Global Feed Additives Market, By Type (Amino acids, Phosphates, Vitamins, Acidifiers, Carotenoids, Enzymes, Mycotoxin detoxifiers, Flavors & sweeteners, Antibiotics, Minerals, Antioxidants, Non-protein nitrogen, Phytogenics, Preservatives, and Probiotics), By Livestock (Ruminants, Poultry, Swine, Aquatic animals, and Others (equine and pets)), By Form (Dry and Liquid), By Source (Synthetic and Natural), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global feed additives market is estimated to reach at a value of US$ 36.3 Bn by the end of 2020 and expected to reach at a value of US$ 58.2 Bn by 2028 with a significant CAGR of 6.0%.
The poultry industry has revolutionized on a huge level in the past few years, owing to the soaring demand and consumption of livestock-based products all around the world. Consequently, in the present situation, the poultry sector is finding more efficient and economical ways to function in an appropriate manner.
There are numerous hardships and issues in the current times in poultry production, including environmental concerns, food safety, standardization of welfare principles, prohibition of nutritive antibiotics, gut health, and feeding fiber-rich items and sustaining high efficiency of production. On that account, one of the biggest challenges of the poultry sector is the cost of feed only constitutes around 60 to 70 percent of the entire cost of production, which stimulates the need to enhance the analytical knowledge for the employment of low cost or more economical and locally accessible agro-based by-products in poultry feed in order to cut off the cost of feed.
At this point, feed additives emerge in the landscape in order to enrich the quality of feed and the quality of food from animal origin, or to enhance the animals’ health and performance. Owing to which, the feed additives are projected to enormous traction in the global markets, thus boosting the growth of the global market of feed additives in the years to come.
Basically, feed additives can be understood as the non-nutritive substances, microorganisms and preparations mixed in animal feed that improves nutrition of animals and are mixed to poultry feed, in order to offer the absolute nutrition to farm animals.
Farmers, in the present-day world, envisage and demand feed which is absolutely safe as well as beneficial and sustainable. This encourages the need of exclusive constituents that can provide a nutritional texture, flavour, value, blend, and preserve feed. Attributable to such factors, feed additives is expected to gain massive momentum in the forthcoming years, thereby propelling the growth of the global feed additives market.
However, there is a prohibition on the usage of antibiotics in the feed additives in numerous regions of the world, which is likely to hold back the growth of the global feed additives market to the limits over the coming years.
Nevertheless, the heavy consumption and demand of livestock-based products among the consumers, including meat, eggs, dairy-based products and many other products as well as growing awareness with regard to good health and about the purpose of food nutrients, which emerged as a trend towards animal-derived protein is further estimated to accelerate the growth of the global feed additives market over the forecast period.
MMC Study identifies some of the key participating players in the feed additives market globally are Cargill, DowDuPont, ADM, Evonik, BASF, DSM, Solvay, Ajinomoto, Novozymes, Chr. Hansen, InVivo, Nutreco, Kemin, Adisseo, and Alltech, among others.
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