The feed mycotoxin binders and modifiers market was valued at US$2.24 billion in 2016, in terms of value. It is projected to grow at a CAGR of 3.6% from 2017, to reach US$2.77 billion by 2022.
This is according to a new report by MarketsandMarkets.
What are the market drivers for mycotoxin binders and modifiers?
Incidences of mycotoxin occurrence in crops, scientific studies establishing the positive impact of mycotoxin binders and modifiers on livestock health and performance, stringent regulations limiting the presence of mycotoxins in feed products, and increase in the consumption of animal-based products are a few major drivers of the feed mycotoxin binders and modifiers market.
In the report, it is stated that the segment mycotoxin binders dominate the feed mycotoxin binders and modifiers market. They are used widely in all kinds of livestock as they are cost-effective and commercialised on a large scale, making them comparatively easy to procure. Another important advantage is that binders have no impact on the environment, neither are they affected by different climatic conditions, rendering them safe for use in all climatic zones. This also results in longer shelf life of the feed, which makes binders popular among manufacturers.
Also visit our mycotoxin dossier on All About Feed for the latest articles, legislation and background information on mycotoxins.
The analysist also say that the swine segment is projected to be the fastest-growing during the forecast period. Asia-Pacific is forecasted to be the fastest-growing region. Increase in need for food security, high investment in R&D, and change in farming practices form the key to success in the Asia-Pacific region. Growth of population, progressive urbanisation, and change in food habits among consumers (increase in demand for quality meat products) have spurred the demand for feed mycotoxin binders and modifiers in the region. China is estimated as the largest market for feed mycotoxin binders and modifiers in the region. Substantial growth is witnessed in India, Japan, Vietnam, and Thailand, due to the increase in purchasing power of the population and demand for protein-rich meat diets. These factors drive the Asia-Pacific region in the feed mycotoxin binders and modifiers market.