Press release
Growth in Sales of Animal Feed Additives Market to be Largely Driven by Rising Consumer Adoption
Consumer understanding of the benefits of using feed additives to minimize disease prevalence has risen over the years. Protein building blocks are important for the health of livestock. With increased meat and seafood consumption, commercial farmers need high-quality, nutritionally rich feed for meat production, which is significantly contributing to the demand growth of animal feed additives.
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The aquaculture market is growing due to rising urbanization and increasing individual income, resulting in high consumption of protein-rich meats. Change in customer preference for seafood as a source of protein has boosted demand for unusual fish species, raising overall seafood demand, thereby driving the sales of animal feed additives.
Mergers, collaborations, expansion, and investments are taking place in this marketplace at a rapid pace. Some of the key market developments are:
In 2019, Archer Daniel Midland opened an advanced livestock feed facility in Hoa Mac, Vietnam. This facility will produce feed for swine, poultry, and rabbits. It will further strengthen the company's industrial and commercial coverage in the Vietnamese feed market and expand its business in the region.
In 2018, Koninklijke DSM N.V. set aside US$ 3 Mn to expand its nutrition business and maintain its profit growth with focus on cost control and operational excellence The company strategizes to expand its nutrition business owing to increased customer centricity for nutrition in both, animals and humans.
Key Takeaways from Market Study
The market in countries of South Asia & Latin America is expected to expand at CAGRs of 7.8% and 7%, respectively, through 2031.
North America and Europe dominate the global market of animal feed additives with the shares of 25.6% and 19.6%, respectively.
Powder form of animal feed additives is witnessing a prominent market value share at 57.9%, which will be equivalent to revenue around US$ 37 Bn by 2031.
Poultry to hold 44.8% market value share and reach a market value around US$ 29.5 Bn by 2031.
The U.S. and China hold significant shares for animal feed additives in North America and East Asia, respectively.
With the unprecedented outbreak of COVID-19, sales of meat, poultry, and fish witnessed a sharp decline in 2020. Disruptions in the supply chain and global lockdowns further stagnated market growth.
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Competitive Landscape
Animal feed additives manufacturers are focusing on increasing their application by investing in research & development to develop new products. Manufacturers of animal feed additives are expected to continue coming up with numerous innovations to expand their product range.
In 2019, Archer Daniel Midland expanded its research & development capabilities with the opening of a new animal nutrition technology center in Decatur, U.S., to serve the needs of the broad animal nutrition market. This new technology center will put efforts toward improvement of ingredients and nutritional solutions for pet food, pet treats, and aquaculture feed.
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