Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Feed Additives Market Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific region is experiencing a significant uptick in the feed additives market, fueled by heightened consumption of animal-derived products and seafood, as well as advanced livestock farming practices. A comprehensive analysis of market dynamics demonstrates an upward trend, with expectations for the industry to burgeon from US$8.799 billion in 2021 to US$16.880 billion by the year 2028, advancing at a robust CAGR of 9.57%.
Experts attribute this market surge to several key factors. Enhanced awareness surrounding meat quality paired with escalating meat and dairy consumption are key market propulsion agents. The application of feed additives has become vital in preventing diseases in livestock, improving animal welfare, and boosting the nutritional value of meat, milk, and other animal products.
Market Dynamics and High-Growth Sectors
- Technological advancements in feed additive formulations
- Rising per-capita meat and dairy consumption throughout the region
- Modernization of retail frameworks and expansion of fast-food chains
- Government initiatives supporting livestock production and health
Country-Level Insights
India has been identified as a dominant force in the Asia Pacific feed additives market. With the country's notable increase in milk production and government incentives backing livestock grazing, India propels regional market growth. Enhanced animal husbandry practices and modern feed additive solutions are also contributing factors to this burgeoning market in the Asia Pacific region.
Notable Market Developments
Recent collaborations and technological innovations have been pivotal in market advancements:
- Collaboration: Evonik and BASF's strategic alliance positions them at the forefront of sustainable feed additive technologies.
- Acquisition: Adisseo's acquisition of Nor-Feed catalyzes the development of botanical additives in the feed sector.
- Partnership: Delacon and Cargill's global venture for plant-based phytogenic feed additives expands their footprint and expertise in the market, especially in India.
- Innovation: DSM's new generation phytase, Hiphorius, is introduced to support profitable poultry farming within India.
- Technological Advancement: DSM's Digital SalmoFanTM and ADM and Air Protein's partnership accelerates development of unique protein without requiring arable land.
Comprehensive Market Segmentation
The report provides an in-depth analysis on various segments of the market:
- By Product Type: This includes antibiotics, enzymes, vitamins, amino acids, antioxidants, acidifiers, and minerals among others.
- By Livestock: Research extends across aquatic animals, poultry, swine, cattle, and other livestock categories.
- By Country: The report covers nations such as Japan, China, Australia, India, South Korea, Taiwan, Thailand, Indonesia, and others.
The utilization of feed additives across Asia Pacific is not just transforming the livestock industry but is also shaping the future of food security and sustainability. With tremendous growth projected in the coming years, stakeholders in the feed additives market are poised to witness a transformative era of prosperity and innovation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 114 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $8.8 Billion |
| Forecasted Market Value (USD) by 2028 | $16.88 Billion |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Asia Pacific |
Companies Mentioned
- Cargill Incorporated
- BASF SE
- Novozymes
- Adisseo France SAS
- Nutreco
- Chr. Hansen
- Evonik Industries
- Archer Daniels Midland Company
- Alltech Inc
- Elanco Animal Health
For more information about this report visit https://www.researchandmarkets.com/r/kneg97
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