Global Feed Additives Market Outlook, Industry Analysis and Prospect 2023
Market Research Future proposes that the global feed additives market is likely to garner USD 39,432.9 million, grabbing a CAGR of 5.96% during the appraisal period (2017-2023). 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.
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Market Potential and Pitfalls
Feed additives 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.
Global Feed Additives Market:
Segmental Analysis
The global feed additives market has
been segmented on the basis of 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.
Regional Insights
Geographically, the feed additives
market span across regions namely, Europe, North America, Asia Pacific, and
Rest-of-the-World (RoW).
Key Players
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).
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