The global feed mycotoxin detoxifiers market is anticipated to record a CAGR of around 3% throughout the forecast period, i.e. 2020-2028.
Research Nester has released a report "Feed Mycotoxin Detoxifiers Market - Global Demand Analysis & Opportunity Outlook 2028" which delivers detailed overview of the global feed mycotoxin detoxifiers market in terms of market segmentation by product, by animal type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global feed mycotoxin detoxifiers market is segmented by product type into binders and bio-transformers, out of which, the binders segment is anticipated to hold the largest market share owing to easy availability of the binders as well as their longer shelf life. The low cost of procurement of binders helps manufacturers to increase the production of binders at a large scale. Moreover, owing to their longer shelf life, binders are preferred for use across all seasons throughout the year.
The global feed mycotoxin detoxifiers market is anticipated to reach a CAGR of around 3% during the forecast period, i.e. 2020-2028. Growing demand for animal feed around the world, increasing animal feed industry, rising concern for the ill-effects of health of living organisms affected by the consumption of toxic food, along with the increasing awareness for the benefits associated with the utilization of mycotoxin detoxifiers amongst the end users are some of the factors anticipated to drive the growth of the global feed mycotoxin detoxifiers market. In the statistics by the International Feed Industry Federation (IFIF), during the year 2018, global compound feed production constituted to 1.085 billion tonnes annually. Moreover, the estimated annual turnover of the commercial feed manufacturing industry during the same year was around USD 400 billion.
Regionally, the global feed mycotoxin detoxifiers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the presence of high level of risks for mycotoxin in livestock feed, rising adoption rate of feed mycotoxin detoxifiers in the region, along with rising stringent norms by the government of the nations for maintaining a threshold level of mycotoxin in feed are some of the factors anticipated to promote significantly towards the growth of the feed mycotoxin detoxifiers market in the region in the upcoming years.
Rising Demand For Animal Meat Protein Around the World
In the statistical report FAO Global Food Outlook November 2019, production of poultry type of animal protein around the world is estimated to peak to 130.5 million metric tons from 124.6 million metric tons in-between 2018-2019. Moreover, production of bovine and ovine type of animal protein is further estimated to peak to 72.3 million metric tons and 15.4 million metric tons from 71.3 million metric tons and 15.3 million metric tons respectively in-between the same period.