The Latin America Feed Phytogenics Market was worth USD 61.55 Million in 2021 and estimated to be growing at a CAGR of 5.86%, to reach USD 82.18 Million by 2026. The feed phytogenics market is growing at a substantial rate due to the progress in the animal feed industry.
Phytogenic feed Ingredients such as essential oils, oleoresins, and herbs & species are utilized in animal food. These additives enhance nutrition to livestock such as swine, cattle & broiler which are mainly used for meat intake as a source of protein. These products are also known to have antiviral, antifungal, and antimicrobial characteristics.
The growth of the Latin America Feed Phytogenics market is majorly driven by factors such as increasing reliability on natural growth promoters, rise in per-capita meat intake, and rising health awareness regarding the usage of antibiotics. However, lack of efficacy of these compounds due to their intricate nature and volatile nature of essential oils are the main factors hindering the growth of the market in this region.
Essential oils lead the Feed Phytogenics market and are also projected to grow at the highest CAGR during the forecast period. This is due to the extensive range of health benefits provided such as gut health support, antibiotic cutback, and healthy ingestion in poultry.
Under this segment, Poultry leads the market accounting for more than 35% of the market share. However, calf is projected to be the fastest growing segment with a CAGR of 7.8%, as they protect them from scours, diarrhoea and other gastrointestinal discrepancies.
The Latin America market is one of the fastest-growing markets for Feed Phytogenics. Brazil has the largest market share and other regions like Argentina are projected to grow at a faster rate. Due to inadequate sources of grains accessibility in Brazil and Argentina, intake of by-products or feed additives is enticing the farmers. Farmers face a lot of challenges in sustaining the animal’s health while keeping the cost of feed at a reasonable level. All these factors have resulted in the acceptance of Feed Phytogenics, as they enhance the animal performance and are cost-effective too.
The major players in the market are fixated on broadening their distribution networks to cater to the wider market. The major companies dominating the Feed Phytogenics market in this region are Cargill Inc., DuPont, Biomin, Pancosma SA, and Delacon Biotechnik.