Feed Additives Market is projected to grow to US$29.129 billion at a CAGR of 4.98% over the forecast period. Feed additive is incorporated into animal feed to enhance the nutritional level of the feed. It is used to improve the quality and property of animal feed in order to augment features like palatability preservation, digestive performance, and others. Global feed additive market is largely driven by rising consumption of meat due to the mounting concern over the quality of the meat products. Increasing livestock population coupled with a shift of the livestock industry from unorganized sector to an organized one further propels the feed additive market growth. Moreover, a sudden upsurge of animal diseases results in concern over animal’s health while boosting the feed additive market. However, strict government regulations and rising raw material cost are hampering the market growth. The ban on antibiotics in the US and Europe for animal feed further restrains the market growth.
Geographically, Asia Pacific region is expected to drive the global feed additive market due to rising demand for animal meat protein, especially in China. There has been a remarkable increase in the consumption of animal products in China owing to its increasing per capita income. Moreover, adoption and implementation of innovative animal husbandry practices in this region are expected to boost the feed additives demand in the region.
Thirdly, Feed Additives Market has been segmented on the basis of product, livestock, and geography as follows
- By Product Type
- Amino Acid
- By Livestock
- Aquatic Animals
- By Geography
- United States
- Europe Middle East and Africa
- United Kingdom
- Asia Pacific
- South Korea
Finally, competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players profiled as part of this section are Cargill Incorporated, BASF SE, Novozymes, Adisseo France SAS, Nutreco, Chr. Hansen, Evonik Industries, Archer Daniels Midland Company, Alltech Inc. and Elanco Animal Health.