Increasing production of animal feed and growing consumption of dairy and meat products are some key factors fueling growth of the feed additives market
Market size: USD 37.4 in 2020, Market Growth: CAGR of 6.5%, Market Trends: Increasing livestock production
The global feed additives market size is expected to reach USD 60.5 Billion by 2028 and register a CAGR of 6.5%, according to the latest report by Reports and Data. Increasing demand for animal-based products is a key driver supporting market revenue growth.
Feed additives are products that are used in livestock nutrition to enhance feed quality and improve total development and growth of animals. These products help in increasing feed intake and also provide necessary nutrients otherwise lacking in the diet. Rapid increase in cattle farming along with growing awareness about advantages of including additives in animal feed are some significant factors enhancing growth of the feed additives market. Additionally, many key market players are investing in R&D activities to develop more effective feed additives and are focusing on expanding their product lines.
However, ban of usage of antibiotics in animal feed and increase in cost of production due to uncertain raw material costs are some significant factors projected to hamper growth of the global feed additives market between 2021 and 2028.
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The major vendors in the global market include Cargill (US), DowDuPont (US), ADM (US), Evonik (Germany), BASF (Germany), DSM (The Netherlands), Solvay (Belgium), Ajinomoto (Japan), Novozymes (Denmark), Chr. Hansen (Denmark), InVivo (France), Nutreco (The Netherlands), Kemin (US), Adisseo (France), and Alltech (US).
Some key highlights from the report:
- Based on type, the amino acid segment revenue is expected to account for a high CAGR during the forecast period owing to extensive use of amino acids in cattle and pig feed.
- In context to form, the liquid segment is projected to account for largest revenue share over the forecast period. High revenue is attributed to factors such as easy handling, cost-effectiveness, and quick mixing with feed.
- Based on livestock, the poultry segment revenue accounted for substantial market share in 2020 and is projected to continue dominating other livestock segments between 2021 and 2028. Factors such as high demand for poultry products such as eggs, milk, chicken along with increasing population and recent trend for high protein diet are contributing to elevated growth of the segment.
- North American market revenue is expected to expand at a rapid CAGR throughout the forecast period owing to factors such as high consumption of animal-based products, strict regulations and standards for meat quality combined with availability of raw materials like corn and maize in abundance.
- Europe is expected to account for considerable revenue share during the forecast period owing to factors such as increasing demand for livestock products and ban on usage of antibiotics in animal feed.
- Adisseo announced acquisition of FRAmelco Group in September 2020. Adisseo is expected to become a leading specialty feed additives company as a result of this acquisition.
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For this study, Reports and Data has segmented the global feed additives market based on type, livestock, form source, and region:
Based On Type: (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
- Amino Acids
- Mycotoxin detoxifiers
- Flavors & Sweeteners
- Non-protein Nitrogen
Based On Livestock: (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
- Aquatic Animals
Based On Form (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
Based On Source: (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
Based On Region (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Identifying the basic business drivers, challenges, and tactics adopted:
- The report provides intrinsic details and fluctuating aspects that influence the commercial dynamics of the Feed Additives market along with integral factors of the rise in the demand for the product have been mapped across vital geographical regions.
- An overview of the multifarious applications, business areas and the latest trends observed in the industry has been laid out by this study.
- Various challenges overlooking the business and the numerous strategies employed by the industry players for successful marketing of the product have also been illustrated.
- The research inspects the sales channels (indirect, direct, marketing) that companies have chosen for the primary product distributors and the superior clientele of the market.
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Head of Business Development
Reports And Data | Web: www.reportsanddata.com/
Direct Line: +1-212-710-1370