What Will The Feed Additives Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s feed additives market report forecasts the feed additives market size to grow to $25.83 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.
Learn More On The Feed Additives Market Report 2023 – https://www.thebusinessresearchcompany.com/report/feed-additives-global-market-report
Feed Additives Market Size Forecast
The global feed additives market is expected to grow from $18.28 billion in 2022 to $19.88 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global feed additives market size is expected to reach $25.83 billion in 2027 at a CAGR of 6.8%.
Asia-Pacific held the largest feed additives market share.
Key Feed Additives Market Driver – Growth In Meat And Dairy Products
According to a report published on the official website of the Government of Canada in May 2022, Canadian consumers’ per capita meat consumption was Can$601.1 in 2021, up from Can$523.9 in 2017, and is anticipated to climb to Can$723.1 by 2026. As a result, rising demand for meat and dairy products is propelling the feed additives market forward.
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Key Feed Additives Market Trend – Developing Innovative Solutions
Major feed additives firms are focusing on finding innovative solutions to increase their market position. For example, Kemin Industries Inc., a US-based manufacturer of specialty ingredients for a variety of industries such as human/animal health and nutrition, pet food and aquaculture, launched KemTRACE Chromium-OR in February 2021, a water-soluble, highly bioavailable, organic-compliant chromium propionate feed ingredient for use in swine, cattle, broiler and horse diets. It aids in the upkeep, reproduction, growth, and immunity of pigs, cattle, broilers, and horses. Furthermore, it enhances glucose utilisation and lowers the detrimental effects of stress in animals, resulting in greater cellular energy and function.
Feed Additives Market Segment
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 livestock
3) By On Source Type: Synthetic, Natural
4) By Form: Liquid, Dry
Feed Additives Market Major Players and Strategies
Major players in the feed additives market are Cargill Incorporated, Archer Daniels Midland (ADM) Company, DuPont de Nemours Inc., Evonik Industries AG, BASF SE, Koninklijke DSM N.V., Novozymes A/S, Chr. Hansen A/S, Nutreco N.V., Kemin Industries Inc., Alltech, Ajinomoto Co.Inc., Adisseo Co, Tegasa, Palital Feed Additives B.V., and Solvay S.A.
Cargill Incorporated, a US-based agribusiness and animal nutrition company, bought Delacon Biotechnik Ges.m.b.H. in June 2022 for an unknown sum. Cargill Incorporated hopes to broaden its portfolio with extensive experience in feed additives, a global footprint, and aid in the manufacture of more nutritious food, which will improve livestock and aquaculture performance and increase animal health, through this acquisition. Delacon Biotechnik Ges.m.b.H. is a feed additive firm established in Austria.
The Feed Additives Global Market Report 2023 covers regional data on feed additives market size, feed additives market trends and drivers, opportunities, strategies, and feed additives market competitor analysis. The countries covered in the feed additives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Feed additives are animal nutrition items that are used to increase the quality of animal food as well as the performance and health of the animals. A variety of chemicals, substances, or organisms are used in feed additives to improve nutritional ingestion, absorption, and assimilation.
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