Animal Feed Additives Market Growth & Trends
The global animal feed additives market size is expected to reach USD 53.70 billion by 2030, registering a CAGR of 3.5% during the forecast period, as per the new report by Grand View Research, Inc. Focus on improving overall feed yield has been a key factor driving the product demand. Increasing consumption of meat and milk products as a source of protein and other nutrients is expected to boost global industry growth in the coming years. Other prominent factors driving the product demand include increasing meat consumption, a rise in oilseed production, and demand for other livestock products.
Factors, such as immunity-building and promoting animal growth, are likely to drive the demand for amino acids. It also plays an essential role in preventing cerebral dysfunction, which can cause muscular incoordination in animals. Growing energy requirements across the globe are creating a higher requirement for processed aqua, poultry, and dairy products, which is contributing to the rising product demand. Most of the projected growth is likely to come from the developing economies of the Asia Pacific region. This is on account of the growing population along with increasing consumer disposable income levels.
Many leading manufacturers are focusing on expanding their operations in the Asia Pacific region due to potential business opportunities as a result of a growing focus on the dietary needs of animals. The global industry is extremely competitive. The introduction of customized products in conjunction with application development is expected to be a key factor driving the industry competition. In addition, frequent mergers and acquisitions are undertaken to diversify the product portfolio and gain a higher industry share.
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Animal Feed Additives Market Report Highlights
The amino acids product segment is estimated to register the fastest growth rate from 2023 to 2030 due to the rising awareness about the benefits of feed additives in tandem with some significant outbreaks of diseases
The poultry livestock segment will witness the fastest growth rate during the forecast period on the account of increasing demand for broiler meat and rapid industrialization of poultry farming
Asia Pacific is projected to register the fastest CAGR from 2023 to 2030 due to increasing meat consumption, a rise in oilseed production, and demand for other livestock products
The industry is highly competitive on the account of the presence of multiple manufacturing companies
The COVID-19 pandemic had put the majority of the world on lockdown, which had a detrimental impact on the operations of many businesses, including animal feed, and is inhibiting the expansion of the market for animal feed additives
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