Animal feed additives will be widely adopted in the poultry sector, due to growing demand for eggs and chicken in several countries.
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.
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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.
Key Takeaways from Animal Feed Additives Market Analysis
Competitive Landscape
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:
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More Insights into the Animal Feed Additives Market Report
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 11, 2022