Categories: Food & Beverages

Feed Taste Enhancers Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Feed Taste Enhancers by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Feed Taste Enhancers, The feed taste enhancers market size has grown rapidly in recent years. It will grow from $2.84 billion in 2023 to $3.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to environmental factors, consumer demand for quality animal product, feed manufacturing processes, species-specific formulations, feed conversion ratio..

The feed taste enhancers market size is expected to see strong growth in the next few years. It will grow to $4.58 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to research and development investments, growth in aquaculture and pet food industry, focus on feed efficiency, shift in consumer preferences, demand for functional feed additives.. Major trends in the forecast period include natural and organic solutions, focus on palatability solutions, microencapsulation technology, personalized feed solutions, research in animal behavior and preferences..

Rising demand for animal feed is expected to propel the growth of the feed taste enhancers market. Animal feed refers to the food given to domestic or farm animals and includes a variety of ingredients such as grains, corn, soybeans, hay, and forage. Feed taste enhancers help improve livestock health and make the feed more palatable and appealing to the animal. For instance, in January 2022, according to the annual feed survey published by Alltech, a US-based agriculture product manufacturer, international feed production accounted for 1.235 billion metric tons in 2021, which increased by 2.3% compared to 1.187 billion metric tons in 2020. Therefore, the rising demand for animal feed is significantly contributing to the growth of the feed taste enhancers market.

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The feed taste enhancers market covered in this report is segmented –

1) By Type: Flavors, Sweeteners, Aroma Enhancers

2) By Source: Natural, Synthetic

3) By Application: Poultry, Swine, Cattle, Pets, Aquaculture, Other Applications

Product innovation has emerged as the major trend gaining popularity in the feed taste enhancer market. Major companies operating in the feed taste enhancer market are introducing new innovative feed enhancer products to strengthen their position in the market. For instance, in November 2022, ADM, a US-based animal feed manufacturing company, launched two innovative feed taste enhancer products- SUCRAM M’I Sweet and SUCRAM Specifeek under its SUCRAM series. These new innovative products are sweeteners that aim to enhance the palatability of feed for young animals, especially weanling pigs. By using plants and sweeteners as nutritional solutions, producers can increase feed intake and efficiency, along with promoting the health and overall well-being of the animals.

The feed taste enhancers market report table of contents includes: