According to a recent Global Market Insights Inc. study, the global Feed mycotoxin binders market is expected to exceed USD 290 million by 2028. Rising consumer focus on health & nutrition coupled with numerous benefits offered by product in the case of livestock to enhance the further consumer acceptability will propel industry growth.
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As per market analysis, flourishing feed industry along with rising consumer awareness regarding the nutritional benefits of mycotoxin binders will primarily drive the industry growth over the forecast timeline. Proliferating demand for nutrient-induced feed used by the global breeders and manufacturers will further escalate revenue generation. Besides, high adoption of the product in animal feed, particularly in aquafeed applications over the past few years has further accelerated its demand.
According to market analysis, some major findings of the feed mycotoxin binder market report include:
- Rising prevalence of consumers for the meat and meat production is considerable factor that will initiate the shift of manufacturers or breeders of various livestock such as aquaculture, ruminants, equine, poultry and swine projecting a growth of 10%.
- Strong mycotoxin binding and natural properties have enhanced the product demand in aquaculture, cattle and pet feed products.
- The industry will observe high potential from animal feed industry due to its multiple beneficial functionality such as prevention from various fatal diseases, effective blood circulation and resolving gut disorders.
- Favorable government regulations pertaining to use of natural additives in the animal feed products will propel the industry size. Supporting regulations from CODEX and other similar regulatory bodies have led to the supply of high-quality feed additives in the domestic market, thereby stimulating the regional feed mycotoxin industry growth.
- Adoption of innovative and advanced technologies have enabled product development in numerous forms including zeolites, polysaccharides along with bentonites and HSCAS.
- Market statistics for HSCAS as product market incurred the significant growth of over 10% CAGR between 2022 to 2028 and the sector is further anticipated to witness significant gains due to escalating demand for nutrient rich products.
- Some of the key market players manufacturing feed mycotoxin binders are BASF, Vetline, Kemin Industries Inc., Biomin, Bayer AG, Alltech Inc., Novus International Inc. and Vibrac.
- Asia Pacific region acquired significant share of over 25% in the global feed mycotoxin binders market in 2021.
According to industry analysis, North America feed mycotoxin binders market is anticipated to hold a substantial share of over 15% in 2021. The region is characterized by increasing demand from the natural animal feed additive industry coupled with strong potential market for products like HSCAS and bentonite. Favorable government guidelines along with presence of various related organizations, including USDA, AFIA, Animal Nutrition Association of Canada (ANAC), and The Association of American Feed Control Officials (AAFCO), which is strongly involved in creating awareness regarding ingredient benefits has instilled trust amongst Breeders and manufactures of these products.
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The feed mycotoxin binders market share is competitive with presence of multinational corporations and growing regional manufacturers such as Alltech, Nutriad, Kemin Industries, Novus International Inc., Anfotal Nutritions, Bentoli Inc. Key strategies include capacity expansions, technical collaborations, and new product development for specific applications. For instance, Nutriad introduced MYCOMAN mobile app for mycotoxin management. The app facilitates rapid screening of raw material to reduce contamination levels of feed. This method will reduce the cost with faster results and fewer technical requirements along with good analysis of specific mycotoxins. Such initiative by the dominant players in the market of livestock and animal feed further stimulate the market growth.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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