Global Animal Feed Additive Market Worth Over 25 Billion in 2019
Posted by Lohitha on July 10th, 2019
Global Animal Feed Additive Market: Demand Analysis and Growth Forecast
Expanding World's populace requires more and more animal-based products including meat and dairy, however, for which the animals are to be fed healthily. An animal feed additive is a food supplement that improves hygiene, digestibility, and presentation, and the awareness is improving across emerging economies and thereby stroking the global animal feed additive market. The IndustryARC’s analyst has valued the global animal feed additive market at ,126 million as of 2018 and projected the demand to grow at a compound annual growth rate (CAGR) of 3.8% during the forecast period of 2019 to 2025. Animal feed plays a vital role in the global food industry and the abundance of livestock is also influencing the animal feed additive market. According to FAO Animal Production and Health, it is estimated that currently there are 8,000 plants for feed production with capacities greater than 25,000 tons a year. Furthermore, these plants together produce more than 620 million tons of feed products annually. The increasing demand for livestock from farmers and the millennial population is accumulating the global animal feed additive market.
The IndustryARC report is titled “Animal Feed Additive Market: By Species (aquaculture, poultry, ruminants, swine, pets, equine); By Type (zootechnical additives, nutritional feed additives, sensory feed additives, Coccidiostats and histomonostats, sugar-based products, direct-fed microbial); By end users (farms, households, veterinarians, zoo, animal shelters); By Geography - Forecast (2018-2023)”.
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Global Animal Feed Additive Market: Leading Segment
APAC anchorages to the largest share for the global animal feed market owing to the surge in the consumption of meat products and increasing concerns over meat quality. Furthermore, the global industrialization of meat products bolsters demand growth. In a region like APAC, the government and various start-ups have started investing since the demand has started to influence growth prospects in the market. APAC had a regional share of 37% as of 2018. Countries such as India, Malaysia, Singapore, Thailand, and Indonesia are experiencing massive growth in the poultry-livestock production across the APAC belt. Singapore has the maximum production of animal husbandries such as pigs and poultry and also a small number of cattle, goat, duck, and quail. The key application poultry industry is estimated to grow at a CAGR of 4.5% during the forecast period.
Global Animal Feed Additive Market: Market Trends and Growth Drivers
· Organic Animal Feed Additive Market
· Animal Feed Additive Market for Sustainability
Global leaders are playing a vital role in the sustainability process in the animal food system. To ensure that the system for today and tomorrow work efficiently, the innovative ideas have to be implemented. Cargill, a conglomerate company, has taken an initiative to support sustainability on a large scale. They have started to focus more on the land used, water resources, climate change, and farmer livelihood, this will increase the demand for animal feed in the market.
· Phytogenic Feed – Antibiotic-Free Animal Nutrition
Companies have now started using phytogenic feed additive which is a mixture of herbs, spices, other plants, and their extracts. It contains more than 100 natural ingredients that help to improve nutrient utilization and increase the enzymatic activity in the intestine. Owing to the benefits, phytogenic feed will observe a heavy demand in the animal feed additive market.
Global Animal Feed Additives Market: Recent Developments
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.
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About the AuthorLohitha
Joined: July 9th, 2019
Articles Posted: 52
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