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Animal Feed Probiotics Market to Reach $6.07 Billion by 2029-Exclusive Report by Meticulous Research®
Animal Feed Probiotics Market
Probiotics are increasingly being added to commercial animal feed for livestock and poultry to alter gastrointestinal flora and improve animal health. The growing awareness among pet owners, cattle farmers, and hobbyists about the advantages of probiotics in improving animal health is expected to drive the growth of the animal feed probiotics market.
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The growing requirement for safe and nutritional animal feed has influenced manufacturers to improve their quality and safety while retaining cost-effectiveness. The use of probiotics in animal feed, especially in cattle feed, improves animal performance, digestion, and the immune system.
According to the International Feed Industry Federation (IFIF), the global annual compound feed production reached 1 billion tons. The large production of compound feed in developing countries and the significant use of feed ingredients, such as probiotics, in animal feed are expected to fuel the demand for probiotics in the animal feed market.
The animal feed probiotics market is segmented based on source (bacteria, yeast), animal type (poultry, ruminants, swine, aquaculture, pets, other animals), and form (liquid, dry). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Impact of COVID-19 on the Animal Feed Probiotics Market
The outbreak of the COVID-19 pandemic significantly impacted public health and the supply chain across various industries. Since the COVID-19 outbreak in December 2019, the disease has spread to almost 100 countries worldwide, with the World Health Organization declaring it a public health emergency. The COVID-19 pandemic significantly affected the animal feed probiotics market in 2020.
The global export of chicken, beef, and pork witnessed a significant decline due to the challenges posed by the outbreak of the COVID-19 pandemic. Furthermore, the U.S. government imposed curfews, resulting in many farmers resorting to panic-buying of animal feed to avoid potential shortages. Additionally, the transportation & logistics sector was significantly affected due to employees contracting COVID-19, which reduced deliveries and compelled farmers to stock their animal feed supplies.
In addition, truncated air freight capacity, port congestion, roadblocks, and logistic disruptions in Southeast Asia escalated as governments implemented strict measures to curb the spread of COVID-19. The consumption of fish, poultry, pork, and beef declined in Southeast Asian economies during the second quarter of 2020. Thus, the decline in fish consumption, poultry, pork, and beef reduced the market demand for animal feed probiotics.
Therefore, the adverse effects on the transportation & logistics industry and reduced production due to lockdowns worldwide negatively affected the animal feed probiotics market in terms of volume sales in 2020 and 2021.
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Key Findings in the Animal Feed Probiotics Market Study
Based on source, the yeast segment is expected to grow at a higher CAGR during the forecast period of 2022-2029. The growth of this segment is attributed to the stringent regulations on the use of antibiotics in animal feed in several European and North American countries. Furthermore, the use of yeast strain probiotics in animal feed improves fiber digestibility and animal performance, which increases milk and egg production.
Based on animal type, in 2022, the poultry segment is estimated to account for the largest share of the animal feed probiotics market. The large market share of this segment is mainly attributed to the increasing consumption of poultry meat and the growing demand for antibiotic-free poultry products. Furthermore, the high demand and production of poultry meat in developing countries increase the demand for probiotics to improve yield and safety, boosting the demand for probiotics in the poultry sector.
Based on form, the dry segment is expected to grow at a higher CAGR during the forecast period of 2022-2029. The dry form of probiotics is mainly preferred in animal feed applications due to ease of storage & transportation, low storage costs, and longer shelf life. Thus, the benefits offered by dry probiotics drive their demand in the market.
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Based on geography, in 2022, Asia-Pacific is expected to command the largest share of the animal feed probiotics market. Asia-Pacific's large market share is attributed to factors such as increased consumer awareness about various diseases, the large production of poultry and cattle meat in countries such as China and India, and the rising number of innovations in probiotic formulations. In addition, the growing demand for safe and nutritional animal feed and the stringent regulations on the use of antibiotics as feed supplements are expected to offer lucrative opportunities for key players operating in this market.
Key Players
The key players operating in the animal feed probiotics market include The Archer-Daniels-Midland Company (U.S.), Chr. Hansen Holding A/S (Denmark), Lallemand Inc. (Canada), Dupont de Nemours, Inc. (U.S.), Koninklijke DSM N.V. (Netherlands), Orffa International Holding B.V. (Netherlands), Novozymes A/S (Denmark), Kemin Industries (U.S.), and Provita Eurotech Ltd (U.K.).
Key questions answered in the report:
Which are the high-growth market segments in terms of source, animal type, form, and countries/regions?
What is the historical market for animal feed probiotics across the globe?
What are the market forecasts and estimates for the period 2022-2029?
What are the major drivers, restraints, and opportunities in the global animal feed probiotics market?
Who are the major players in the global market, and what shares of the market do they hold?
Who are the major players in various countries, and what shares of the market do they hold?
How is the competitive landscape?
What recent developments have taken place in the global animal feed probiotics market?
What are the different strategies adopted by the major players in this market?
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