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Cattle Feed & Feed Additives Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Cattle Feed & Feed Additives Market Rising Trends
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According to The Business Research Company's, The cattle feed & feed additives market size has grown strongly in recent years. It will grow from $60.98 billion in 2023 to $64.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to population growth, income levels, urbanization, disease outbreaks.
The cattle feed & feed additives market size is expected to see strong growth in the next few years. It will grow to $80.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to sustainable practices, health and wellness trends, global trade policies, climate change concerns. Major trends in the forecast period include innovations in feed additives, alternative protein sources, digitalization in agriculture, consumer demand for transparency.
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Market Drivers and Trends:
The growing livestock and animal husbandry industry is expected to propel the growth of the cattle feed and feed additives market going forward. Livestock refers to cattle, sheep, horses, goats, and other domestic animals ordinarily rose on a farm. Cattle feed and feed additives are used on farms for raising livestock and animals, which helps to add nutrients to their food and aids their faster growth. For instance, according to data by Eurostat, a Luxemburg-based Directorate-General of the European Commission, in the 2021 political and economic union of 27 European nations, the livestock population of Europe is valued at 297 million, which is 146 million pigs, 76 million bovine animals, and 75 million sheep and goats. Therefore, the growing livestock and animal husbandry are driving the growth of the cattle feed and feed additives market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Bluestar AdisseoCompany, The Archer Daniels Midland company, BASF SE, Biomin Pte Ltd., Cargill Inc., DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM N. V., Solvay SA, Ajinomoto Co. Inc., Novozymes A/S, Chr. Hansen A/S, Nutreco N. V., Kemin Industries Inc., Alltech, Land O'Lakes Inc., Provimi, EWOS Group, Nestlé Purina PetCare Company, ForFarmers NV, Tyson Foods Inc., Wens Foodstuff Group, BRF S. A., Cactus Feeders Inc., The Kent Nutrition Group, Ridley Corporation Limited, JBS Holdings Inc., The Mosaic Company, Nutriad International NV, Phibro Animal Health Corporation, Perdue Farms, Sanderson Farms, Smithfield Foods Inc., Southern States Cooperative, The Scoular Company, Viterra Inc., Wilbur-Ellis Company Inc., Zoetis Inc.
Cattle Feed & Feed Additives Market 2024 Key Insights:
• The cattle feed & feed additives market size is expected to see strong growth in the next few years. It will grow to $80.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growing Livestock And Animal Husbandry Industry Driving The Cattle Feed And Feed Additives Market
• Technological Advancements In Cattle Feed And Feed Additives Market
• Asia-Pacific was the largest region in the cattle feed and feed additive market in 2023
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