The feed flavours and sweeteners market is estimated to have a value of US$1,236.1 million in 2017. It is further projected to reach a value of US$1,463.0 million by 2022, at a CAGR of 3.4% from 2017.
This is claimed in the report “Feed Flavours and Sweeteners Market“, published by MarketsandMarkets.
Feed flavours are largely utilised by feed producing companies to improve the efficacy of feed products. Flavours, such as citrus and vanilla, show effective results in terms of voluntary feed intake by animals especially in crucial conditions such as post weaning or the lactation period wherein animals experience extreme weight loss. Hence, this segment is anticipated to acquire the largest share of global feed flavours & sweeteners market by 2022.
The market is mainly driven by factors such as increasing demand for palatability boosting ingredients, growing meat and dairy products industries, and increasing awareness of consumers towards quality meat products. Additionally, the implementation of innovative husbandry practices to improve quality of meat product provide feed flavours and sweeteners producers and distributors with lucrative opportunities.
Ruminants are highly sensitive to feed palatability, which is one of the main reasons driving the demand for feed flavours and sweeteners for the ruminant class of livestock. Palatable additives such as flavours and sweeteners stimulate the ruminants’ appetite for feed and aids in enhancing their growth performance. Thus, livestock producers have constantly been demanding flavoured feed products for ruminants. Also, exponentially growing demand for ruminant-based products such as beef and processed dairy is another factor that has been fuelling the demand for flavours and sweeteners products.
The Asia-Pacific region is projected to be the fastest-growing, which includes India, China, Japan, Thailand, and Vietnam between the years 2017 and 2022. The major driving factors for the market in this region are the continuous modernization of animal production techniques and the growing awareness among the consumers regarding the impact of quality feed provided to the livestock on the animal-based products such as meat and dairy products.