The global feed additives market size was USD 36.17 billion in 2023. The market size is expected to rise from USD 37.92 billion in 2024 to USD 53.66 billion by 2032 at a CAGR of 4.43% during the projected period.
Animal feed additives are crucial ingredients added to animal feed. They serve essential roles in enhancing promoting animal health, optimizing metabolic functions, and overall feed utilization for the overall betterment of animal performance. The rise is due to the growing demand for functional feed with an aim to improve the overall physiological quality of animals.
Fortune Business Insights™ provides this information in its research report, titled “Feed Additives Market, 2024-2032”.
Information Source: https://www.fortunebusinessinsights.com/feed-additives-market-104345
COVID-19 Impact:
Market Plunged amid Pandemic due to Food Supply Chain Disruptions
The feed additives market was affected severely during the pandemic due to supply chain disruptions, labor shortage, lowered access to veterinary health services, and other factors. Moreover, the market faced obstacles in international animal feed trade due to disruption in supply for key ingredients such as carbohydrates, fats, proteins, vitamins, and minerals, for livestock feed.
Segmentation:
Amino AcidsSegment to Lead Driven by Soaring Importance of Amino Acids in the Regular Diet Feed
On the basis of type, the market is divided into vitamins and minerals, antioxidants, amino acids, and others. The amino acids segment is set to lead the feed additives market share and is likely to maintain its leadership over the forecast period. This is due to the growing importance of amino acids in the regular diet feed for ensuring their optimal performance.
PoultrySegment to Dominate Impelled by Escalating Demand for Feed Additives in Poultry Industry
On the basis of animal type, the market is sub-segmented into cattle, poultry, swine, and others. The poultry segment is touted to lead the market. The surge is propelled by the growing demand for functional feed additives.
Based on geography, the market has been studied across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive analysis of the major trends poised to impel the global business scenario throughout the projected period. The research provides a thorough analysis of market size, share, revenue, and volume. A comprehensive understanding of the market has been offered via quantitative and qualitative analyses. In addition, it provides insight into the key driving and restraining factors. Product launches are prioritized by stakeholders to gain traction.
Drivers and Restraints:
Rising Need for Functional Additives to Spur Product Demand
One of the prominent factors influencing the feed additives market growth is the rapid commercialization and expansion of livestock farming in developing countries. This is driven by the rising demand for animal products, considering the use of functional additives to ensure the health and productivity of animals.
However, the economic constraints in emerging countries may hinder industry expansion to some extent.
Regional Insights:
Asia Pacific to Emerge as Key Region Owing to Ongoing Consolidation and Modernization
Asia Pacific feed additive market share is estimated to dominate the market throughout the forecast period. The region dominated the market in 2022 and held a value of USD 12.98 billion. The growth in this region can be attributed to the ongoing consolidation and modernization of the feed sector in India, Vietnam, Japan, and China.
North America market is likely to grow at a notable CAGR over the analysis period. With over 5,000 feed manufacturing facilities and annual production exceeding 200 million tons of finished animal feed, the region’s capacity for feed production is a significant driver of market growth.
Competitive Landscape:
Stakeholders Prioritize Product Launches to Gain Ground in the Market
Established firms and startups are expected to invest in organic and inorganic initiatives to increase their presence in the feed additives marketplace. The forecast period will see a dramatic rise in the importance of product launches, collaborations, inventions, and R&D activities.
Key Industry Development:
- January 2022 - JB Chemicals and Pharmaceuticals Ltd announced its plans to acquire Sanzyme Pvt Ltd. With this acquisition, the company would expand their presence into new therapeutic areas.
List of Key Players Mentioned in the Report:
- Cargill, Incorporated (U.S.)
- ADM (U.S.)
- Ajinomoto Co., Inc. (Japan)
- Evonik Industries (Germany)
- DuPont (U.S.)
- Novozymes (Denmark)
- DSM (Netherlands)
- Adisseo (China)
- Hansen Holding (Denmark)
- Kemin Industries, Inc. (U.S.)
