COVID-19 Impact On Feed Flavors and Sweeteners Type Market Report by Size, Global Industry Share, Future Trends by 2024
Market Overview
The Global Feed Flavors & Sweeteners Market is expected to garner a revenue of USD 1.5 billion by 2024 with a CAGR of 3.1% during the forecast period of 2019 to 2024 Feed flavors and sweeteners market are observing an exponential growth based on its increasing usage in the feed industry. Feed flavors and sweeteners are either naturally derived or synthetic additives used to enhance the taste, smell, and texture of feed.
The Global Feed Flavors and Sweeteners Type Market are projected to propel by increasing awareness regarding available benefits to livestock animals from the feed flavors and sweeteners. Additionally, the feed flavors and sweeteners market are growing due to increasing meat & meat products consumption. Increased demand for feed flavors and sweeteners among the livestock holders is further pushing the market growth in a positive direction.
Furthermore, advance processing methods & technologies, and high opportunities in developing countries are positively supporting the growth of the market. However, the high cost of processing techniques and raw materials may hamper the feed flavors and sweeteners market over the review period. The market players are responding to these new opportunities by expanding their product line, which has boosted the share of the feed flavors and sweeteners in the global market.
Downstream analysis
The global feed flavors and sweeteners market are segmented into type, form, and livestock.
Based on the type, it is segmented into feed flavors - thaumatin, aniseed, citrus, milky vanilla, red fruits, and others; feed sweeteners - glycyrrhicine, saccharine, thaumatin, and others. Among both, the feed flavors segment is dominating the market.
Based on the livestock, it is segmented into poultry, swine, ruminants, aquatic, and others. Among all, the poultry segment is dominating the market.
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Competitive analysis
The major players in the feed flavors and sweeteners market
- Kerry Group Plc. (Ireland)
- Prinova Group LLC (U.S.)
- Kemin Industries, Inc. (U.S.)
- Solvay SA (Belgium)
- Norel S.A. (Spain)
- Pancosma SA (Switzerland)
- Biomin Holding GmbH (Austria)
- Alltech, Inc. (U.S.)
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Regional Analysis
The global feed flavors and sweeteners market are segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The Asia Pacific region is dominating the feed flavors and sweeteners market followed by North America owing to rising population followed by increasing consumption of poultry and meat products in the developing regions. Moreover, increased demand for feed additives such as flavors & sweeteners among the livestock holders is driving the market growth of feed flavors and sweeteners in the Asia Pacific region.
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