Upcoming Growth Trends in the Feed Additives Market

The market for feed additives is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a CAGR of 6.1% during the forecast period. This is attributed to the growth in the feed production and technological innovations and the adoption of advanced animal husbandry practices. Moreover, the increase in the demand and consumption of livestock-based products and the rising focus on livestock growth and welfare, together with the emphasis on standardization of meat products, is driving the global demand for feed additives.

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Increase in demand for nutritional supplements for monogastric animals as an opportunity for the growth of feed additive market

As monogastric animals cannot synthesize vitamin B complex compounds within their body, as compared to ruminants, there is a considerable demand for vitamin and mineral supplements in this sector. Key players are establishing their market presence in the poultry and swine sectors due to the organized development of these sectors. These sectors are witnessing better growth in the developing markets of the Asia Pacific and South American regions. Globally, Asia Pacific ranked first in feed production in 2017, according to the Alltech Global Feed Survey results. China is a global leader in the compound feed market that witnessed an annual volume production of over 187 million tons in the year 2017, according to the 2018 Alltech Global Feed Survey results. Due to the increase in the demand for compound feed in these regions, there has been a considerable demand for additives in these developing markets.

Sustainability of feed and livestock chain posing a challenge to the feed additive market

The global feed addictive industry is focusing on improving feed efficiency by improving the feed conversion rates for all major livestock and farmed fish species. The feed and livestock industries can achieve sustainability by developing a harmonized environmental footprint methodology, based on life cycle analysis, involving the entire chain. The development of common metrics can also help to calculate a broader range of resource efficiency indicators. Efficient usage of feed ingredients can support the reduction of the environmental impact of livestock farming through resource-efficient feed production. Use of co-products from other processing industries can reduce the pressure on land-grown crops.

The Poultry Segment To Account for the Largest Share in the Feed Additives Market Through 2023

Rearers are mainly focusing on offering a balanced diet to the animals for their development and improved meat quality. With the increasing preference for specific meat and yolk color among consumers, rearers are increasingly utilizing a range of feed additives in poultry. Due to these factors, the poultry segment is projected to account for the largest market share, recording the fastest growth in the feed additives market during the forecast period.

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Asia Pacific To Be a Dominant Region in the Feed Additives Market During the Forecast Period

The rise in feed production has led to an increase in the number of feed mills in various countries of Asia Pacific. In addition, increasing inclination of consumers toward meat and poultry products, particularly in countries such as Japan and India, has encouraged rearers to use feed additives to cater to the rising demand for protein-rich diets of consumers. As the need for protein-rich food products persist, such as meat and poultry products, the demand for feed additives is projected to remain high in this region. Due to these factors, Asia Pacific is expected to lead the feed additives market during the forecast period.

Leading players operating in this market include DowDuPont (US), Evonik (Germany), Cargill (US), BASF (Germany), and Ajinomoto (Japan). Key players in the feed additives market are adopting strategies such as expansions & investments, acquisitions, and new product developments.

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