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Probiotics in Animal Feed Market 2024: Growth Insights and Key Trends
Probiotics in Animal Feed Market 2024
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According to The Business Research Company's, The probiotics in animal feed market size has grown strongly in recent years. It will grow from $4.67 billion in 2023 to $5.09 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to antibiotic reduction in animal agriculture, increased pet population, increased pressure on feed productivity and high demand for faster feed conversion rate, improving animal health and decreasing antibiotic usage in animal feed, increased disease prevalence.
The probiotics in animal feed market size is expected to see strong growth in the next few years. It will grow to $7.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to livestock production intensification, shift towards natural and organic farming, increasing demand for animal protein due to the growing global population, ncreasing industrialized livestock production, growing awareness among farmers and animal nutritionists . Major trends in the forecast period include developing special products for particular animal health needs, microencapsulation and other cutting-edge technologies, research and innovation, customized probiotic solutions, expansion into aquaculture.
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Market Drivers and Trends:
The growing demand for eggs and poultry meat contributes to the growth of probiotics in the animal feed market. The demand for eggs and poultry meat is increasing because of the rise in population, greater purchasing power, and urbanization. Moreover, increasing awareness about the nutrients and protein from eggs and meat are contributing towards their demand. Probiotics are used as an additive in the poultry feed, which keeps the poultry farm animals disease-free and boosts their immunity to produce more eggs and meat. For instance, in April 2023, the United States Department of Agriculture, a US-based government agency, in 2022, the total value of egg production in the United States was $19.4 billion, a 122% increase from $8.71 billion in 2021. The overall number of eggs produced was 110 billion, a decrease from the previous year. Thus, increased demand for eggs and poultry meat is expected to boost the demand for probiotics in the animal feed during the forecast period.
Partnerships and collaborations is a key trend gaining popularity in the probiotics in the animal feed market. The companies operating in the probiotics in the animal feed market are focusing on establishing partnership with relevant technology companies to expand their product development activities and enhance their market reach. For instance, in January 2023, Evonik, a German specialty chemicals company, partnered with Dr. Eckel Animal Nutrition, a German-based animal feed manufacturer. The collaboration will see Evonik expand its animal nutrition gut health portfolio, which presently includes several probiotics targeted at laying hens, to include the phytogenics product class.
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Major Key Players of the Market:
Chr. Hansen Holding A/S, Royal DSM N.V., E. I. du Pont de Nemours and Company, Evonik Industries AG, Land O'Lakes Inc., Alltech Inc., Adisseo France SAS, Lallemand Inc., Archer-Daniels-Midland Company (ADM), Orffa Additives B.V., Provita Eurotech Ltd., Calpis Co. Ltd., Danisco A/S, Lesaffre, Novozymes A/S, Ohly GmbH, Kemin Industries Inc., Biomin Holding GmbH, Novus International Inc., Cargill Incorporated, BASF SE, Nutreco N.V., Yakult Honsha Co. Ltd., Novartis International AG, Bayer Aktiengesellschaft, Boehringer Ingelheim International GmbH, Merck & Co. Inc., Zoetis Inc., Elanco Animal Health Incorporated
Probiotics In Animal Feed Market 2024 Key Insights:
• The probiotics in animal feed market size is expected to see strong growth in the next few years. It will grow to $7.25 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• The Role Of Probiotics In Meeting The Growing Demand For Eggs And Poultry Meat
• Strategic Partnerships And Collaborations Driving Growth In The Probiotics In Animal Feed Market
• Asia-Pacific was the largest region in the probiotics in animal feed market in 2023
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