PUBLISHER: Grand View Research | PRODUCT CODE: 1474945
PUBLISHER: Grand View Research | PRODUCT CODE: 1474945
The global feed palatability enhancers and modifiers market is anticipated to reach USD 4,803.9 million by 2030 and is projected to grow at a CAGR of 5.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. This is attributable to the increasing demand for quality animal feed on the account of increasing consumption of animal-based products. In addition, this demand is fueled by the need to improve quality feed intake, promote better animal growth, and improve overall animal efficiency.
In addition, the rising number of pet owners, and rising disposable income of these pet owners are fueling the market for high quality pet food products, such as wet and dry pet food, and snacks & treats, which in turn reflects a positive prospect on the consumption of animal feed palatability enhancers & modifiers.
The rising meat production is also a significant driver of the overall market. According to the OECD, the per capita meat consumption of meat and meat-based products is anticipated to increase by 2% YoY to 2032. As global meat consumption rises, there is an emerging trend among animal feed additives manufacturers to maintain the quality of their products. As a result, it is anticipated to have a positive outlook on the demand for the product among the feed manufacturers.
On the other hand, several regions such as Europe have witnessed stagnation in the demand for the product on account of strict laws and regulations by various regulatory bodies and organizations, such as European Union (EU), European Pet Food Industry, and USDA. These regulatory constraints have hindered the market growth for the product in the region.