Market Research Report
Animal Feed Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Livestock
|Animal Feed Additives Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type and Livestock|
Published: December 30, 2021
The Insight Partners
Content info: 160 Pages
Delivery time: 1-2 business days
The animal feed additives market was valued at US$ 34,583.5 million in 2021 and is projected to reach US$ 49,874.8 million by 2028; it is expected to grow at a CAGR of 5.4% from 2021 to 2028.
The animal feed additives market is gaining momentum due to increased livestock production and growing feed production. The animal feed manufacturers demand novel products to fortify the animal feed as a precautionary measure against the possibility of infections in the future. Moreover, post the outbreak of COVID-19, the demand for additives increased due to the concerns regarding animal-borne diseases. The development is expected to positively benefit the feed additives market as livestock producers are looking for nutritionally fortified products.
Based on type, the animal feed additives market is segmented into amino acids, vitamins, carotenoids, enzymes, prebiotics and probiotics, minerals, acidifiers, lipids, and others. The amino acid segment accounted for the largest market share in 2020, whereas the acidifiers segment is expected to register the highest CAGR during the forecast period. Amino acids play a vital role in animal lives, performing metabolic functions. Some of the essential amino acids cannot be synthesized by animals in required quantities, which has led to high demand for additives from the feed industry. Therefore, amino acids contributed to the animal feed additives market in 2020.
By region, the animal feed additives market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America (SAM). In 2020, Asia Pacific held the largest share of the market. However, the South and Central America market is estimated to register the highest CAGR during the forecast period. As per the USDA report, in 2020, Argentina was the world's fifth-largest beef exporter, exporting over 700,000 metric tons of beef and beef products. Also, the country is anticipated to increase its production to 760,000 million tons by the end of 2021. Thus, having large cattle stock and other livestock farming in the region is expected to favor the market positively.
Cargill, Incorporated; ADM; Evonik Industries AG; Land O'Lakes, Inc.; Nutreco N.V; Alltech; DuPont de Nemours, Inc.; DSM; Novozymes; Kemin Industries Inc. are among the key players operating in the animal feed additives market.
The overall animal feed additives market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the animal feed additives market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global animal feed additives market, thereby allowing players to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to application.
4.2. Porter's Five Forces Analysis
4.2.1 Bargaining Power Of Buyers
4.2.2 Bargaining Power Of Suppliers
4.2.3 Threat To Substitute
4.2.4 Threat To New Entrants
4.2.5 Competitive Rivalry
4.3. Ecosystem Analysis
4.4. Expert Opinion
5.5 Impact Analysis of Drivers and Restraint