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Animal Nutrition Chemicals Market Size, Share, Analysis, Industry report and Forecast 2018 - 2024
Animal Nutrition Chemicals Market
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.
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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.
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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The report segments the market based on product type, species, application, and region. Based on product type, the market is divided into amino acid, vitamin, mineral, enzyme, fish oil and lipid, carotenoid, eubiotics and others. By species, it is classified into poultry, swine, ruminants, pets and others. In terms of application, it is divided into animal feed manufacturers, farms, households, veterinarians and others. Geographical breakdown of the market includes North America, Europe, Asia-Pacific, and LAMEA.
The demand for animal nutrition chemicals in Asia-Pacific is expected to rise, owing to growth in population rate, advancement in technology, and stable economic growth. The Chinese and Indian customers widely accept animal nutrition chemicals, owing to the high number of animal and livestock population in these countries. Rising animal health issues, high demand of meat, and rise in number pets are primary factors that drive the animal nutrition chemicals market growth in Japan.
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In terms of value, Asia-Pacific and LAMEA collectively contributed more than 55% share in the global market in 2017. Some of the major players operating in the global animal nutrition chemicals market are Tata chemicals Ltd, S.p.A., Cargill, Inc., Evonik Industries AG, BASF SE, CHURCH & DWIGHT CO. INC, Novozymes, Koninklijke DSM NV, BalChem, Kemin Industries, and SHV N.V.
Key Findings of the Animal Nutrition Chemicals Market:
By product type, the amino acid segment was the highest contributor to the market in 2017, and is projected to grow at a CAGR of 5.2%.
By species, the poultry segment was the highest contributor to the market and is expected to grow at the CAGR of 5.7% from 2018 to 2024.
The pet and poultry segments are expected to witness growth at a CAGR of 7.8% and 5.7% respectively, during the forecast period.
By application, the animal food manufacturers segment was the highest contributor to the market and is expected to grow at the CAGR of 6% during the forecast period.
By region, Asia-Pacific accounted for more than one-third of the share in the global animal nutrition chemicals market in 2017 and is projected to grow at a significant CAGR of 6.5%.
In 2017, China accounted for the highest market share accounting approximately for 51.7% in Asia-Pacific.
In application segment, the households sub-segment is expected to witness growth at a CAGR of 7.4%
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