, with growth anticipated in China, the EU, Britain, Brazil, and Mexico. The rise in the levels of income in most of the developing countries has induced demand for superior quality meat and meat products. The per capita meat consumption in the United States, Brazil, and Argentina are also rising because of the lower costs in beef production, owing to the extensive land area under grazing. The unpleasant additives and supplements in livestock feed are formulated with the help of palatability enhancers, thereby augmenting the feed intake in animals.
Asia-Pacific - The Largest Market for Feed Palatability Enhancers
Asia-Pacific is the largest market for feed palatability enhancers, accounting for a significant share in the overall market. The growing consumer awareness about quality feed and pet food in the region has spurred the demand for feed palatability enhancers. Moreover, the soaring prices of meat driven by numerous disease outbreaks like the African Swine Fever have led the producers to tap the profits in the region, hence boosting the feed palatability enhancers market. The rise in income levels in developing countries like India and China are leading to growing numbers of pet ownership, healthcare, and spending, thereby driving the feed palatability enhancers market.
India is one of the leading producers of poultry meat in the world. The increase in the average income and the urban population has led to a tremendous increase in poultry demand and a steady increase in consumption over the years. Poultry production has been growing enormously in the region which would, in turn, create demand for palatability enhancers to improve feed intake and livestock performance. In addition, applying natural phenolic compounds originating from aromatic plants are known to improve the flavor and palatability of the feed in poultry and swine diets and thus increase the feed intake and growth performance.
