The global feed additives market size is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a CAGR of 6.1%
NEW YORK, Feb. 25, 2019 /PRNewswire/ -- Increase in the demand and consumption of animal-based products such as dairy and dairy-based products, meat, and eggs are projected to drive the overall growth of the feed additives market.
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The global feed additives market size is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a CAGR of 6.1% during the forecast period. The feed additives market is driven by various factors such as an increase in the demand and consumption of animal-based products, growth in feed production, standardization of meat products owing to disease outbreaks, and implementation of innovative animal husbandry practices to improve meat quality have led to the increased consumption of feed additives. However, volatility in the raw material prices of natural feed additives and stringent regulatory framework is projected to hinder the growth of the market.
The preservatives segment is projected to be the fastest growing type in the feed additives market, in terms of value.
The demand for feed preservatives has increased due to the rising focus of the feed manufacturer on extending the shelf life of the feed.Significant dietary changes have occurred in livestock breeding, which has resulted in the increased need and usage of feed preservatives such as mold inhibitors and anti-caking agents.
Furthermore, the use of mold inhibitors besides enhancing the shelf life of the product by reducing the proliferation of mycotoxin-producing molds, maintain the moisture content in the feed, preventing it from drying up.
The poultry segment is projected to hold the largest market share during the forecast period.
Growing concerns about animal health and consumer preferences for a specific color of egg yolk and meat has led to an increasing demand for poultry feed additives.Moreover, carotenoids are also added to the diet of chicken to impart colors in their legs and skin that is preferred in countries such as China and the US.
Additionally, the increasing demand for broilers as compared to any other meat is projected to drive the feed additives for broilers, which in turn, is projected to drive the growth of the poultry segment.
Asia Pacific is projected to be the fastest-growing region in the feed additives market, in terms of value.
The market in Asia Pacific is projected to be the fastest-growing, due to large livestock population and their growth rate.Furthermore, the demand for poultry is estimated to increase in India and China due to factors such as the focus on meat quality, and public health campaigns, which encourage the consumption of lower-fat protein options. Fish consumption is also increasing in the region owing to similar health trends. On the other hand, there has been an increase in the production as well as consumption of dairy products in the region. These factors are expected to drive the feed additives market in the Asia Pacific region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, feed additives manufacturers, and executives from various key organizations operating in the feed additives market.
• By Company Type: Tier 1: 30%, Tier 2: 20%, and Tier 3: 50%
• By Designation: C-level: 22%, D-level: 22%, and Managers: 56%
• By Region: North America: 17%, Europe: 33%, Asia Pacific: 42%, and RoW: 8%
The feed additives market comprises major solution providers such as Cargill (US), DowDuPont (US), ADM (US), Evonik (Germany), BASF (Germany), DSM (Netherlands), Solvay (Belgium), Ajinomoto (Japan), Novozymes (Denmark), Chr.Hansen (Denmark), InVivo (France), Nutreco (Netherlands), Kemin (US), Adisseo (France), and Alltech (US).
The study includes an in-depth competitive analysis of these key players in the feed additives market, with their company profiles, recent developments, and the key market strategies.
Research Coverage
The study covers the feed additives market across segments.It aims at estimating the market size and its growth potential across different segments such as type, livestock, form, source, and region.
The study also includes an in-depth competitive analysis of the key players in the market; along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall feed additives market and subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
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