Overview and Scope
A feed palatability enhancer is a substance or additive used in animal feed to improve its taste, flavor, and overall sensory characteristics, thereby encouraging animals to consume the feed more willingly. The goal of feed palatability enhancers is to stimulate appetite and increase feed intake, which is essential for the overall health, growth, and performance of animals, whether they are livestock, poultry, or pets.
Sizing and Forecast
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 in the historic period can be attributed to increasing demand for high-quality animal feed, rising pet population, growing demand for natural and organic palatability enhancers, increasing livestock production, rising income.
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 growth in the forecast period can be attributed to increasing pet population, growing demand for natural and organic palatability enhancers, increasing livestock production, increasing incorporation of technology. Major trends in the forecast period include continued growth of the market, increasing demand for products, rising incorporation of technology, growing demand for natural and organic palatability enhancers, innovative formulations and technologies for palatability enhancers.
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Segmentation & Regional Insights
The feed palatability enhancers market covered in this report is segmented –
1) By Product Type: Flavors, Sweeteners, Aroma Enhancers, Texturants
2) By Origin: Natural, Synthetic
3) By Application: Overview, Poultry, Pets, Aquaculture
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.
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Major Driver Impacting Market Growth
The increase in livestock farming is expected to propel the growth of the feed palatability enhancers market going forward. Livestock farming, or animal husbandry, refers to the agricultural practice of breeding, raising, and managing domesticated animals for various purposes, including food production, fiber, labor, and other products. As incomes increase, people tend to consume more animal products, this shift towards meat-heavy diets contributes to the higher demand for livestock production. Feed palatability enhancers are used in livestock farming to improve the taste, aroma, and overall acceptability of animal feed, encouraging animals to consume it more willingly. For instance, in May 2023, according to the Government Digital Service, a UK-based government body, the entire value of livestock produced in 2022 was $24.63 billion, up $3.45 billion (16.2%) from 2021. Therefore, the increase in livestock farming is driving the growth of the feed palatability enhancers market.
Key Industry Players
Major companies operating in the feed palatability enhancers market 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
The feed palatability enhancers market report table of contents includes:
1. Executive Summary
2. Feed Palatability Enhancers Market Characteristics
3. Feed Palatability Enhancers Market Trends And Strategies
4. Feed Palatability Enhancers Market – Macro Economic Scena
5. Global Feed Palatability Enhancers Market Size and Growth
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32. Global Feed Palatability Enhancers Market Competitive Benchmarking
33. Global Feed Palatability Enhancers Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Feed Palatability Enhancers Market
35. Feed Palatability Enhancers Market Future Outlook and Potential Analysis
36. Appendix
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