Feed Mycotoxin Binders Market Expected to Reach $393.9 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Feed Mycotoxin Binders Market," The Feed Mycotoxin Binders Market Size was valued at $144.60 million in 2021, and is estimated to reach $393.9 million by 2031, growing at a CAGR of 10.2% from 2022 to 2031. 

Mycotoxins are toxic compounds occurred due to mold growth such as Aspergillus, Fusarium, and Penicillium in animal feed ingredients. The mold growth can occur at various stages of feed production process. Mycotoxin binders are substances that bind to mycotoxins to prevent its absorption through gut. Presence of mycotoxin in animal feed leads to negative impact on animal health, animal production, which can also affect the health of consumers. Also, if the livestock is exposed to mycotoxin contaminated feed, they are more prone to secondary infections.

Meat production and consumption has increased rapidly over the years due to increased disposable income of the consumers and the health benefits offered by meat. In addition, meat is a rich source of proteins, important vitamins, and various other nutrients such as iron, zinc, B12, and B6. It has been observed that meat consumption in the developing economies is higher than the developed regions. The economic growth, changes in lifestyle, population growth, and other structural changes are driving the livestock revolution, and hence supplementing the overall Feed Mycotoxin Binders Market Growth.

As the global trade of grains and commodities increasing the occurrence of mycotoxin contamination is also increasing. Mycotoxins are found in all forages and processed grains. Also, the level of mycotoxin contamination in feeds changes from year to year and from different climatic conditions. The changes in sudden weather and global warming impact are also affecting the quality of the feed. Mycotoxin testing protocol should be included during the quality control stage among well-managed grain processors and feed manufacturers. This will help in eliminating the formation of mycotoxins at ground level.

Demand for feed mycotoxin binders is highly dependent on demand patterns for protein-rich food, particularly meat and meat products. Developing economies of Asia-Pacific and Latin America are witnessing increase in demand for these additives, owing to rise in awareness toward protein-rich diet.

However, government intervention in the usage of feed mycotoxin binders in every country is expected to restrain the market growth. The mycotoxin binders used in animal feed are banned in some countries. As a result of which, the feed manufacturers carry out formula adjustments and make changes in feed processing, which is a time-consuming process. Thus, the implementation of stringent regulations hampers the Feed Mycotoxin Binders Market growth. Moreover, fluctuations in raw material prices are also expected to limit the market growth.

The global feed mycotoxin binders market is segmented into livestock, source, form, and region. On the basis of livestock, the Feed Mycotoxin Binders Market is categorized into swine, ruminants, poultry, aquatic animals, and others. By source, it is fragmented into conventional and organic. Depending on form, it is segregated into dry, liquid, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Singapore, New Zealand, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, UAE, and rest of LAMEA).

Key findings of the study

• On the basis of livestock, the poultry segment dominated the global market in 2021 with a market share of more than 45%. However, the aquatic animal's segment is attributed to be the fastest-growing segment during the Feed Mycotoxin Binders Market Forecast period. 
• On the basis of source, the conventional segment dominated the global Feed Mycotoxin Binders Market in the year 2021 with a market share of more than 90%. However, the organic segment is likely to be the fastest-growing segment during the forecast period with a CAGR of 11.5%.
• Based on form, the liquid segment dominated the global market with the Feed Mycotoxin Binders Market Share of more than 53% in the year 2021. The same segment is likely to be the fastest-growing segment during the forecast period with a CAGR of 10.8%.
• Region-wise, Asia-Pacific was the highest revenue contributor and is estimated to reach $ 149.3 million by 2031. Whereas, the same region is likely to be the fastest-growing region during the forecast period.

The players operating in the feed mycotoxin binders industry have adopted product launch and business expansion as their key developmental strategies to expand their Feed Mycotoxin Binders Market share, increase profitability, and remain competitive in the market. The key players profiled in this Feed Mycotoxin Binders Market Analysis include Alltech, Inc., BASF SE, Bentoli, Inc., BERTOL COMPANY s.r.o, Cargill, Incorporated, Clariant Ltd, Koninklijke DSM N.V., EW Nutrition GmbH, GLOBAL NUTRITECH, Impextraco N.V., Norel, S.A, SVH Holding N.V., Olmix S.A., Perstorp Holding AB, Simfa Labs Pvt. Ltd., Virbac S.A., and Kemin Industries, Inc.