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Leading companies operating in the global market for mycotoxin binders are pouring money into research and development of new and better products. This way they are trying to tap into a larger customer base and grow their sales and revenues.
Proving to be a major growth driver in the global market for mycotoxin binders is the rapid pace of urbanization and the consequent change in food habits of people, leading to the increased demand for meat and poultry products worldwide. This has necessitated the reduction in feed wastage of livestock animals.
With high amounts of insect and fungi infestation, essential nutrients are lost on the animal feed. Mycotoxin binders are added to those to prevent the animals from ingesting toxins from the contaminated feed. In this way they help to enhance the quality of the meat and also cater to the increasing demand for organic meat.
Besides, the market is also predicted to make gigantic strides on the back of rapid industrialization. Posing a roadblock to the market, on the other hand, is the requirement for specific inactivators for various mycotoxins.
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As per Transparency Market Research, the global mycotoxin binders market will likely rise at a healthy 9.7% CAGR from 2017 to 2025 to become worth US$387.4 mn by 2025 from US$184.1 mn by the end of 2017.
Increasing Consumption of Poultry Meat makes it Dominant Segment
The global mycotoxin binders market can be divided on the basis of type into raw clays, zeolites and other treated aluminosilicates, polysaccharides, etc. Zeolites and other treated aluminosilicates, among those, are predicted to account for a relatively greater share in market – about 37.1 % of market share by 2017. The segment is slated to pull in revenue to the tune of US$778.6 mn by 2025 by rising at a CAGR of 11.8% between 2017 and 2025.
Based on the type of animal again, the global mycotoxin binders market can be divided into swine, poultry, ruminant, aqua, pets, equine, etc. Among them, the segment of poultry accounts for maximum market share on account of enormous consumption of poultry meat worldwide. By expanding at a CAGR of 10.4% between 2017 and 2025, the segment is expected to rake in a revenue of US$686.3 mn by 2025. In terms of growth, segment of ruminant will likely outpace all others to gain maximum share. The report by TMR predicts the segment to clock a CAGR of 11.5% from 2017 to 2025.
Powered by China, Asia Pacific Leads Market
From a geographical standpoint, currently Asia Pacific excluding Japan leads the global mycotoxin binders market. The market in the region is primarily powered by China. In terms of growth rate, on the other hand, the market in Latin America is projected to outshine all others by registering a CAGR of 11.0%. This is because of the rising knowledge about mycotoxins in feed and its effects growing steadily over time. Further, considerable increase of mycotoxins in the upcoming years will also push up demand for mycotoxin binders in the region. Another factor serving to boost the market in Latin America is the thrust by most comirepanies domiciled in the region on research and development to come up with more effective products.
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