Feed Additives Market Trends
Feed additives are substances added to animal feed to enhance its nutritional value, improve animal health, and boost overall performance. These additives can include vitamins, minerals, amino acids, enzymes, probiotics, prebiotics, antioxidants, and other compounds. The global feed additives market size is estimated to be valued at USD 42.2 billion in 2023 and is projected to reach USD 55.8 billion by 2028, at a CAGR of 5.8% from 2023 to 2028.
Key factors driving the growth of the feed additives market include:
Rising Demand for Animal Protein: As global populations continue to grow, there is an increasing demand for animal protein, driving the need for efficient and sustainable animal farming practices.
Livestock Health and Performance: Feed additives play a crucial role in improving the health and performance of livestock. They help optimize growth rates, feed efficiency, and overall production.
Disease Prevention: Some feed additives are used to prevent and control diseases among animals, reducing the need for antibiotics and supporting overall animal welfare.
Government Regulations: Stringent regulations regarding the use of certain additives, especially antibiotics, have led to increased demand for alternative and more sustainable feed additives.
Technological Advancements: Ongoing research and development in the field of animal nutrition have led to the introduction of new and innovative feed additives designed to address specific nutritional needs and challenges.
Consumer Awareness: Growing consumer awareness and concerns about the quality of animal products, as well as the environmental impact of livestock farming, have contributed to the demand for feed additives that promote sustainable and ethical practices.
Role of Feed Additives in Animal Nutrition:
Feed additives are substances added to animal feeds to enhance the quality and nutritional content of the feed, improve the performance and health of animals, and sometimes to meet specific production goals. These additives can include a wide range of substances, such as vitamins, minerals, amino acids, enzymes, antioxidants, probiotics, prebiotics, and other bioactive compounds.
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Major brands described:
Cargill, Incorporated (US), ADM (US), International Flavors & Fragrances, Inc. (US), Evonik Industries AG (Germany), BASF SE (Germany), DSM (Netherlands), Ajinomoto (Japan), Novozymes (Denmark), CHR. HANSEN (Denmark), and TEGASA (Spain) are among the key players in the global feed additives market. To increase their company's revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the feed additives market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.