New York, April 12, 2021 (GLOBE NEWSWIRE) -- Growing awareness about benefits of feed additives in livestock feed and increasing animal farming are some key factors influencing growth of the feed additives market
Market size: USD 37.4 in 2020, Market Growth: CAGR of 6.5%, Market Trends: Investments in R&D activities by well-established companies in the market
The global feed additives market size is expected to reach USD 60.5 Billion in 2028 and register a CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. A key factor contributing to market revenue growth is rapid increase in demand for meat, dairy, poultry, and seafood products.
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Feed additives are nutrients such as minerals, vitamins, feed enzymes, antibiotics, etc. that are added to improve performance and health of livestock animals. These feed additives ensure effective utilization of feed and enhances feed quality. Increasing global population and rising consumption of meat and dairy products such as chicken, eggs, and milk has increased demand for including extra nutrients in animal feed to improve growth and health. Moreover, increasing focus on enhancing animal nutrition and rising awareness among livestock growers about benefits of feed additives are boosting demand for feed additives, thereby supporting market growth.
Factors such as stringent government regulations for using synthetic additives, uncertainty of raw material resulting in increased production costs, and ban on using antibiotics in animal feed by European Union are factors expected to impede growth of the global feed additives market to a certain extent.
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Some key highlights from the report:
- In context to type, the mineral segment is projected to account for largest revenue share during the forecast period owing to wide utilization of minerals in animal feed for overall growth.
- On the basis of form, the dry segment revenue is expected to expand at the fastest rate during the forecast period owing to factors such as easy storage and enhanced shelf life as compared to liquid nutrients. High demand for dry nutrients is seen more in Asia Pacific due to huge livestock population and uncertain weather conditions.
- On the basis of source, the synthetic segment is expected to register a relatively faster revenue CAGR between 2021 and 2028 due to low cost required for production and greater stability.
- Based on livestock, the aquatic segment revenue is projected to expand at a rapid CAGR throughout the forecast period owing to the increasing consumption of seafood and products along with high requirement of nutritional supplements for growth and development of aquatic animals.
- Latin America is expected to register a considerable revenue CAGR throughout the forecast period attributed to factors such as increasing investments in agribusiness and initiatives by governments for implementation of feed additives to maintain good health and nutrition in livestock.
- In September 2020, Adisseo announced acquisition of FRAmelco Group. As a result of this acquisition, Adisseo is focused on becoming one of the leaders of specialty feed additives.
Some major players in the global market include:
- Cargill (US)
- DowDuPont (US)
- ADM (US)
- Evonik (Germany)
- BASF (Germany)
- DSM (Netherlands)
- Solvay (Belgium)
- Ajinomoto (Japan)
- Novozymes (Denmark)
- Chr. Hansen (Denmark)
- InVivo (France)
- Nutreco (The Netherlands)
- Kemin (US)
- Adisseo (France)
- Alltech (US)
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Based On Type: (Volume, Kilo Tons; Revenue, USD Billion, 2018 - 2028)
- Amino Acids
- Phosphates
- Vitamins
- Acidifiers
- Carotenoids
- Enzymes
- Mycotoxin detoxifiers
- Flavors & Sweeteners
- Antibiotics
- Minerals
- Antioxidants
- Non-protein Nitrogen
- Phytogenics
- Preservatives
- Probiotics
Based On Livestock: (Volume, Kilo Tons; Revenue, USD Billion, 2018 - 2028)
- Ruminants
- Dairy
- Beef
- Calf
- Others
- Sheep
- Goat
- Poultry
- Broilers
- Layers
- Breeders
- Swine
- Starter
- Sow
- Grower
- Aquatic Animals
- Others
- Equine
- Pets
Based On Form (Volume, Kilo Tons; Revenue, USD Billion, 2018 - 2028)
- Dry
- Liquid
Based On Source: (Volume, Kilo Tons; Revenue, USD Billion, 2018 - 2028)
- Synthetic
- Natural
Based On Region (Volume, Kilo Tons; Revenue, USD Billion, 2018 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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