The global mycotoxin binders market 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.
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The 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.
Key Takeaways from Market Study
“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.
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COVID-19 has had a notable impact on consumer dietary patterns, changing how they live, what they eat, and how they purchase products. The outbreak has also affected the animal feed industry with the closure of restaurants across the globe, and worldwide consumption of meat and fish has witnessed a drastic decline. However, with increasing customer demand for the safety of animals, the impact of COVID-19 on the sales of mycotoxin binders is expected to be moderate.
Through research & development, manufacturers are developing mycotoxin binders that are species-specific and also cover a wide range of mycotoxins. This came into being after the rising popularity of compound feeds among producers.
Manufacturers are also focusing on providing products that are suitable for a specific region, and hence, ensuring market expansion in respective regions.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global mycotoxin binders market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the market based on type (raw clay, aluminosilicates, polysaccharides, and others) and animal category (poultry, swine, ruminants, aqua, pet, and others), across seven major regions of the world.
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