December 04, 2020
As per the business intelligence report titled ‘Global Feed Mycotoxin Binders and Modifiers Market Size study, by Type (feed mycotoxin binders, feed mycotoxin modifiers), Livestock (poultry, swine, ruminants, aquatic animals and others), Source (inorganic, organic), Form (dry, liquid) and Regional Forecasts 2020-2027’ available with Market Study Report LLC, global feed mycotoxin binders and modifiers market accounted for USD 2.53 billion in the year 2019 and is predicted to register a 3.10% CAGR during 2020-2027.
According to the report, increasing mycotoxin generation in crops, high risk associated with contamination of mycotoxin in livestock feed, and escalating demand for green adjuvants are bolstering the growth of worldwide feed mycotoxin binders and modifiers industry.
For the uninitiated, feed mycotoxin binders & modifiers act as detoxifying agents in livestock feed and are utilized as feed additives as they help in minimizing the bioavailability of mycotoxins. Binders are large molecules that bind with mycotoxins and helps in excretion of toxins in feces.
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Surging consumption of meat and consumer preference for high-quality meat products is boosting the demand for feed mycotoxin binders & modifiers. Citing an instance, in 2019, the ABPA (Brazilian Association of Animal Proteins) recorded around 4100 million tons of chicken exported from Brazil. Moreover, the entire Latin America region exported a total of 1.3 million tons of beef.
Rising product adoption for enhancing the effectiveness as well as efficiency of agrochemicals, surging demand for high quality meat products, and flourishing poultry & aquafeed vertical are positively swaying the global feed mycotoxin binders and modifiers market dynamics. On the contrary, lack of awareness regarding the benefits of acidifiers and mold inhibitors as feed additives is expected to restrain the industry expansion throughout the analysis timeframe.
Based on type, the market is divided into feed mycotoxin modifiers, and feed mycotoxin binders. With regards to livestock type, the market is fragmented into aquatic animals, swine, ruminants, poultry, and others. Speaking of form type, the overall industry vertical is bifurcated into liquid, and dry.
From a regional point of view, North America currently accounts for a majority of the worldwide feed mycotoxin binders and modifiers market share, owing to high consumption of meat along with surging demand for high quality and safe meat products in the region.
Alternatively, Asia-Pacific feed mycotoxin binders and modifiers industry is projected to record the highest annual growth rate during 2020-2027, on account of stringent regulations pertaining to meat quality, escalating demand for high quality livestock products, and growing consumer awareness about food safety.
Prominent players that formulate the competitive dashboard of worldwide feed mycotoxin binders and modifiers market are Alltech, Bluestar Adisseo Company Ltd., Nutreco N.V., Kemin Industries, Chr. Hansen A/S, Perstorp Holding AB, Bayer AG, Archer-Daniels-Midland Company, BASF SE, and Cargill Inc. among others.