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Market Overview:
- Market Size and Growth: In 2023, the market was valued at approximately USD 111.73 million and is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2032.
Key Market Drivers:
- Antibiotic-Free Poultry Products: Growing consumer preference for antibiotic-free poultry products has led to increased adoption of probiotics as natural growth promoters.
- Gut Health and Immunity: Probiotics play a crucial role in improving gut health and enhancing the immune system of poultry, leading to better feed conversion and overall performance.
- Regulatory Support: Favorable regulations promoting the use of natural feed additives over antibiotics are bolstering market growth.
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Key Players:
- Lallemand Inc.
- International Animal Health Products
- Phileo by Lesaffre
- Novozymes
- Evonik Industries AG
Challenges:
- High Production Costs: The production of probiotic ingredients involves complex processes, leading to higher costs compared to conventional feed additives.
- Stability Issues: Maintaining the viability and stability of probiotic strains during feed processing and storage poses a significant challenge.
Regional Analysis:
- North America: The region is experiencing growth due to stringent regulations against antibiotic use and a strong emphasis on animal welfare.
- Europe: Europe leads the market, driven by strict regulations on antibiotic usage and a strong emphasis on animal welfare.
- Asia-Pacific: Rapid urbanization and increasing meat consumption are driving the demand for quality poultry products, thereby boosting the market for probiotic ingredients.
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