The global animal feed and feed additives market is progressing at a CAGR of 4.1% from 2018 to 2026, according to a research report released by leading market intelligence provider, Transparency Market Research. This market was valued at US$17.5 bn in 2018 and is expected to reach US$24.1 bn by the end of 2026. The above data feature in a new TMR research report, titled “Animal Feed and Feed Additives Market – Global Industry Size, Market Share, Trends, Analysis, and Forecast 2018 – 2026.” The report takes into consideration the various drivers, restraints, and growth opportunities for players as well as investors.
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Soaring Meat Consumption to Hold Direct Impact on Demand for Animal Feed and Feed Additives
The growing scope of animal husbandry has allowed a greater range of products and players to enter the global animal feed and feed additives market over the recent past. Feed additives provide the different nutritional and protective functions necessary to maintain the healthy growth of the animal while warding off risks of diseases and infections. Other functions of animal feed include enhancing weigh gain, improve digestion, and act as a nutritive supplement for any vitamin deficiencies. Feed additives have slowly but surely become an inseparable part of the animal diet on the farms and dairies.
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The greatest driver of the global animal feed and feed additives market, as experienced over the past few years, is the rapidly increasing rate of meat consumption. With the higher demand for raising animals, the global animal feed and feed additives market takes a significant push towards more profitable avenues.
Animal Feed and Feed Additives Market in Developing Economies to See Notable Growth
The rate of meat consumption has especially increased in the emerging economies of India, Brazil, and China. These three nations accounted for nearly 23% of the total meat consumption in 2018. By 2026, their collective share is expected to reach 39%. This is a major increase in proportion, which is leading many players from the global animal feed and feed additives market to focus on these nations and similar others.
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North America was leading the global animal feed and feed additives market’s segment of amino acids in 2018. This region held a share of 29.9% in the amino acids segment in that year. Within the Asia Pacific region, China held 49.5% of amino acid animal feed additives in the same year, followed by Japan.
Asia Pacific is expected to lead the global animal feed and feed additives market in terms of growth rate as well as market share by 2026, suggest the authors of the report. In terms of market share, Asia Pacific accounted for 32.4% of the global animal feed and feed additives market in 2018, a share percentage that was closely followed by Europe. Europe is the second fastest growing region in the global animal feed and feed additives market.
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For the given forecast period, the Asia Pacific animal feed and feed additives market is expected to progress at a 4.0% CAGR within the given forecast period.
The key players in the global animal feed and feed additives market, as described in the report, include DSM, Novozymes, Kemin Industries, Evonik Industries AG, Danisco A/S, Chr. Hansen, BASF SE, and Addcon Group GmbH. Most of these global players hold a high rate of trust among their diverse client groups and are highly preferred, especially in developed economies.