Feed acidifiers market is projected to witness a CAGR of 6.10% during the forecast period to reach a total market size of US$1.949 billion by 2023, increasing from US$1.366 billion in 2017.
Increasing demand for livestock products due to rapidly growing population, rising spending power of consumers and urbanizing societies are some of the major factors driving the need for feed acidifiers. Moreover, the ongoing advancements in animal feed industry owing to continuous investments in R&D and greater government funding, is further propelling the feed acidifier market growth.
The ban on antibiotics in Europe and certain parts of the United States have provided opportunities for feed acidifier vendors. In addition, the rising concern about the quality of animal products due to increasing health concerns among consumers significantly contributes to the feed acidifier market growth. However, the presence of substitute technologies may restrain its market growth.
The major players discussed in this report include BASF SE, Novus International, Yara International, Perstorp Holding, Kemin Industries, Biomin Holding, Impextraco, Kamira OYJ.
By livestock, poultry sector is expected to grow at a high CAGR over the projected period. This growth is mainly driven by rising consumption of poultry meat. According to USDA data, per capita consumption of poultry increased from 100.2 to 109.5 pounds in between 2010 to 2017. This growth will be bolstered majorly due to increasing meat consumption in key developing countries of Asia Pacific region. Moreover, the penetration of fast food restaurants offering poultry meat in food products will further drive this segment growth.
The feed acidifiers market is well diversified as it has witnessed the emergence of numerous regional, local and international players over the years. The competition is expected to intensify further due to several factors like product extension, technological innovations, and mergers and acquisitions. The large international players are increasingly focusing on acquiring small local or regional firms to strengthen their market reach and offering.
Key Topics Covered:
2. Research Methodology 2.1. Research Design 2.2. Secondary Sources
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS 4.1. Market Segmentation 4.2. Market Drivers 4.3. Market Restraints 4.4. Market Opportunities 4.5. Porter's Five Force Analysis 4.6. Life Cycle Analysis - Regional Snapshot 4.7. Market Attractiveness