New research has found that the global market for animal feed phytogenics will be valued at £59m by 2021, with a CAGR of 17.2 percent between 2016 and 2021.
The research by business consultants, Frost & Sullivan found that the rise was due to the soar in the popularity of organic pet food along with new technology and a ban on antibiotic growth promoters (AGPs) in Europe.
Europe’s phytogenics market is set to lead the way with market growth of 18% between 2016 and 2020, with North America following behind with 16.5% growth and Asia on 17.6%.
Phytogenics are a group of natural growth promoters (NGPs) usually derived from herbs, phytogenics are often considered a healthier alternative to AGPs.
Jincy Varghese, consultant of agriculture and nutrition at Frost & Sullivan said: “The need to increase digestion, improve feed conversion, boost immunity, and improve overall health by means of natural solutions is becoming increasingly important in countries such as China, Brazil, and the USA, where AGPs are being restricted or banned in the near future.
“Heightened consumer awareness, safety concerns, and push toward natural, organic, and sustainable feed additives are further factors driving market growth.”