Press release
Why Animal Nutrition Chemicals Industry is Witnessing Phenomenal Forges Ahead?
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The global animal nutrition chemicals market size was valued at $10,289 million in 2017, and is projected to reach $15,335 million by 2024, registering a CAGR of 5.9% from 2018 to 2024. In 2017, the amino acid segment accounted for one-fourth share of the global market in terms of value.
Analysis of the major players operating in the global animal nutrition chemicals market
•Tata Chemicals Ltd
•S.p.A.
•Cargill Inc.
•Evonik Industries AG
•BASF SE
•CHURCH & DWIGHT CO. INC
•Novozymes
•Koninklijke DSM NV
•BalChem
•Kemin Industries
•SHV N.V.
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In addition, factors such as rapid industrialization of livestock farming, increase in health problems among animals, and rise in pet health care centers and veterinaries fuel the growth of the animal nutrition chemicals market. However, high cost of these products, availability of substandard products and cheap alternatives adversely affect the market growth. Furthermore, faster growth of animal meat and higher demand for meat across the world is anticipated to provide high return on investment. This factor leads to the increase in number of animal farmers and modern animal husbandries, which is anticipated to provide future market growth opportunity.
In terms of value, Asia-Pacific and LAMEA collectively contributed more than 55% share in the global market in 2017.
Analyst Says,
"The global animal nutrition chemicals market growth is primarily driven by growth in animal-based products consumption. High nutrition and high protein food products such as meat, eggs, and milk are consumed by mankind on a large scale. Animal nutrition chemicals not only help to improve meat quality, feed efficiency of animals but it also helps to provide nutrition to animals through their dietary supplements resulting in adequate fertility and healthy newborns, which propel the demand for animal nutrition chemicals for livestock‐™s production. In addition to meeting leather and clothing industries demand breeders provide nutrition chemicals to animals for better quality skin and fur output affecting the market positively."
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