Prominent participants in the global mycotoxin binders market are focusing on augmenting their product portfolios in order to reach out to a wider customer pool. For this, they are investing heavily in research and development to come up with new products or improve existing ones.
Some of the key companies operating in the global market for mycotoxin binders are BASF, Syngenta International, E.I. du Pont, Kemin Industries, Bayer, Nutreco, Impextraco, Novus International, Cargill, and Biomin.
A report by Transparency Market Research predicts the global mycotoxin binders market to register a healthy 9.7% CAGR during the period between 2017 and 2025. Rising at this pace, the market which is expected to be worth US$184.1 mn by the end of 2017 will likely become worth US$387.4 mn by 2025.
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Depending upon the product type, the global mycotoxin binders market has been classified into raw clays, zeolites and other treated aluminosilicates, polysaccharides, etc. Of them, zeolites and other treated aluminosilicates is predicted to account for maximum market share. The TMR report predicts the two segments to together account for about 37.1 % of market share in 2017.
Geography-wise, the key segments of the global market for mycotoxin binders are North America, Latin America, Europe, Asia Pacific excluding Japan, Japan, and the Middle East and Africa. Latin America, among them, is slated to outpace all other segments vis-à-vis growth rate by clocking a solid 11.0% CAGR in the forecast period from 2017 to 2025. This is because of the rising knowledge about the use of mycotoxins in feed and its effects and increasing investments by companies in research and development to come up with better products.
Ability to Enhance Quality of Meat Stokes Demand
Animal feeds are prone to mold growth and mycotoxin contamination. Mycotoxin binders are added to feed to prevent animals from absorbing toxins that maybe present in those. With an ever-increasing world population, urbanization, and changing food habits of people, especially in the Asia Pacific region, demand for meat and poultry products has skyrocketed. This, in turn, has generated demand for feed mycotoxin binders, particularly in Asia Pacific.
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.
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Changing Climate Globally Proves Beneficial for Market
Besides, changing climatic conditions around the world is serving to up insect and fungi infestations in animal feeds, which will further increase demand for pesticides and fungicides. With a high degree of infestations occurring in regions where contamination was previously negligible, global food and feed supply chain will encounter more modified mycotoxins and an overall increase in occurrences. This is expected to prove beneficial to the market for mycotoxin binders as well.
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.