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(MoneyNewsWire.Net, March 30, 2018 ) The Latin America Market had a Feed Palatability Enhancers & Modifiers market value of USD 0.34 billion in 2016 and is forecasted to exhibit a CAGR of 3.63% and reach USD 0.41 billion by 2021. The Feed Palatability Enhancers & Modifiers market is predicted to showcase huge potential in the forecasting period. The market has continued to gain momentum with the increase in the meat consumption all around the world and has therefore received special attention from the manufacturers of Feed additives like flavours, sweeteners and texturants.
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Feed Palatability Enhancers & Modifiers are used for overcoming the smell and bitter taste of feed caused due to feed additives, which are good for animal health and thus necessary. Sweeteners and Flavours are thus used for neutralizing the taste and smell. Palatability includes oxidation, mold control and better shelf life for animal feed.
The rise in demand for healthy and safe human food as well as mass meat production has gained attention from various feed additives manufacturers. It has resulted in a rapid growth in the market lately. Other driving factors for the market include rise in meat consumption, consumer awareness about meat quality, increased demand for feed and the pet food quality which is major concern. The market has also faced some restraints and challenges. Some of the major ones include harmful effects of ingredients and increase in cost of raw materials. These factors have resulted in holding back the market from reaching its actual potential.
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The Latin America Feed Palatability Enhancers & Modifiers market is broadly classified on the basis of type and livestock. The segmentation on the basis of type is done under flavours, sweeteners and texturants which all are further divided in natural as well as synthetic. The natural products lead the market share due to the health related concerns with synthetic products. On the basis of livestock, the market is categorized into poultry, swine, cattle, pet foods, aquaculture and others. The cattle segment had for the highest market share under livestock segmentation 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 Latin America market is analysed under various regions namely Brazil, Argentina, Mexico and rest of Latin America.
Some of the major companies dominating the market, by their products and services include Diana Group, Associated British Foods PLC, E. I. Dupont, Ensign-Bickford Industries Inc., Eli Lilly and Company, Ferrer, Kent Feeds Inc., Kemin Europa, Kerry Group PLC, Tanke International Group.
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