(I-BusinessNews.Com, June 20, 2020 ) Feed additives are products such as amino acids, phosphates, vitamins, enzymes etc. that are used in animal nutrition for purpose of improving the quality of feed and the quality of food from animal origin, or to improve the animals’ performance and health, e.g. providing enhanced digestibility of the feed materials. The feed additives market 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. This is attributed to the growth in the feed production and technological innovations and the adoption of advanced animal husbandry practices.
Increase in demand and consumption of livestock-based products such as dairy & dairy-based products, meat, and eggs is expected to drive the usage of feed additives in feed for the growth and development of farm animals. According to FAO data, it has been stated that the global meat production is projected to be 16% higher by 2025. Poultry meat is the primary driver for the growth of the overall meat production, owing to its high demand, low production cost, and lower product prices, both in developed and developing countries. Furthermore, owing to the increasing awareness about the role and dynamics of food nutrients, especially protein, on overall physical and mental growth and development, there is a growing trend toward animal-sourced protein in the form of either meat, eggs, or milk. This drives the usage of feed additives in feed as it increases its nutritional quality.
Increase in demand for nutritional supplements for monogastric animals provides as an opportunity for the growth of feed additive market. As monogastric animals cannot synthesize vitamin B complex compounds within their body, as compared to ruminants, there is a considerable demand for vitamin and mineral supplements in this sector. These sectors are witnessing better growth in the developing markets of the Asia Pacific and South American regions.
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Increase in demand for nutritional supplements for monogastric animals as an opportunity for the growth of feed additive market
As monogastric animals cannot synthesize vitamin B complex compounds within their body, as compared to ruminants, there is a considerable demand for vitamin and mineral supplements in this sector. Key players are establishing their market presence in the poultry and swine sectors due to the organized development of these sectors. These sectors are witnessing better growth in the developing markets of the Asia Pacific and South American regions. Globally, Asia Pacific ranked first in feed production in 2017, according to the Alltech Global Feed Survey results. China is a global leader in the compound feed market that witnessed an annual volume production of over 187 million tons in the year 2017, according to the 2018 Alltech Global Feed Survey results. Due to the increase in the demand for compound feed in these regions, there has been a considerable demand for additives in these developing markets.
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Asia Pacific is projected to account for the largest market share during the forecast period
The Asia Pacific market accounted for the largest share in the global market. The large market share in this region is attributed to the presence of large livestock population and growth. Furthermore, the increase in the number of feed mills in the region reflects the growth in feed production. The largest feed producer, China, contributes significantly to the region’s leading position, with Thailand and Indonesia being the emerging feed producing countries, while India and Japan are demonstrating constant growth in feed production.
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