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(MoneyNewsWire.Net, January 31, 2018 ) Global Feed Palatability Enhancers and Modifiers Market was worth USD2.86 billion in 2017 and estimated to be growing at a CAGR of 3.65%, to reach USD3.42 billion by 2022. The Feed Palatability Enhancers & Modifiers market is showing evident potential in the mentioned forecasting period. The market continues to gain momentum with the rise in the meat consumption all over the world and has thus received specific attention from the manufacturers of Feed additives such as sweeteners, flavours and texturants.
Feed Palatability Enhancers & Modifiers are generally used to overcome the bitter taste and smell of feed as a result of feed additives, which are good for animal health and thus are necessary. Flavours and Sweeteners are thus used to neutralize the smell and taste. Palatability includes mold control, oxidation and better shelf life for animal feed.
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The rising demand for safe and health human food and mass production of meat has caught attention of various feed additives manufacturers. It has led to a rapid growth in the market over recent years. Other factors driving the market growth include consumer awareness about meat quality, rise in meat consumption, increased demand for feed and the quality of pet food which is major concern. The market also faces some challenges and restraints. Some of the important ones are increase in cost of raw materials and harmful effects of ingredients. These factors have been responsible for holding back the market from reaching its actual potential.
The Global market for Feed Palatability Enhancers & Modifiers is segmented on the basis of type and livestock. The market segmentation on the basis of type is done under sweeteners, flavours and texturants which all are further fragmented in natural and synthetic. The market share is dominated by natural products due to the health concerns related to synthetic products. Based of livestock the market is segmented into swine, poultry, cattle, aquaculture, pet foods and others. The cattle segment accounted for the highest market share on the basis of livestock due to increase in production of cattle meat over the recent years and is expected to grow even further. On the basis of geography, the global market is analysed under various regions namely North America, Europe, Asia-Pacific and Rest of the World. The Feed Palatability Enhancers & Modifiers market was dominated by Asia-Pacific, with the overall market share of over 34% globally. Asia-Pacific was followed by Europe and North America. Asia Pacific is predicted to grow at a rapid pace while Europe market is expected to be stagnant in the coming few years.
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Some of the major companies dominating the market, by their products and services include Associated British Foods PLC, Diana Group, E. I. Dupont, Eli Lilly and Company, Ensign-Bickford Industries Inc., Ferrer, Kemin Europa, Kent Feeds Inc., Kerry Group PLC, Tanke International Group.
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