Animal Feed Additives Market to Register Unwavering Growth During in Global by 2025
The Global Animal Feed Additive Market was valued at US$ 16.27 billion in 2016, according to a new report published by Coherent Market Insights. Feed additives are supplements added in feed of livestock to improve the nutritional level of the farm animals. It contains fatty acids, amino acids, minerals, and vitamins, which helps in the growth of the animals at a healthy rate. The animal feed additives market is largely regulated by various government bodies, which is expected to hinder market growth in near future. These regulation are incorporated to standardize meat products and to provide consumers safety towards diseases such as swine flu or bird flu etc. To control these diseases, antibiotics growth promoters are used in production of livestock. However, AGP was banned by European Union in 2006 and the U.S. government banned its usage by December, 2016.
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However, new innovation through technological advancement has developed products from plant extracts, phytogenics and amino acids. Asia Pacific dominated the global animal feed additive market during the last three years and is expected to retain its dominance in the market throughout the forecast period, due to increasing consumer knowledge about animal feed and prevention against diseases caused by meat consumption and growing meat industries. Antibiotics is projected to be the fastest growing product segment and expected to grow at a CAGR of 4.41% in terms of revenue during the forecast period. The growing livestock such as pork/swine, poultry, cattle, aquaculture and others is propelling the market for animal feed additives during the forecast period.
Asia Pacific is expected to be the most lucrative market during the forecast period, due to increase in grain demand for food production with low availability of land and water resources has resulted in the increase in meat industry which is expected to affect the animal feed additive in the global market. The animal feed additive market is expected to be highly driven by the antibiotics market which is expected to exhibit a CAGR of 4.41% in terms of revenue during 2017-2025 and is expected to retain the trend during the forecast period. Whereas, amino acid is the largest product segment, accounting for over USD 49.83 billion share of the global animal feed additive market in 2016 and is expected to remain dominated during the forecast period.
Key takeaways of the market:
Asia Pacific is projected to be the lucrative region in global animal feed additive market. It accounted for share of around 24.71% of the overall animal feed additive market revenue in 2016. The market in this region is expected to be primarily driven by increase in urban population, growing trend of multiple income source in families coupled with busy lifestyles, and health awareness is gaining traction for high quality protein which is extracted from meat, increase in consumption of aquatic and meat products.
The market in Europe is expected to register a significant growth rate over the forecast period. Increase in grain demand for food production with low availability of land and water resources has resulted in the increase in meat industry are expected to create lucrative growth opportunities for the players in this region.
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Antibiotics is dominating the market for product segments in the global animal feed additive market during the projected period.
BASF SE, DuPont, DSM, Novozymes, Danisco, Evonik Industries AG, Addcon Group, Cargill Pvt. Ltd., Archer Daniels Midland Company (ADM), Adisseo Inc. France, Kemin Industries, Inc., Nutreco N.V. are few of the key players in global animal feed additive market.
There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.
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