Mycotoxin Binders Market is expected to witness a steady growth rate of 4.5% over the forecast period of 2021 to 2031 - Persistence Market Research
NEW YORK, July 13, 2021 /PRNewswire/ --The global mycotoxin binders market share is expected to witness a steady growth rate of 4.5% over the forecast period of 2021 to 2031.
NEW YORK, July 13, 2021 /PRNewswire/ -- The global mycotoxin binders market share is expected to witness a steady growth rate of 4.5% over the forecast period of 2021 to 2031.
Increased consumption of meat and seafood products has triggered demand for animal feed additives, globally. Farmers are investing in industrial agriculture, which benefits demand for animal feed additives.
One of the favorable reasons for growth in demand for mycotoxin binders is increased attention to proper animal nutrition in order to preserve the animal's health and efficiency. Furthermore, companies associated with the production of mycotoxin binders are expected to expand production capacities in order to fulfill increasing customer requirement for better animal health and performance.
Majority of retail chains supplying meat products in developed markets in North America, Europe, and Oceania have raised their product quality and safety measures. This factor is expected to fuel demand for feed additives in these markets, given the urgent need to differentiate products based on superior quality grades.
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Key Takeaways from Market Study
- The global mycotoxin binders market is set to witness substantial 1.5X volume growth over the forecast period of 2021 to 2031, owing to increased customer demand for high quality meat and poultry products.
- Developing regions of South Asia and East Asia are expected to dominate the global market with a market value share of approximately 50%. China is expected to be at the forefront, owing to the well-developed and vibrant feed industry in this country.
- The global market is benefitted by emerging trends such as "evolving landscape of the feed industry" and "increasing use of compound feed globally".
"Key manufacturers of mycotoxin binders are emphasizing on new product developments and product line extension to capture business from competitors and achieve a greater level of sales volume," says a Persistence Market Research analyst.
COVID-19 Impact
COVID-19 has had a notable impact on consumer dietary patterns, changing how they live, what they eat, and how they purchase products. The outbreak has also affected the animal feed industry with the closure of restaurants across the globe, and worldwide consumption of meat and fish has witnessed a drastic decline. However, with increasing customer demand for the safety of animals, the impact of COVID-19 on the sales of mycotoxin binders is expected to be moderate.
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Competitive Landscape
Through research & development, manufacturers are developing mycotoxin binders that are species-specific and also cover a wide range of mycotoxins. This came into being after the rising popularity of compound feeds among producers.
Manufacturers are also focusing on providing products that are suitable for a specific region, and hence, ensuring market expansion in respective regions.
- In March 2021, Biomin launched its latest mycotoxin risk management solution called Mycofix Plus 5.Z with ZENzyme. It is only launched across selected markets in Asia Pacific. It is a purified enzyme for breeding animals and their offspring, which specifically degrades zearalenone (ZEN) fast and irreversibly into non-toxic and non-estrogenic metabolites.
- In 2020, Biochem expanded its product portfolio with the launch of B.I.O.Tox® Activ8 Mycotoxin Binder with natural detoxifiers.
- In November 2019, Cargill Incorporated announced the launch of its new mycotoxin binder named 'Notox Ultimate Pro'. This product launch was intended to strengthen its position in the global animal nutrition and health market.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global mycotoxin binders market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the market based on type (raw clay, aluminosilicates, polysaccharides, and others) and animal category (poultry, swine, ruminants, aqua, pet, and others), across seven major regions of the world.
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- Animal Feed Additives Market
- Animal Feed Market
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