iCrowdNewswire Jan 14, 2021 11:17 AM ET
Feed Additives Market is expected to garner a revenue of USD 39,432.9 million by 2023, with a CAGR of 5.96% during the forecast period from 2017 to 2023. Augmenting preference towards healthy diet is considered to favor that market growth. Feed additives are considered as food supplements which are provided by the farmers to their animals in order to gain better yield and growth. Such food supplements comprise minerals, vitamins, nutrients, ions, proteins, and other valuable nutrients compared to natural feed.
Feed Additives Market have gained prominence across the globe as they help to improve the quality and the quantity produced by the animals. With changing lifestyle, increasing preferences of the consumers towards natural products and healthy diet, and augmenting meat consumption are driving the feed additives market throughout the assessment period. The rapid increase in the global population and their rising health concerns coupled with the growing awareness regarding the benefits of feed additives are likely to foster the market growth globally. With the surging consumption of meat products, growing safety related to the outbreak of livestock diseases, and augmenting concern over the quality of meat are some of the other driving factors contributing to the market growth. Moreover, the growth in the compound feed industry is likely to influence the market growth. The compound feed sector is highly influenced by the growing meat consumption coupled with the growth in the processed meat industry owing to the increased income of the middle-class population especially in the developing economies.
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In September 2018, Feed Info News Service had created an event on feed additives which mainly focused on the factors impacting the feed value chain.
The prominent players operating the global feed additives market are Alltech Inc. (U.S.), Evonik Industries (Germany), Cargill Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), BASF SE (Germany), Danisco A/S (Denmark), and Adisseo France SAS (France).
Global Feed Additives Market: Segmental Analysis
The global feed additives market has been segmented based on type, form, and livestock.
By mode of type, the global feed additives market has been segmented into vitamins, amino acids, enzymes, carotenoids, acidifiers, prebiotics, lipids, minerals, and others. Among these, the amino acids type is estimated to dominate the global market and is predicted to hold a major share.
By mode of form, the global feed additives market has been segmented into dry and liquid. Among these, the dry segment is predicted to dominate the market, occupying a share of 87.45% as most of the additives used are available in dry form. Moreover, the high shelf life of the dry segment highly contributes to the market growth.
By mode of livestock, the global feed additives market has been segmented into swine, poultry, ruminants, and others. Among these, the poultry segment is predicted to dominate the market owing to the increasing demand for poultry especially in regions such as Latin America and the Middle East.
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Geographically, the feed additives market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is predicted to dominate the global feed additives market, while grabbing a major market share of 35.80%. China is considered to be a major contributor in this region, closely followed by India owing to the rapid urbanization and strong economic outlook. With the presence of a large livestock population, the market in this region is predicted to foster. Also, the increasing number of feed mills are influencing the market growth to a large extent. Additionally, lenient regulations also contribute towards the augmenting demand and thereby encourages the foreign players to invest. This makes the industry more competitive.
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