Market Research Report
Global Feed Additives Market Forecast 2021-2028
|Published by||Inkwood Research||Product code||991392|
|Published||Content info||335 Pages
Delivery time: 2-3 business days
|Global Feed Additives Market Forecast 2021-2028|
|Published: March 1, 2021||Content info: 335 Pages||
The global feed additives market is anticipated to grow with a CAGR of 5.39% in terms of revenue, and 4.79% in terms of volume, over the forecast period of 2021 to 2028. The market growth is accredited to factors, such as, the rise in industrial livestock protection, the high demand for compound feed, the increased need for a rich protein diet, and the high requirements for phosphates in animal feed.
Feed additives entail the addition of extra drugs or nutrients for livestock. These include, amino acids, vitamins, minerals, fatty acids, fungal products, pharmaceuticals, and steroidal compounds. Moreover, the additives may influence hygiene, feed presentation, and digestibility, or impact intestinal health.
The increased demand for livestock products has significantly altered the supply margin to enhance livestock product yields. New capital-intensive technologies have also improved the production of pig meat and poultry in industrial-style manufacturing facilities, especially across limited land areas like the Asia-Pacific, Europe, and North America. Besides, as per the Food and Agriculture Organization (FAO), the global cattle population has observed a growing trend, in recent years. For instance, the cattle population in 2015 was over 969 million, and the figure increased to nearly 996.3 million in 2018. The increase represented the rising cattle production, in order to meet the growing demand for meat.
The global feed additives market is growth analysis includes the assessment of the Asia-Pacific, North America, Europe, and the rest of the world. The Asia-Pacific is expected to grow with the highest CAGR over the forecast years, owing to the increasing demand for animal products, the surging population, the increasing disposable income, and the growing need for quality meat products. In this regard, China is among the major meat exporters as well as animal feed additives producers, supplemented by rapid urbanization rates and a strong economic outlook.
The global feed additives market is highly competitive and fragmented, comprising large multinational enterprises and local companies vying for the market's share. With the industry's increasing profitability, integrated with low entry and exit barriers, companies have been losing and gaining market share, every year. Moreover, market segments such as vitamins, prebiotics, minerals, and probiotics, have a relatively lower scope for product diversification, which further intensifies the industrial rivalry.
Key companies operating in the market are, BASF SE, Archer Daniels Midland Company, Cargill Inc, Bluestar Adisseo Co Ltd, etc.