Animal Feed Additives Market Set for Rapid Growth and Trend, by 2029
Animal Feed Additives Market: Introduction
The latest market report published by Transparency Market Research on the animal feed additives market includes global industry analysis and opportunity assessment for 2019-2029. Revenue generated from the global animal feed additives market was estimated to be valued at ~US$ 15 Mn in 2019, which is projected to rise at a CAGR of ~2%, to reach ~US$ 18 Bn by 2029.
The prime focus of animal nutrition industry is efficiency, while the world is moving toward safe food production and sustainability. Animal nutrition manufacturers are aiming to develop feed industry solutions, which promote highest level of biosecurity and feed safety management, while decreasing the environmental impacts of livestock and feed production. Production of gut-friendly ingredients and additives in animal feed is gaining prominence among manufacturers.
Rising Consumer Demand for High Quality Food Products Creates Space for Animal Feed Additives
The demand for animal feed additives has been increasing consistently, a feat that can be accredited to the escalating consumption of poultry and meat food products worldwide. Animal feed additives play a vital role in safeguarding the health and quality of source livestock. Improving animal feed with various nutrients can help to improve weight gain and digestion in animals, in addition to preventing the occurrence of diseases. Animal-based food, including fish, beef, pork, and eggs are part of everyday meal of consumers in several regions across the world. Thus, it has become extremely crucial for manufacturers to guarantee the wellbeing of their animals and livestock, exhibiting a considerable demand for nutritional feed products. Hence, there is potential for increase in adoption of animal feed additives over the years to come.
Increasing Prevalence of Food-borne and Zoonotic Diseases to Fuel Demand
Fear of zoonotic and food-borne diseases such as various types of avian flus is expected to fuel demand for feed additives over the forecast period. The European Food Safety Authority (EFSA) estimates that 320,000 cases of food-borne and zoonotic diseases occur each year in EU countries. Furthermore, in the EU, 220,200 people were reportedly infected with campylobacteriosis (a zoonotic disease, which is a result of the consumption of infected broiler meat) in 2012. These factors are fueling consumer demand for adequate gut-friendly additives such as probiotics, amino acids and phytogenic nutrients, in view of keeping animals healthy the natural way. Asia Pacific and the Middle East are particularly expected to exhibit rising demand for additives over the forecast period due to frequent viral disease outbreaks in these regions.
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Price Volatility Might Act as Barrier to Growth
Price instability and volatility in supply of raw materials for animal feed additives are the prime concerns among manufacturers, as both feed and feed additives are supplied on a contractual basis. These contracts are subject to unsystematic risks such as climatic fluctuations, interest rate volatility, and geo-political tensions. These factors may hamper the growth of the animal feed additives market. However, collaborative production and strategic relationship building across the width of the value chain could result in substantial cost savings for manufacturers.
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