The global animal feed additives market is expected to grow at a CAGR of over 5% during the period 2018−2024.
The demand for meat and animal-based products will continue to rise, since it caters to the food needs of the global population that is increasing year on year. Thus, to meet the food requirement, animal farmers are under high pressure as they have to increase their productivity without increasing the cost of meat. This brings into the picture the need for premixes and additives. Feed additives help to maintain the overall health of domesticated animals and increase their productivity, be it meat, milk, or eggs.
The global animal feed additives market is likely to witness moderate growth at a CAGR of 5.28% during the forecast period. The growing need for increased productivity due to the rising global population is one of the major reasons driving the animal feed and feed additives market. Also, the need for animal wellbeing, sustainable farming, and demand for proper animal nutrition is driving the feed additives market. The APAC region dominated the global animal feed additives market and accounted for a 33% share in 2018. Poultry is the largest segment in the global animal feed additives market and accounted for a 36% share in 2018.
The following factors are likely to contribute to the growth of the animal feed additives market during the forecast period:
- Reduction in the Use of Antibiotics
- Increased Demand for Phosphates in Animal Feed
- Growing Trend of Premium Breeding and Organic Production
Base Year: 2018
Forecast Year: 2019–2024
The study considers the present scenario of the animal feed additives market and its market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The report covers both the demand and supply aspect of the market. The study profiles and examines leading companies and other prominent companies operating in the market.
- BASF Group
Other Prominent Vendors
- AB Vista
- Advanced Enzymes
- Boehringer Ingelheim
- Chr. Hansen
- Land O’ Lakes
Market Segmentation by Product
- Amino Acids
Market Segmentation by Species
Market Segmentation by Form
Market Segmentation by Geography
- North America
- Saudi Arabia
- South Africa
- Latin America
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Source : Animal Feed Additives Market – Global Outlook And Forecast 2019-2024 by Arizton Advisory & Intelligence