South America Feed Mycotoxin Detoxifiers Market - Growth, Trends and Forecasts (2020 - 2025)

The South America Feed Mycotoxin Detoxifiers Market is projected to register a CAGR of 3.2% during the forecast period 2020-2025. The market growth can be mainly attributed to the expansion of the animal meat market and the subsequent expansion of the compound feed industry. Increased awareness among the farmers about the benefits of mycotoxin detoxifiers is another factor augmenting the growth of the market studied. To protect the animals from the adverse effects like organ damage due to mycotoxin contaminators, mycotoxin detoxifiers are used in animal fodder. They are unique for each mycotoxin and are required to be supplemented in animal feed to counter the harmful effects of mycotoxins.

Key Market Trends

Increased Consumption of Meat Products

The demand for the higher value and quality foods, such as meat, eggs, and milk, is increasing when compared to plant-originated foods, such as cereals, owing to the rising demand for greater food varieties and protein intake. These changes in consumption, together with sizeable population growth, have led to large increases in the total demand for animal products in many developing countries. Furthermore, this trend is expected to continue in the coming years. Improved incomes bring about changes in the dietary preferences of the population, which has led to increased per capita consumption of meat and seafood. With greater awareness among the population regarding the importance of protein-rich diets, an increase in the consumption of animal protein sources is expected. This is expected to fuel the growth of feed additives market through usage in compound feed in the industry. Farmers are relying on feed to obtain high performance and quick weight gain in animals over a short period of time. To satisfy the demand for the meat processing industry, livestock farmers need to produce high-quality and hygienic meat, which is a big challenge. The expansion of the meat products industry has created an opportunity for compound feed to spur the market, as these feeds boost immunity and enhance the performance of animals, by stabilizing the rumen environment.

Increased Compound Feed Production

According to the AllTech feed survey in the year 2019, South America has approximately 3,715 mills with an annual production capacity of 120.2 million Metric Tons. The rising demand for animal products and processed meat has created an opportunity for feed manufacturers to enhance animal productivity. An increase in demand for various animal products, such as milk, dairy products, meat products, eggs, and other non-food items, has led to the growth in the usage of feed additives, thereby, boosting the growth of compound feed additives like mycotoxin detoxifiers for quality animal feed in the compound feed market. Due to the changes in dietary habits and increased disposable incomes, developing countries are consuming large quantities of meat at much lower levels of the gross domestic product than in industrialized countries. This has led to higher production of compound feed, which is, in turn, driving the market for feed additives like mycotoxin detoxifiers in this region.

Competitive Landscape

The feed mycotoxin detoxifiers market in South America is consolidated. Major players in the market hold a sizeable market share of the total market. The global presence of companies and lack of local companies in a few of the countries have made the major players have a lion share in the market. The minor players share less than half of the total feed mycotoxin detoxifiers market.

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