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Animal Feed Additives Market to Grow at a CAGR of 5.4% to Hit USD 49,874.8 Million by 2028 - Global Analysis by The Insight Partners
The growing population has led to increased use of livestock and related products that positively affect the animal feed additives market. The increased livestock production has led livestock producers to demand more animal feed with a variety of additives with respect to the particular livestock type. For instance, feed additives are used in poultry feed to promote animals' growth, yielding a better feed conversion ratio.
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The addition of additives has been highly beneficial in maintaining the health of animals and reducing costs in livestock production. Therefore, the demand for additives has been rising due to the increased utilization of additives for varied purposes.
Animal feed additives are the feed blends that ensure total nutrition for animals. Moreover, feed additives are medicinal and nutritional supplements added to the animal feed to prevent health issues.
The health issues may range from nutritional deficiencies, reproduction-related concerns, or metabolic problems among others. Adding feed additives minimizes the risk of infection, thereby enhancing the overall quality of products derived from animals.
A few major key players operating in the global animal feed additives market are Cargill, Incorporated; ADM; Evonik Industries AG; Land O'Lakes, Inc.; Nutreco N.V; Alltech; DuPont de Nemours, Inc.; DSM; Novozymes; and Kemin Industries Inc.
Impact of COVID-19 Pandemic on Animal Feed Additives Market
Feed manufacturers rely on additives to ensure maximum nutrition for animals for better immunity. Moreover, consumers worldwide have started focusing on healthy diets with large protein intake to strengthen immunity, which led to increased consumption of meat products and a surge in livestock production.
The effect of COVID-19 is expected to be beneficial over the forecast period as the surge in livestock production is eventually expected to benefit the animal feed additives market.
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