As per ESOMAR-certified consulting firm Future Market Insights (FMI), the animal feed additives market reached US$ 16,364.1 Mn in 2021. With increasing adoption of protein-based animal feed additives, the market is poised to expand at a steady 2.70% CAGR between 2021-2031.
The increasing demand for high-quality and nutritious animal products such as eggs, meat, and milk have underscored the need for a balanced diet in livestock. Driven by this, farmers are heavily investing in animal feed additives to suffice the dietary requirements in livestock, thereby promoting sales in the market.
Moreover, the ever-increasing meat consumption in various countries is generating demand for animal feed additives in animal husbandry and pisciculture.
To promote better health and productivity in animals, governments in various countries have banned the use of antibiotics in animal feed, which is increasing the adoption of plant-based animal feed additives in the market.
Stringent regulations regarding product labeling are encouraging producers to improve ingredient selection and enhance research and development for launching better products in the market. Increasing awareness regarding a balanced diet in the livestock industry will remain a major factor driving sales in the market.
As per FMI’s regional analysis, the U.S. will dominate the animal feed additives market, owing to the presence of well-established agriculture and livestock industry. Apart from this, the growing population and meat consumption in the country is anticipated to shoulder market growth in the near future.
“Rising meat consumption across the world, coupled with demand for high-quality and nutrient-rich anima-based products, will provide tailwinds to animal feed additives sales growth through 2031,” says the FMI analyst.
To remain ‘ahead’ of your competitors, request for @ https://www.futuremarketinsights.com/reports/sample/rep-gb-418
Key Takeaways from Animal Feed Additives Market Analysis
- Amino acids will emerge as the most preferred product type, owing to their health benefits including improved digestion and gut health.
- Animal feed additives will be widely adopted in the poultry sector, due to growing demand for eggs and chicken in several countries.
- Sales of plant-based animal feed additives will gain traction for improving the texture, taste, and odor of animal feed.
- The U.S. is anticipated to witness high demand for animal feed additives due to expansions in the agriculture and livestock industry.
- China will exhibit lucrative growth patterns, owing to increasing meat production and consumption in the country.
- Prevalence of regional and global market players will shape the sales outlook of animal feed additives in Germany.
- Growing population and shifting consumer preference towards protein-rich diet will foster sales of animal feed additives in India.
- Japan and South Korea will collectively account for 13% of the total market share.
Ajinomoto Co., Inc., Akzo Nobel N.V., Alltech Inc., Archer Daniels Midland Company, BASF SE, Biomin GmbH, Cargill Inc., Chr. Hansen Holding A/S, CP Group, E. I. du Pont de Nemours and Company, Evonik Industries AG, Invivo Group, Koninklijke DSM N.V., Kemin Industries, Lallemand Inc., Norel S.A., Novozymes A/S, Nutreco, Phibro Animal Health Corporation, Novus International Inc., Tyson Foods, Inc., and Solvay Group are among the leading players operating in the animal feed additives market.
Top 5 players in the market include BASF SE, EVONIK INDUSTRIES AG, Cargill, Inc., Koninklijke DSM N.V., and Nutreco N.V., accounting for 30-40% of the total market share.
As per FMI’s analysis, key players operating in the market are focusing on mergers and acquisitions as a part of their inorganic growth strategies. Apart from this, production facility expansions and product portfolio advancements are helping players gain a competitive edge in the animal feed additives market. For instance:
- In May 2021, Kemin Industries acquired Bio-Cide International Inc., an Oklahoma-based leader in chlorine dioxide-based antimicrobial technology. The acquisition was aimed at strengthening Kemin Industries’ processes to provide food safety in animal feed products.
- In January 2021, Philbro Animal Health Corporation announced the opening of a new production facility in Omaha, Nebraska. The new production facility will manufacture and supply animal feed additives and mineral premixes to U.S. livestock producers while guaranteeing food safety.
Contact Sales for Further Assistance in Purchasing this Report@ https://www.futuremarketinsights.com/checkout/418
More Insights into the Animal Feed Additives Market Report
Animal Feed Additives Market by Category
By Additive Type:
- Amino Acids
- Feed Enzymes
- Feed Additives
By Application Type:
By Source Type:
- North America
- Latin America
- Asia Pacific Excluding Japan
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: firstname.lastname@example.org
For Media Enquiries: email@example.com