Feed Additives Market Worth $39.7 Billion by 2027
March 03, 2020 05:13 ET | Source: Meticulous Market Research Pvt. Ltd.
London, March 03, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled "Feed Additives Market by Type (Acidifiers, Probiotics, Enzyme, Antioxidants, Antibiotics, Amino Acids, Vitamins, Minerals), Animal Type (Poultry, Aquatic Animals), Source (Synthetic), and Geography- Global Forecast to 2027", in terms of value, the global feed additives market is expected to reach $39.7 billion by 2027, at a CAGR of 5.1% during the forecast period of 2019 to 2027; whereas, in terms of volume, the market is expected to reach 27,832 KT by 2027.
Feed additives are essential for the growth and development of animals. Nowadays, the rise in incidences of disease outbreaks in livestock across the globe is contributing to the increase in consumer interest for nutritious animal feed, thereby driving the demand for feed additives. Besides, the growing purchasing power of consumers, increasing feed production, and rising per capita consumption of meat and milk products, especially in China and India; and high meat & poultry product consumption rates in the European Union, North America, Brazil, and Russia are driving the demand for feed additives across the globe.
The global feed additives market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2027- by type (performance additives and specialty additives), animal type (poultry, ruminants, swine, aquatic animals, and others), source (natural and synthetic), form (dry and liquid), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Based on type, in terms of value, the specialty additives segment is estimated to witness rapid growth in the next few years. The growth of this market is mainly attributed to the increasing consumption of animal protein. According to the U.S. Department of Agriculture and Foreign Agricultural Service, global poultry meat consumption is expected to reach 101.2 million tons in 2020 from 93.6 million tons in 2018. Due to this, the demand for an adequate supply of essential nutrients for healthier growth of poultry is expected to rise significantly. This is further increasing the demand for feed additives. Besides, the increasing incidence of disease outbreaks in animals and growing demand for compound animal feed with higher nutrient content are also some of the major factors supporting the growth of the specialty feed additives market.
Based on animal type, the poultry segment commanded the largest share of the overall feed additives market in 2019. The large share of this segment is mainly attributed to the huge demand and production of broiler meat due to rapid economic growth, urbanization, and high incomes. In 2017, over 7.4 billion broiler chickens are slaughtered for meat in Europe, which produced over 12 million tonnes of broiler chicken meat (Source: Compassion in World Farming Organization). The common feed additives used in poultry diets include antimicrobials, antioxidants, emulsifiers, binders, pH control agents, and enzymes. The use of natural feed additive is gaining importance in poultry production due to the ban on the use of certain antibiotics, harmful residual effects, and cost-effectiveness.
Based on the source, the natural sources segment is expected to witness faster growth in the overall feed additives market during the forecast period of 2019-2027. The growth of this segment is mainly attributed to the growing use of naturally sourced feed additives to decrease the number of chronic diseases in livestock. Further, the increasing demand for organic meat & poultry products and rising awareness about consumption of the organic feed additives are supporting the growth of the natural feed additives market.
Geographically, the Asia-Pacific region is estimated to witness the rapid growth in the overall feed additives market during the forecast period. The rapid growth of Asia-Pacific is mainly attributed to the growing animal feed industry in the region. According to Alltech Global Feed Survey, in 2018, feed production in the Asia-Pacific region was increased by 3% over 2017, which is primarily due to increased pig and pet food production. Thus, the growing feed production in the Asia-Pacific region fuels the demand for feed additives for the enhancement of nutritional quality of feed. Further, the increasing production of animal protein in the region and growing incidences of counterfeit meat and other products are some of the major factors driving the demand for feed additives in the region.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 3 years (2017-2019). The feed additives market has witnessed several new product launches, expansions, agreements, partnerships & collaborations, and acquisitions in recent years. For instance, in September 2019, DSM partnered with the International Egg Commission (IEC) to support sustainable egg production and to drive positive developments in the egg industry.
Some of the major players operating in the overall feed additives market are Adisseo France SAS (France), Koninklijke DSM N.V. (The Netherlands), BASF SE (Germany), Cargill Inc. (U.S.), Kemin Industries Inc. (U.S.), Alltech Inc. (U.S.), Nutreco N.V. (The Netherlands), DuPont de Nemours, Inc. (U.S.), Evonic Industries AG (Germany), Archer Daniels Midland (U.S.), Addcon Group GmbH (Germany), Biovet S.A. (Spain) Royal AgriFirm Group. (The Netherlands), Altilis Animal Nutrition (France), and Land O'Lakes Inc (U.S.) among others.