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Animal Nutrition Chemicals Market Share Value to be $15,335 Million by 2024 - Strategic Analysis of Leading Industry Players Suc as Tata Chemicals Ltd., S.p.A.,Cargill Inc., Evonik Industries AG and BASF SE
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Animal nutrition chemicals are dietary supplements that help boost the animal's health. These products are mainly used to improve the immune system of the animal. It also helps in livestock production, pet healthcare, and animal nutrition. The products manufactured by the animal nutrition chemicals market are carotenoids, organic acids, enzymes, vacuum salts, and vitamins. Growth in consumption and industrialization of animal-based products support the growth of the animal nutrition chemicals industry.
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 an increase in number of animal farmers and modern animal husbandries, which is anticipated to provide a future market growth opportunity.
In terms of value, Asia-Pacific and LAMEA collectively contributed more than 55% share in the global market in 2017.
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