Animal Feed Additives Market to Reach USD 70 Billion by 2032; Growing Demand for Livestock-Based Products to Propel Growth
Increasing demand for better-quality meat products to drive market growth. Post-pandemic, the animal feed additive market is estimated to grow as there is growing concern for food safety worldwide. Asia Pacific region emerged as the largest market for the global Animal Feed Additives market, with a 34.43% share of the market revenue in 2022.
Newark, Dec. 13, 2023 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global Animal Feed Additives market is expected to grow from USD 40.40 Billion in 2022 to USD 70.00 Billion by 2032, at a CAGR of 5.65% during the forecast period 2023-2032.
An increase in the consumption of meat products due to a surge in the per capita income of the consumer and a shift in consumer eating habits as there is an inclination toward a protein-rich diet are some factors which are boosting the industry’s growth. Animal feed additives are the nutritional or pharmaceutical substances added to prepared and stored feeds which are not of natural origin.
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To enhance their market position in the global Animal Feed Additives market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2022: BASF expanded the enzyme plant’s production capability in Ludwigshafen, Germany. It is helping the organization meet the global demand of customers for a reliable, high-quality supply of feed enzymes like Natugrain TS (xylanase and glucanase), Natuphos E (phytase) and the newly launched Natupulse TS (mannanase). It is eventually helping the organization gain market share in the Animal Feed Additives market.
Market Growth & Trends
The global demand for quality meat and dairy products has increased, eventually driving the market. These additives are generally administered orally. Animal feed additives are crucial ingredients used with the feed to offer crucial nutrition to livestock and improve overall growth and outcome. Also, there has been innovation in processing equipment technology. These factors are also supporting the growth of the market. Moreover, there is a growing focus on livestock nutrition for offering quality meat products, which would help the consumer’s health and diet and thus positively influence the market. Post-pandemic, the animal feed additive market is estimated to grow as there is growing concern for food safety worldwide. Several governments worldwide have raised the issue regarding animal-derived foods. This will increase the demand for the market in the forecasting period. Consumers have a strong demand for meat products and packaged meat as they have busy work schedules, and disposable income is also increasing. Advancements in technology are also happening together with continuous improvement in the finished products. All these factors would eventually drive the animal feed additives market. Also, people have become aware of the role and dynamics of food nutrients like protein on complete mental and physical growth. Hence, there is a growing demand for animal-sourced protein in the form of eggs, meat, milk, etc. All these factors eventually drive the animal feed additives as they help increase the nutritional quality of the animal. These animal feed additives act as supplements for farm animals, which helps improve feed quality. It helps improve the animal’s health and performance. All these factors eventually propel the Animal Feed Additives market in the forecasting period.
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• In 2022, the Amino Acids segment dominated the market with the largest market share of 33.88% and market revenue of USD 13.69 Billion.
The product segment is divided into vitamins, antioxidants, antibiotics, amino acids, feed enzymes, feed acidifiers and others. In 2022, the Amino Acids segment dominated the market with the largest market share of 33.88% and market revenue of USD 13.69 Billion. It helps in the faster growth of the livestock, which helps the meat producers speed up their return on investment. Lysine is a broadly used amino acid feed additive.
• In 2022, the poultry segment dominated the market with the largest market share of 39.65% and market revenue of USD 16.02 Billion.
The livestock segment is divided into pork/swine, cattle, poultry, aquaculture and others. In 2022, the poultry segment dominated the market with the largest market share of 39.65% and market revenue of USD 16.02 Billion. This significant share is attributed to the fact that animal feed additives play a crucial role in the poultry diet, which helps improve growth efficiency and laying capacity.
Regional Segment Analysis of the Animal Feed Additives Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Animal Feed Additives industry, with a market share of 34.43% and a market value of around USD 13.91 Billion in 2022. The market in the region is growing mainly due to significant growth in emerging economies like India and China, as there is steady growth in the income level of the people due to growing industrialization. Hence, the demand for better-quality meat products is growing, eventually driving the market in the region. The growing demand for meat and dairy products in countries like the US and Canada drives the North American animal feed additive market.
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Key players operating in the global Animal Feed Additives market are:
• Cargill Inc.
• Evonik Industries
• Kemin Industries, Inc.
• Alltech, Inc.
• Olmix Group
• BIOMIN Holding GmbH
• BASF SE
• Chr. Hansen Holding
• ANOVA Group
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Animal Feed Additives market based on below mentioned segments:
Global Animal Feed Additives Market by Product:
• Amino Acids
• Feed Enzymes
• Feed Acidifiers
Global Animal Feed Additives Market by Livestock:
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About the report:
The global Animal Feed Additives market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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