As the amount of disposable income continues to increase among urban populations residing in the metropolitan areas across the world, the food industry is flourishing. And, as a result, the demand for poultry products is on the rise. For a profitable yield from a farm, the organizations have to maintain a quality diet with nutrients for the pigs. Mycotoxin binders are now replacing mold inhibitors as they lack effectiveness, while the former can be added to the diet of the pigs to avoid them from absorbing toxins found in the feed. According to an up to date business intelligence report by Transparency Market Research (TMR), the demand in the global mycotoxin binders market will increment at an impressive CAGR of 9.7% during the forecast period of 2017 to 2025, by the end of which the opportunities are estimated to translate into a revenue of US$387.4 million.
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The analyst of the TMR report has detected that major players operating in the mycotoxin binders market are focused on enhancing their product portfolio, which helps them cater to a wider range of end users. And to create a niche, major players such as Bayer, BASF, E.I. du Pont, Cargill, Syngenta International, Kemin Industries, Impextraco, Nutreco, Novus International, and Biomin are investing heavily on research and development activities.
Often, as a result of fungi and insect infestation, the plant-based raw materials of animal feed lose their nutritious values, which can be adequately sufficed by mycotoxin binders, and hence a flourishing market for the same. As the awareness regarding the benefits of this additives expands, more and more farm owners are investing on mycotoxin binders in order to prevent their animals from contaminated feed, which in turn improves their meat quality. Across the world, the trend in the food industry is organic products, and usage of mycotoxin binders passes the requirements too.
Growing incidences of mycotoxin occurrence in crops, increase in the consumption of animal-based products, and high expectation from the current R&D activities to increment application horizons are some of the other factors expected to augment the demand in the mycotoxin binders market in the near future. On the other hand, lower penetration rate in a number of emerging economies is curtailing the market from performing at its optimum potential.
- Global mycotoxin binders market is estimated to be worth US$387.4 million by 2025
- Resilient aspiration of farm organizations to increment yield and quality of meat are the key drivers of the market
- Major players are focused on research and development activities to expanding application horizons and make greater profits