Feed Mycotoxin Binders Market Size to Surpass by 2028
As per the report by Global Market Insights, Inc. Worldwide Feed Mycotoxin Binders market was valued at USD 145 million in 2021 and will surpass a revenue collection of USD 290 million by 2028 with an annual growth rate of 10% over 2022 to 2028.
The feed mycotoxin binders industry size is projected to expand significantly by 2028 on the grounds of the rising meat and poultry consumption and growing risk from mycotoxin contamination in animal feed.
As per reliable estimates, the world consumes about 350 million tons of meat annually. Moreover, global meat consumption is predicted to grow between 460 million and 570 million tons by 2050.
Mycotoxin binders are feed additives responsible for binding the mycotoxins produced by microorganisms. These are perceived to affect animal performance and avert them from getting absorbed in the gut and blood circulation.
Feed mycotoxin binders products, livestock, and regions classify industry. The product bifurcation divides the market into bentonite, HSCAS, polysaccharides, zeolites, and others. Out of these, the polysaccharides market share is projected to be worth $30 million by 2028.
Moreover, the Europe and North American continents have a greater implementation of polysaccharides into the feed additive industry, which could push the segment to grow at a rate of 7.5% over the forecast period.
The market is divided into poultry, swine, aquaculture, equine, and ruminants. Amongst these, the ruminants market share, which includes domesticated livestock animals like cattle, goats, deer, and sheep, is poised to expand at a rate of 9.5% over the foreseeable timeframe on the back of the advanced nutritive requirements by feed producers.
The equine market size across the feed mycotoxin binder industry surpassed USD 2.5 million in 2020 and is estimated to grow 7.3% up to 2028. The other segment includes camels, birds, and small ruminants.
The industry is diversified into Europe, North America, Asia Pacific, the Middle East, Africa, and Latin America. The Latin America feed mycotoxin binders market would seize a market share of 14% in the near future, impelled by beef and poultry meat consumption and exports in the region. As per FAO statistics, Latin America and the Caribbean produce a little over 23% of buffalo and beef meat and 21.4% of poultry globally.
The Middle East and Africa feed mycotoxin binders market would record a CAGR of 7.9% through 2028, stimulated by the surging poultry, ruminant production and processing industries in leading regional countries. According to reliable estimates, the demand for poultry is relatively high in South Africa, reaching 2 million tons almost every year.
Some of the key players profiled in the Feed Mycotoxin Binders market report include BASF SE, Selko B.V, Vetline, Kemin Industries Inc., BIOMIN Holding GmbH, Alltech Inc., Vibrac, and Novus International Inc.
