Probiotics in Animal Feed Market Size USD 6.5 billion by 2024 and register a CAGR of 7.5% forecast period of 2019 to 2024

Probiotics in Animal Feed Market Size USD 6.5 billion by 2024 and register a CAGR of 7.5% forecast period of 2019 to 2024

“Probiotics in Animal Feed Market Research Report – Global Forecast till 2024”
Global Probiotics in Animal Feed Market Research Report: Information by Source (Bacteria and Yeast and Fungi), Form (Dry and Liquid), Livestock (Swine, Poultry, Ruminants, Aquaculture and others) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2024

Probiotics for livestock are the bacterial, yeast, and fungal strains incorporated in animal feed as animal probiotics feed additives to enhance livestock productivity, immunity, yield, and gut health. The global probiotics in animal feed market is expected to garner a revenue of USD 6.5 billion by 2024 and register a CAGR of 7.5% during the forecast period of 2019–2024. The key players are expected to witness lucrative opportunities in the animal feed probiotics market during the years to come due to the ban on the usage of antibiotic growth promoters in animal feed. For instance, Lesaffre introduced nutritional solutions based on live yeasts, yeast fractions, and selenium-enriched yeasts that aid in improving productivity and strengthing different microbial species resistance to particular illnesses. This lowers the use of antibiotics in animal feed.

Moreover, the use of innovative animal husbandry practices to enhance the quality of meat is expected to render the global probiotics in animal feed market lucrative for the market players. Livestock rearers are preferring natural products such as probiotics, used as natural growth promoters in livestock feed, which is paving the way for growth opportunities for the manufacturers of probiotics.

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Probiotics in Animal Feed Market Key Players

Some of the key players in the global probiotics in animal feed market are Kerry Group (Ireland), Lesaffre (France), DuPont de Nemours, Inc. (US), Bluestar Adisseo Co., Ltd. (China), Koninklijke DSM N.V. (Netherlands), Schouw & Co. (Denmark), Land O’Lakes, Inc. (US), Pure Cultures (US), Alltech (US), Lallemand Inc. (Canada), Novus International, Inc.(US), Unique Biotech (India), Chr. Hansen Holding A/S (Denmark), Evonik Industries AG (Germany), and Novozymes (Denmark).

 

Probiotics in Animal Feed Market Segmentation

The global probiotics in animal feed market has further been segmented by source, form, and livestock.

By source, the global probiotics in animal feed market has been classified as bacteria and yeast and fungi. The bacteria segment is further segregated into Streptococcus, Lactobacillus, Bifidobacterium, and others. It is expected to be the larger revenue generating segment. Furthermore, it is projected to exhibit the higher growth rate during the forecast period.

Based on form, the global probiotics in animal feed market has been classified as dry and liquid. The dry segment is projected to generate the larger revenue and grow at a faster rate.

The global probiotics in animal feed market has also been segregated, on the basis of livestock, into swine, poultry, ruminants, aquaculture, and others. The poultry segment is expected to gain the largest market share; however, the aquaculture segment is expected to register the highest CAGR during the forecast period.

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Probiotics in Animal Feed Market Regional Analysis

The global probiotics in animal feed market has been segregated by region into North America, Europe, Asia-Pacific, and the rest of the world.

The market in Asia-Pacific is expected to dominate the global probiotics in animal feed market during the assessment period and register the highest growth rate owing to the increasing demand for poultry products in major economies such as India and China. Additionally, the presence of a large number of livestock in the region and the high dependency of a majority of the rural population on their livestock are crucial determinants catalyzing the regional market growth. Increasing awareness regarding animal health and positive impact of using probiotics for livestock to increase their productivity, yield, and immunity among the livestock growers in India, Japan, China, New Zealand, and Australia is expanding the animal feed probiotics market size in Asia-Pacific.

The market in North America is projected to gain a significant market share of the global probiotics in animal feed market during the assessment period. In North America, the US is the major contributor to the growth of animal feed market and is the second-largest feed producing country across the globe. The production of poultry feed in North America is increasing at a tremendous rate owing to the increasing broiler population. Moreover, due to the rising preference for animal-based protein products, aquaculture is a potential industry in this region due to which there is an increase in the demand for aqua feed in North America. Additionally, the US and Canada are the major producers of horse feed, which is also contributing to the growth of the North American probiotics in animal feed market.

The market in Europe is expected to account for a prominent share of the global probiotics in animal feed market due to the growing animal feed industry in countries such as Spain, Russia, France, and Germany. In addition, the region is estimated to account for the largest share of the pet food production globally, which in turn is expected to fuel the regional market growth.

The market in the rest of the World (RoW) includes Africa, South America, and the Middle East.. The market in South America is the most prominent market in RoW owing to the expanding animal feed industry in the region, primarily in Brazil. In Africa, there is an increase in the dairy, layer, and broiler feed production, owing to which the market players are expected to witness lucrative growth opportunities in the region.

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