DUBLIN--(BUSINESS WIRE )--The "Phytogenic Feed Additives Market by Type (Essential Oils, Flavonoids, Saponins, and Oleoresins), Livestock (Poultry, Swine, Ruminants, and Aquatic Animals), Source, Form, Function, Packaging and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global phytogenic feed additives market is estimated to be valued at USD 864 million in 2022. It is projected to reach USD 1,223 million by 2027, with a CAGR of 7.2%, in terms of value between 2022 and 2027.

The market is gaining momentum as phytogenic feed additives products continue to find increased applications across various livestock species such as poultry, swine, ruminants, aquatic animals, and other livestock such as equines and pets as the demand for natural additives is gaining significant traction in the industry, especially after the ban imposed on the antibiotic growth promoters.

Additionally, the rising innovation in the phytogenic feed additives markets and technological advancements which are enhancing the efficiency of phytogenic feed additives have contributed to the growth of the market in recent years.

By type, the essential oils segment occupies the highest market share during the forecast period.

Based on type, the essential oils segment is estimated to account for the largest market share and fastest growing segment, in terms of value, during the forecasted period. The increasing use of essential oils as phytogenic feed additives because of their cost-effectiveness and positive perception of being considered a safe alternative to antibiotic growth promoters are likely to contribute to their growth over the forecasted period.

By livestock, the poultry segment is forecasted to account for the fastest growing segment during the forecasted period.

Based on livestock, the poultry segment accounts for the largest and fastest growing segment in terms of value during the forecast period. Phytogenic feed additives are extensively used in poultry feed to enhance muscle growth, laying capacity and overall development of the poultry birds. Their applications have further witnessed an upsurge since the ban imposed on antibiotic growth promoters in the poultry segment. Due to their rising applications in the poultry segment, they are likely to witness the fastest growth among all other livestock species in phytogenic feed additives market.

By source, herbs & spices are expected to retain their position as the dominant segment over the forecast period.

Based on source, the herbs & spices segment is expected to account for the largest and fastest-growing segment over the forecast period because of the increasing demand of herbs & spices in phytogenic feed additives owing to their medicinal properties and flavor appeal. Their desirable characteristics of promoting healthy livestock digestion, possessing anti-inflammatory properties and acting as antimicrobials, antioxidants and antiviral substances when added as phytogenic feed additives are likely to significantly contribute to their demand over the forecasted period.

By form, the liquid segment is expected to retain its second over the forecast period.

Based on form, the liquid segment is likely to account for the second dominant form. The liquid phytogenic feed additives provide a range of benefits such as increased feed consumption, decreased feed wastage and provides uniformity to the final product along with providing advantages of no-dust emissions and no risk of dust explosions that are likely to contribute to their market growth and demand over the forecasted period.

7 Phytogenic Feed Additives Market, by Type

8 Phytogenic Feed Additives Market, by Livestock

9 Phytogenic Feed Additives Market, by Source

10 Phytogenic Feed Additives Market, by Form

11 Phytogenic Feed Additives Market, by Function

12 Phytogenic Feed Additives Market, by Packaging

13 Phytogenic Feed Additives Market, by Region

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900