Feed Flavors Outlook
The global Feed Flavors are expected to exhibit a strong 3.1% CAGR over the forecast period from 2021 to 2028, according to the latest research report from Market Research Future (MRFR). The market’s revenue generation is expected to rise to more than USD 1.5 billion by 2024, according to the MRFR report. The growing Feed Flavors are profiled in detail in the report, including an analysis of the historical growth trajectory of the market to single out the major drivers and restraints acting on the market. These are then used to make projections for the Feed Flavors’ growth over the forecast period.
Feed flavors and sweeteners are feed additives added to enhance the flavor of feed products. The growing demand from the animal products industry for flavored feed has been the major driver for the global Feed Flavors. As the animal products industry has grown, animal welfare has become a key concern, with several government and public platforms urging the industry to end cruelty and make the lives of the captured animals better. One of the offshoots of this movement to improve animal life has been the development and widespread adoption of feed flavors and sweeteners. Feed flavors and sweeteners are seen as crucial in providing animals enough nutrition as well as an incentive to eat their fill of the feed.
The growing animal products industry in the Asia Pacific is likely to be a major driver for the global Feed Flavors market. The Asia Pacific holds the dominant share in the global Feed Flavors due to the growing demand from the animal products industry in China, India, Japan, Indonesia, South Korea, Malaysia, and other countries in the region. Australia is a global leader in the production of dairy and cattle meat products and thus accounts for a significant share of the animal products industry in the Asia Pacific. The rapid growth of the animal products industry in these regions has enabled steady growth of the global Feed Flavors. This is likely to remain a major driver for the Feed Flavors over the forecast period.
Leading players in the global Feed Flavors include Grupo Ferrer Internacional SA, Solvay, Nutriad, Pancosma, Alltech, FeedStimulants, BIOMIN Holding, DuPont, Norel, Priola Group LLC, Agri-Flavors, Origination O2D, Kerry Group, Pestell Minerals and Ingredients, and Kemin Industries Inc.
The global Feed Flavors is segmented based on type, source, form, livestock, and region.
By type, the global Feed Flavors is segmented into flavors and sweeteners. The flavors segment is further sub-segmented into sweet, savory, and others. The sweeteners segment is further sub-segmented into saccharine, glycyrrhizin, neohesperidine dihydrochalcone, and others.
By source, the global Feed Flavors is segmented into natural and synthetic.
By form, the global Feed Flavors is segmented into dry and liquid.
By livestock type, the global Feed Flavors is segmented into ruminants, swine, pets, and others.
The Asia Pacific accounted for the largest share in the global Feed Flavors in 2018 and is likely to remain the leading revenue generator over the forecast period due to the growing animal products industry in countries such as China and India. The growing demand for meat products has been a major driver for the animal products industry in the Asia Pacific, leading to a growing demand for feed flavors and sweeteners. Dairy products have also become vital in the Asia Pacific region, as increasing urbanization has driven the demand for milk and other dairy products. This is also likely to be a major driver for the Feed Flavors in the region.
North America holds the second-largest share in the global Feed Flavors, followed by Europe.
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