MarketsandMarkets™The market for feed additives is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a CAGR of 6.1%
The feed additives market is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a CAGR of 6.1% during the forecast period. This is attributed to the growth in the feed production and technological innovations and the adoption of advanced animal husbandry practices. Moreover, the increase in the demand and consumption of livestock-based products and the rising focus on livestock growth and welfare, together with the emphasis on standardization of meat products, is driving the global demand for feed additives.
Increase in demand and consumption of livestock-based products driving the feed additives market
Increase in demand and consumption of livestock-based products such as dairy & dairy-based products, meat, and eggs is expected to drive the usage of feed additives in feed for the growth and development of farm animals. According to FAO data, it has been stated that the global meat production is projected to be 16% higher by 2025. Poultry meat is the primary driver for the growth of the overall meat production, owing to its high demand, low production cost, and lower product prices, both in developed and developing countries. According to FAO statistics, it has been stated that the production of poultry meat reached 120.5 million tonnes in 2017, whereas swine meat recorded 118.7 million tonnes, bovine meat recorded 70.8 million tonnes, and ovine meat recorded 14.9 million tonnes. Furthermore, owing to the increasing awareness about the role and dynamics of food nutrients, especially protein, on overall physical and mental growth and development, there is a growing trend toward animal-sourced protein in the form of either meat, eggs, or milk.
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Increase in demand for nutritional supplements for monogastric animals as an opportunity for the growth of feed additive market
As monogastric animals cannot synthesize vitamin B complex compounds within their body, as compared to ruminants, there is a considerable demand for vitamin and mineral supplements in this sector. Key players are establishing their market presence in the poultry and swine sectors due to the organized development of these sectors. These sectors are witnessing better growth in the developing markets of the Asia Pacific and South American regions. Globally, Asia Pacific ranked first in feed production in 2017, according to the Alltech Global Feed Survey results. China is a global leader in the compound feed market that witnessed an annual volume production of over 187 million tons in the year 2017, according to the 2018 Alltech Global Feed Survey results. Due to the increase in the demand for compound feed in these regions, there has been a considerable demand for additives in these developing markets.
By type, the mineral segment is projected to account for the largest market share during the forecast period, by volume
Based on type, the feed additives market is estimated to be dominated by the mineral segment, in 2018, by volume. Minerals are essential for sustaining and improving the health of the livestock. They increase the feed intake of livestock, help in increasing production, and enhance the composition of milk. The requirement of minerals in livestock is dependent on various factors such as the age of the livestock, stage of production, and the forage mineral content. Hence, a proper understanding of the need for minerals is required to feed the right quantity of minerals to the livestock.
The dry segment is projected to witness a faster growth in the feed additives market during the forecast period
Based on form, the dry form segment is projected to be the faster-growing segment during the forecast period. The dry form has a higher demand among livestock producers, as they are easy to mix with the feed and are easy to store and handle. The mash form is more economical as compared to pellet feed. The pellet form is a modification of the mash form, which is formed by mechanically pressing the mash into hard, dry pellets; resulting in decreased feed wastage and increased nutrient digestibility.
Asia Pacific To Be a Dominant Region in the Feed Additives Market During the Forecast Period
The rise in feed production has led to an increase in the number of feed mills in various countries of Asia Pacific. In addition, increasing inclination of consumers toward meat and poultry products, particularly in countries such as Japan and India, has encouraged rearers to use feed additives to cater to the rising demand for protein-rich diets of consumers. As the need for protein-rich food products persist, such as meat and poultry products, the demand for feed additives is projected to remain high in this region. Due to these factors, Asia Pacific is expected to lead the feed additives market during the forecast period.
Leading players operating in this market include DowDuPont (US), Evonik (Germany), Cargill (US), BASF (Germany), and Ajinomoto (Japan). Key players in the feed additives market are adopting strategies such as expansions & investments, acquisitions, and new product developments.
A shift in the preferences of consumers toward protein-rich diets has encouraged rearers to opt for feed additives, leading to food safety. The use of feed additives also remains high among rearers as they help in preventing various diseases, including foodborne illnesses. To retain their position in the competitive market, key players are focusing on utilizing biotechnology solutions to offer effective feed additives. On the whole, the feed additives market growth is projected to remain high during the forecast period.
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