Mycotoxin Binders Market is expected to witness a steady growth rate of 4.5% over the forecast period of 2021 to 2031 - Persistence Market Research
NEW YORK, July 13, 2021 /PRNewswire/ -- The global mycotoxin binders market share is expected to witness a steady growth rate of 4.5% over the forecast period of 2021 to 2031.
Increased consumption of meat and seafood products has triggered demand for animal feed additives, globally. Farmers are investing in industrial agriculture, which benefits demand for animal feed additives.
One of the favorable reasons for growth in demand for mycotoxin binders is increased attention to proper animal nutrition in order to preserve the animal's health and efficiency. Furthermore, companies associated with the production of mycotoxin binders are expected to expand production capacities in order to fulfill increasing customer requirement for better animal health and performance.
Majority of retail chains supplying meat products in developed markets in North America, Europe, and Oceania have raised their product quality and safety measures. This factor is expected to fuel demand for feed additives in these markets, given the urgent need to differentiate products based on superior quality grades.
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Key Takeaways from Market Study
- The global mycotoxin binders market is set to witness substantial 1.5X volume growth over the forecast period of 2021 to 2031, owing to increased customer demand for high quality meat and poultry products.
- Developing regions of South Asia and East Asia are expected to dominate the global market with a market value share of approximately 50%. China is expected to be at the forefront, owing to the well-developed and vibrant feed industry in this country.
- The global market is benefitted by emerging trends such as "evolving landscape of the feed industry" and "increasing use of compound feed globally".
"Key manufacturers of mycotoxin binders are emphasizing on new product developments and product line extension to capture business from competitors and achieve a greater level of sales volume," says a Persistence Market Research analyst.