Market Research Report
North America Feed Additives Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||991390|
|Published||Content info||156 Pages
Delivery time: 2-3 business days
|North America Feed Additives Market Forecast 2021-2028|
|Published: March 1, 2021||Content info: 156 Pages||
The North America feed additives market is anticipated to progress with a CAGR of 4.27% in terms of volume and 5.10% in terms of revenue, over the forecast period of 2021 to 2028. The growing livestock production, the increased preference for processed food, the rising consumption of meat as a protein source, and innovations and technological advancements, are principally attributed to the region's market growth.
The North America feed additives market growth assessment includes the analysis of Canada and the United States. Following the ban of antimicrobial as growth promoters (AGPs) in Canada, the 'Canada Gazette' was launched by Health Canada, in 2017. It comprised the changes to the food and drug regulations, therefore updating the rules of antibiotic usage in livestock. This aspect significantly impacted the feed additives market growth in Canada. Moreover, owing to the demand for chemical-free feed, natural binders are relatively more-preferred than synthetic binders, in order to cater to consumers' preference for organic meat.
On the other hand, the augmenting rate of processed meat consumption in Canada is anticipated to drive the country's market for compound feed and feed additives. In addition, the surging cost of raw material food for swine, has substantially pressured breeders to keep up with the prices. As a result, farmers add supplements, such as additives, to avoid profit slashes and compensate for the rising raw material costs. Therefore, these factors are expected to play a vital role in fueling Canada's feed additives market growth, over the forecast years.
Key players operating in the region's market include, Cargill Inc, Archer Daniels Midland Company, BASF SE, Dupont De Nemours Inc, etc.