The global feed binders market size was US$ 4.4 billion in 2021. The global feed binders market is forecast to grow to US$ 6.8 billion by 2030 by registering a compound annual growth rate (CAGR) of 4.1% during the forecast period from 2022 to 2030.
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Feed binders are used to keep a constant feed shape by binding together divergent feed parts. Feed binders are used for a variety of purposes, including increasing the nutritional value of feed, minimizing waste, and facilitating animal digestion. Feed binders produce safe, nutritious products while preventing feed degradation. Feed binders also aid in the easy consumption of feed and the maintenance of consistent water levels.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The global feed binders market is forecast to be driven by its benefits. Feed binders offer various advantages, such as increasing the nutritional value of feed, deducting waste, and facilitating animal digestion. Thus, it will fuel the growth of the global feed binders market.
Rapidly rising number of food and agricultural problems will also contribute to the growth of the feed binders market. In addition, rising awareness related to increasing the nutritional value of feed is driving the demand for feed binders among feed producers. Therefore, the market will experience ample growth opportunities in the coming years.
Rising concerns among animal owners related to the reliability, safety, and source of pet food products will also drive the demand for feed binders during the study period. On the contrary, the high cost associated with the use of feed binders may limit the growth of the feed binders market.
COVID-19 Impact Analysis
International meat prices reduced drastically during the initial phase of the COVID-19 pandemic due to a decline in the demand for meat. Logistical hurdles, reduced food service, and a decline in consumer purchasing power further hampered the growth of the feed binders market. The hospitality industry also witnessed a sharp drop in terms of revenue, which ultimately affected the feed binders market.
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Regional Analysis
The Asia-Pacific feed binders market is forecast to emerge as the largest market in terms of region. The growth of this market is attributable to the growing meat consumption and availability of cheap labor in the region. In addition to that, growing technological improvement and rising demand for fish and fish products in Malaysia and Thailand will offer ample growth opportunities for the feed binders market. The growing urban population of the region will also drive the demand for feed binders during the analysis period.
Competitors in the Market
? AVEBE U.A
? CP Kelco
? Danisco.
? Archer Daniels Midland Company
? Ingestion Incorporated
? Borregaard,
? Beneo GmbH
? The Roquette Group
? FMC Corporation
? Uniscope, Inc.
? Other Prominent Players
Market Segmentation
The global feed binders market segmentation focuses on Livestock, Type, and Region.
By Livestock
? Poultry
? Cattle
? Swine
? Aquatic
? Animals
? Dogs & Cats
? Others
By Type
? Lignosulfonates
? Plant Gums & Starches
? Gelatin & Other Hydrocolloids
? Clay
? Molasses
? Others
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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