Market Research Report
Animal Feed Additives Market Size, Share & Trends Analysis Report By Product (Antibiotic, Vitamin, Antioxidant), By Livestock (Poultry, Pork, Cattle, Aquaculture), By Region, And Segment Forecasts, 2022 - 2030
|Animal Feed Additives Market Size, Share & Trends Analysis Report By Product (Antibiotic, Vitamin, Antioxidant), By Livestock (Poultry, Pork, Cattle, Aquaculture), By Region, And Segment Forecasts, 2022 - 2030|
Published: May 11, 2022
Grand View Research, Inc.
Content info: 150 Pages
Delivery time: 2-10 business days
The global animal feed additives market size is expected to reach USD 53.7 billion by 2030, as per a new report by Grand View Research, Inc. Furthermore, the industry is projected to advance at a CAGR of 3.5% from 2022 to 2030. The growth is majorly driven by the increased consumption of meat and the rise in the livestock population worldwide.
Animal feed additives are types of supplements added to the feed which enhance the overall health, appearance, and body structure of the livestock. These additives make the livestock more desirable to the consumers and profitable for the cultivators. Generally utilized additives include vitamins, amino acids, enzymes, and antibiotics, among others. These additives are utilized extensively in the feed industry, especially for commercial purposes.
The demand for meat and other animal-based products directly affects the demand for additives. These additives are essential for supporting the global animal-based industries, which include the meat, poultry, milk, and milk products industries, among others. The use of these products in livestock diet is promoted for non-commercial uses, as they improve the overall health of the animals and enhance their growth and development.
Regions such as Europe and North America, where the consumption of meat is very high, serve as potentially major markets. The meat industry is highly dependent on the animal feed additives industry for optimum quality of meat. The growing population around the globe is also projected to surge the demand for meat and animal-based products, which will subsequently boost the market growth.
The recent COVID-19 pandemic adversely affected the market, due to labor shortages and disruptions in the supply chain. Although the market has shown an overall prompt recovery after the pandemic and has exhibited prolific growth in this period, and is anticipated to expand quickly during the forecast years.