Healthy demand for phytogenic feed additives (PFAs) in livestock production should cause annual global sales to grow four-fold by 2030, according to calculations by BIOMIN.
The botanicals market has grown rapidly in recent years, having already topped US$500 million in global sales in 2015. Worldwide sales will cross the US$1 billion threshold by 2023 and could reach US$2 billion annually by 2030.
“Looking at numerous scenarios based on feed production trends, evolving consumer demands changes in livestock production including antibiotic-free and antibiotic reduction strategies, and the growing demand for animal protein products, by 2030 we can expect the PFA market to total between US$1.7 billion and US$2 billion,” explained Michael Noonan, Global Product Manager Phytogenics at BIOMIN.
Though roughly 3% of the 1.2 billion tons of feed used worldwide today include these plant-based products, PFA inclusion in livestock feed should grow considerably by 2030. This represents growth in global market demand of 8% to 10% per year on average.
Consumer preferences have shifted considerably in recent years, as efforts to phase out antibiotic growth promoters (AGPs) and coccidiostats have accelerated in countries worldwide, including Brazil, China and the United States. Antibiotic reduction and the uptake of novel growth promoters (NGPs) to optimize feed costs, improve efficiency and reduce emissions should boost demand worldwide for PFAs in the future.