Global Feed Flavors and Sweeteners Market is valued at approximately USD 1.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.4% over the forecast period 2020-2027. Feed flavors (also known as palatability modifiers) are compounds that can enhance the taste and smell of feed to stimulate feed intake. While, food sweeteners, such as sugar, glucose, and molasses, are used to enhance feed sweetness and taste besides being highly available energy sources. The feed flavors and sweeteners are extensively used to improve palatability and to ensure that feed is appetizing. Since flavors have a prominent role in the insertion of unusual fodder resources that has a better nutritive value although have an off-flavor. Therefore, the demand for feed flavors and sweeteners is significantly rising all over the world. Furthermore, the rising consumption of meat and dairy products, along with escalating demand for palatability-boosting feed additives are the few factors responsible for the CAGR of the market during the forecast period. According to the Food and Agriculture Organization of the United Nation, the global consumption of butter was around 11,555-kilo tonnes in 2018 that is expected to grow with 13,398-kilo tonnes by the year 2025. Also, as per the Statista, the per capita consumption of yogurt in the United States is estimated at around USD 17 billion or 13.7 pounds in 2017, an increase from USD 8 billion or 6.5 pounds since 2000. This, in turn, is likely to strengthen the demand for feed flavors and sweeteners, globally. Moreover, the recent outbreak of COVID-19 pandemic around the world has led to a shortage in the demand for feed flavors and sweeteners as several regional government has restricted the movement of goods, services and people to prevent the spread of novel coronavirus. Therefore, manufacturers of feed flavors and sweeteners are experiencing supply disruptions and reduced production & demand, thereby, the market is declining significantly this year. However, the fluctuating prices of raw material and lack of awareness are the few factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Feed Flavors and Sweeteners market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to the increasing awareness towards quality meat products among consumers, along with the rise in the disposable income of the individuals in the region. Whereas, Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Kerry Group plc
Grupo Ferrer Internacional, S.A.
Prinova Group LLC
Biomin Holding GmbH
Nutriad International NV
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Feed Flavors and Sweeteners Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers