Selbyville, Delaware, May 23, 2022 (GLOBE NEWSWIRE) -- According to the recent report by Global Market Insights Inc., the North America Animal Feed Additives Market was estimated at USD 6 billion in 2021 and is slated to be valued at nearly USD 8 billion by 2028, progressing at a CAGR of 4% from 2022 to 2028. The study offers a detailed evaluation of wavering market trends, the competitive scenario, drivers & opportunities, top winning strategies, market size & estimations, and major investment pockets.
Animal feed additives are typically used in animal nutrition to cause an impact on the feed, the animal, food products obtained from the animals, or the environment. These products help enhance the flavor of the feed and fulfill the need for specific nutrients as well as to improve performance of animals. Mounting consumption of animal product across North America is estimated to supplement market growth over the forecast timespan.
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Rising incidences of degradation of nutritional value of animal feed owing to oxidation of oils & fats in animal feed would increase awareness among livestock owners pertaining to the need for maintaining optimum quality of feed products. This is likely to escalate the demand for antioxidants. Driven by these factors, the North America animal feed additives industry share from the antioxidant product segment exceeded a valuation of USD 130 million in 2021 and is primed to expand at over 3% CAGR through the review period.
Meanwhile, the acidifiers product segment is anticipated to surpass USD 740 million in revenue by 2028. The ability of acidifiers to decrease gastric Ph, enhance protein digestibility, and prevent the spread of pathogenic bacteria in the gastrointestinal tract is foreseen to stimulate product demand in the upcoming years.
Key reasons for North America animal feed additives market growth:
- Surging product adoption in the foodservice industry.
- Growing product prominence in preventing animal illnesses.
- Increasing utilization of acidifiers to bolster protein digestibility.
- Rising uptake of antioxidants to improve nutrient value of animal feed.
2028 forecasts show ‘poultry’ segment retaining its dominance:
Based on livestock, the poultry segment garnered a valuation of above USD 2.5 billion in 2021 and is expected to depict approximately 4.4% CAGR through the assessment timeframe. Proliferating consumption of poultry products like eggs and meat in the region on account of developments in the foodservice industry as well as mounting consumption of protein-dense foods are poised to support segmental growth in the forthcoming years.
Canada to maintain top status in terms of revenue:
On the regional spectrum, the Canada animal feed additives market is projected to be valued at about USD 1.1 billion by 2028, delivering a CAGR of more than 4.5% through the analysis timespan. Surging livestock farming activities, boost in global trade, and rising prevalence of animal illnesses are likely to bolster product adoption. In addition, soaring meat consumption, expanding working population, and rising investments in the food & beverage sector are slated to foster industry outlook in the future.
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Impact of COVID-19 pandemic on North America animal feed additives market:
The COVID-19 outbreak was followed by massive supply chain disruptions, which adversely affected the availability of animal feed additives. However, an upsurge in panic buying, particularly in the initial stages of the pandemic, and high food consumption have created steady demand for the product in North America. Moreover, widespread vaccination efforts across the region and mounting government emphasis on expediting economic recovery have further impelled revenue growth of the market in recent years.
Leading market players:
Key participants in the North America animal feed additives industry include Novus International Inc., AllTech Inc., Kemin Industries, Biomin Holdings GmbH, and Nutriad, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
