Categories: Oil & Gas

Animal Feed Additives Market 2024-2033

The Feed Additives by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Feed Additives, The feed additives market size has grown strongly in recent years. It will grow from $18.65 billion in 2023 to $20.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to livestock production growth, disease prevention, efficiency in feed conversion, nutritional requirements, rising meat consumption..

The feed additives market size is expected to see strong growth in the next few years. It will grow to $26.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to focus on animal welfare, sustainable and organic farming practices, precision livestock farming, regulatory changes, global population growth.. Major trends in the forecast period include technological advancements in feed additive production, nutrigenomics in feed formulation, strategic partnerships and collaborations, regulatory compliance and transparency, digitalization and precision livestock farming..

The growing meat and dairy products are expected to propel the growth of the feed additives market going forward. Meat, which is defined as the flesh of animals (including fish and birds) that is consumed as food and can be a part of a healthy diet, and dairy products include milk and any milk-based foods such as butter, cheese, ice cream, etc. Feed additives are products that are added to animal feed to help meet the animals’ nutritional needs. It encourages the production of meat and dairy products in order to improve the quality of animal feed and food. For instance, in May 2022, according to a report published by Government of Canada official website, Canadian consumers’ per capita meat consumption was Can$601.1 in 2021, up from Can$523.9 in 2017, and is expected to rise to Can$723.1 by 2026. Therefore, growing meat and dairy products are driving the growth of the feed additives market.

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The feed additives market covered in this report is segmented –

1) By Product Type: Amino Acids, Phosphates, Vitamins, Acidifiers, Carotenoids, Enzymes, Mycotoxin Detoxifiers, Flavors And Sweeteners, Antibiotics, Other Products

2) By Livestock: Poultry, Ruminants, Swine, Aquatic Animals, Other livestocks

3) By On Source Type: Synthetic, Natural

4) By Form: Liquid, Dry

Major companies operating in feed additives are focused on developing innovative products to strengthen their position in the market. For instance, in February 2021, Kemin Industries Inc., a US-based manufacturer of specialty ingredients for several industries, including human/animal health and nutrition, pet food, aquaculture, launched KemTRACE Chromium-OR, a water-soluble, highly bioavailable, organic-compliant chromium propionate feed ingredient for use in swine, cattle, broiler, and horse diets. It helps in improving the maintenance, reproduction, growth, and immunity of swine, cattle, broilers, and horses. Additionally, it improves glucose utilization and reduces the negative impacts of stress for increased cellular energy and function in animals.

The feed additives market report table of contents includes: