The market crossed US$ 40.0 billion mark in 2022 and is expected to hit US$ 61.5 billion by 2030, recording a CAGR of approximately 5.5% during the forecast period.
Animal feed additives market has been significantly growing with the increasing demand for high quality meat and meat products
Growing concerns for safety & quality of meat and meat products owing to numerous disease outbreaks in livestock including foot & mouth infections, bird flu and swine flu over the past decade should drive global animal feed additives market size. Surge in consumption of meat products owing to rising consumer per capita income along with shift in consumer preference towards protein rich diet is expected to further strengthen industry growth. Growth in livestock production due to high meat consumption accompanied with government initiatives such as schemes and subsidies promoting livestock health and production may drive industry growth in this region. Livestock need ample nutrition for essential life processes which includes muscular activity. Feed provides all essential nutrients with high fiber content such as proteins, carbohydrates & fats, vitamins and growth stimulants thereby increasing digestive metabolism, efficiency, growth and immunity mainly in young livestock.
Within the report, the market is segmented into source, additive type, application, and geography. By source, the market is further divided into plant, animal and microbial. By additive type, the market is further divided into antibiotics, antioxidants, amino acids, feed enzymes, and others. By application, the market is further fragmented into ruminants, poultry, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Growing prevalence of probiotics in animal feed over antibiotics
Increasing livestock production across various countries has brought major public health issues into light, such as use of sub-therapeutic antibiotics as growth promoters and the onset of foodborne diseases including salmonellosis and E.coli infections. As the European Union has banned the use of antibiotics in animal feed, probiotics or direct-fed microbials are significantly gaining traction in the animal feed market. Usage of probiotics in animal feed effectively maintains gut health in animals, thereby improving overall productivity and well-being. Probiotics also prevent and control enteric pathogens in animals, promoting the microbial ecology of the gastrointestinal tract. With studies claiming beneficial results in terms of digestion and immune health of cattle, ruminants, and poultry, probiotics will experience rapid adoption in animal feed additives over the coming years.
Growth of livestock farming sector is expected to aid the adoption of feed additives
The use of feed additives in feed for the growth and development of farm animals is predicted to expand as demand for livestock-based products such as dairy and dairy-based products, meat, and eggs rises. Owing to its great demand, cheap production costs, and reduced product pricing, poultry meat is the principal driver of overall meat production growth in both developed and developing countries. Furthermore, there is a growing trend toward animal-sourced protein in the form of meat, eggs, or milk, as people become more aware of the function and dynamics of food nutrients, particularly protein, on total physical and mental growth and development. Probiotics or direct-fed microbial supplements are rapidly gaining popularity in the animal feed sector as the European Union prohibits the use of antibiotics in animal feed. Probiotics in animal feed help animals maintain good intestinal health, which improves their general productivity and well-being. As a result of population increase and improving living standards, the livestock business has been obliged to adapt and develop in order to satisfy society's expectations. Consumers demand meat-based products that are clean and safe.
Recent strategic developments in animal feed additives market
The animal feed additives market has undergone several significant developments, and a few of these have been mentioned below:
The animal feed additives market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Cargill Inc., Novozymes A/S, Archer Daniels Midland Company and Chr. Hansen Holding A/Sare among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
The List of Companies
- BASF SE
- Cargill Inc.
- Novozymes A/S
- Archer Daniels Midland Company
- Chr. Hansen Holding A/S