According to the research report titled ‘Global Feed Flavors and Sweeteners Market Size study, by Type (Feed Flavors, Feed Sweeteners), by Livestock (Ruminants, Swine, Poultry, Aquaculture, Others), by Form (Dry Liquid), by Source (Natural, Synthetic) and Regional Forecasts 2020-2027’, available with Market Study Report, global feed flavors and sweeteners market generated revenues worth USD 1.3 billion in the year 2019 and is expected to grow with a CAGR of 3.4% between 2020 and 2027.
 

For those uninitiated, palatability modifiers or feed flavors are compounds that improve the smell and taste of the feed in order to stimulate the appetite. On the other hand, food sweeteners such as molasses, glucose and sugar are used to enhance the taste and sweetness as well as to provide energy.
 

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Rising adoption of feed flavors to increase the palatability and surging consumption of dairy and meat products are major factors driving the market growth. As a matter of fact, Food & Agriculture Organization of UK stated that worldwide consumption of butter was recorded at 11,555-kilo tonnes in 2018 and is estimated to increase to 13,398-kilo tonnes by 2025. Similarly, according to Statista, the per capita consumption of yogurt in the U.S was 13.7 pounds in 2017, which grew from 6.5 pounds since 2000.
 

Apart from this, shifting preference towards using palatability-boosting feed additives is also aiding the market expansion. However, the unexpected outbreak of COVID-19 has plummeted the demand and supply of feed flavors and sweeteners since consumers are confined in homes and producers are facing disruptions in manufacturing and supply chain processes, thereby negatively influencing the market outlook. Additionally, lack of awareness regarding product benefits and fluctuating raw material prices may act as restraining factors to the overall market growth.
 

Considering the geographical landscape, Asia-Pacific accounted for a significant share in global feed flavors and sweeteners market which is predicted to grow substantially during the forecast duration. Rising cognizance of high quality meat products in tandem with improving per capita income are facilitating the business scenario in APAC.
 

Kemin Industries, Nutriad International NV, Pancosma S.A., Biomin Holding GmbH, Norel S.A., Alltech, Solvay S.A., Prinova Group LLC, Grupo Ferrer Internacional S.A., and Kerry Group plc are the prominent companies operating in global feed flavors and sweeteners industry.