Saudi Arabia Mycotoxin Binders Market Expected To Grow At A CAGR Of 8.72% From 2024 To 2032 Astute Analytica

(MENAFN- EIN Presswire)

Saudi Arabia Mycotoxin Binders market Valued at US$ 46.68 Million in 2023, Projected to Reach US$ 97.45 Million by 2032

CHICAGO, UNITED STATES, August 2, 2024 /EINPresswire / -- The Saudi Arabia Mycotoxin Binders Market was valued at approximately US$ 46.68 million in 2023 and is on track to achieve a market valuation of US$ 97.45 million by 2032. This growth represents a compound annual growth rate (CAGR) of 8.72% during the forecast period from 2024 to 2032.

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The expansion of the market is driven by the increasing awareness of mycotoxin contamination in agricultural products and the growing demand for effective solutions to mitigate these toxins. Mycotoxin binders play a crucial role in improving animal health and productivity, which contributes to the rising adoption of these products.

.Market Overview:

.2023 Market Value: US$ 46.68 million
.Projected Market Value by 2032: US$ 97.45 million
.CAGR: 8.72% (2024–2032)
.Market Dynamics
.Driver: Rising Livestock and Poultry Production

The livestock and poultry industry in Saudi Arabia is developing rapidly, which has led to an increased demand for mycotoxin binders market. Under Vision 2030, the government of the Kingdom of Saudi Arabia hopes to expand its economy and ensure food security. This means that there will be continuous growth in these sectors. In 2023 alone, chicken production has risen by 24%, hitting a record 910,000 tons. Over 5million more sheep and goats were kept by farmers than two years ago - an increase of 25%. Several investments have been made into agriculture by the government organizations, which is amounting to SAR 1.5 billion. Therefore, they need better feed additives especially mycotoxin binders to take care of their health hence ensuring productivity.

Additionally, Saudi Arabia has recorded a 14% increase in importing feedstuff components. This accounts for 4.2 million tons as of 2023. Consequently, they have necessitated mycotoxin control measures. Mycotoxins are widely spread within feeds and this poses a great danger to the health of animals, thus making the demand for mycotoxin binders to go up by 15%. It is estimated that more than 60% of all feedstuffs examined in that area showed contamination with these harmful substances which could result into huge economic losses too. For this reason alone, there will be an expected rise of such products by CAGR of 8.5% within the next 8 years considering them as vital safeguards for poultry farming industry while at the same time protecting livestock sector.

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As the market continues to evolve, key players are focusing on innovation and the development of advanced mycotoxin binders to address the challenges faced by the agriculture and livestock industries. The increasing emphasis on food safety and quality assurance further propels the market growth.

.BASF SE
.Cargill
.Syngenta International AG
.E.I. du Pont de Nemours & Co.
.Bayer A.G.
.Novus International
.Kemin Industries, Inc.
.Other Prominent Player

Market Segmentation Overview:

By Type

.Adsorbents
oAluminosilicates
oClays
oActivated Charcoal
oChemical Polymers
oGlucan Products
oChemically Treated Silicates
.Denaturants
oMycotoxin Degrading Enzyme
oLive Microorganisms
oOrganic Binder
oYeast Cell Wall
oOthers

By Animal Category

.Poultry
.Aquaculture
.Swine
.Horses
.Ruminant
oCows
oSheep
oCamel
oGoats
.Others

By Source

.Organic
.Inorganic

By End User

.Feed Manufacturers
.Home Mixers
.Aquaculture Sector
.Others

By Region

.Al-Bahah Province
.Al-Jawf Province
.Aseer Province
.Eastern Province
.Ha'il Province
.Jizan Province
.Madinah Province
.Makkah Province
.Najran Province
.Qassim Province
.Riyadh Province
.Tabuk Province
.Northern Province

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Aamir Beg
Astute Analytica
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