Chicago, July 26, 2024 (GLOBE NEWSWIRE) -- The global feed additives market size is estimated 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. Feed additives are substances added to animal feed to enhance its nutritional value, improve animal health, and boost livestock productivity. These additives have gained significant importance in the global agricultural and livestock industry due to their ability to address various challenges faced by farmers and feed producers.
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Key Players in the Market
Drivers: Rise in awareness about feed quality
As consumers become more conscious of the quality and safety of animal-derived products, such as meat, milk, and eggs, there has been a growing demand for healthier and more sustainable livestock production practices. Owing to this, farmers and producers have become increasingly cognizant of the fact that the nutritional content and safety of animal feed directly impact the health, growth, and overall performance of their livestock. This rising awareness has spurred a growing demand for feed additives, as they are essential in enhancing the nutritional value of animal feed and ensuring its safety. Moreover, the occurrence of disease outbreaks in the livestock industry has further fueled this awareness. Outbreaks like avian influenza and swine fever have highlighted the immense importance of maintaining stringent feed quality standards to prevent the spread of diseases and safeguard animal health. As a result, farmers are now investing more in high-quality feed additives to bolster their animal nutrition programs, reduce disease risks, and optimize production efficiency.
Opportunities: Shift toward natural growth promoters
Natural growth promoters, such as probiotics, prebiotics, and botanical extracts, have gained immense traction as alternatives to traditional antibiotics and synthetic additives. These natural additives not only enhance animal health and performance but also mitigate the risk of antibiotic resistance and residual chemical residues in animal products. Consequently, the opportunities in the feed additives market have expanded significantly, driven by the rising demand for clean-label and organic animal products.
The adoption of natural growth promoters is poised to have a profound impact on the feed additives market. As consumers become increasingly conscious of the food they consume, the demand for products derived from animals raised with natural additives is on the rise. This shift is reshaping the dynamics of the market, with companies focusing on research and development to innovate and introduce new, bio-based additives. For instance, in February 2023, major players such as Evonik Industries AG (Germany) launched their first plant-based premix, PhytriCare IM to expand their market share. Furthermore, stringent regulations regarding the use of antibiotics in animal feed have bolstered the demand for natural alternatives. Consequently, stakeholders in the feed additives industry are not only presented with lucrative opportunities but are also compelled to adapt and invest in sustainable and eco-friendly solutions to meet the evolving preferences of the modern consumer.
By type, the preservatives segment is estimated to grow at the highest CAGR during the forecasted period
Preservatives are substances added to animal feed to inhibit microbial growth, prevent spoilage, and extend the shelf life of feed ingredients. They are primarily used to maintain the nutritional value of feed, ensuring that animals receive the required nutrients for optimal growth and health. Additionally, preservatives help safeguard feed from contamination and mold, reducing the risk of mycotoxin formation, which can be harmful to animals. The increasing demand for high-quality and safe animal nutrition is a key driver behind the significant growth of the preservatives sub-segment. As the global population continues to rise, there is a growing need for efficient livestock production to meet the demand for animal-derived products. This necessitates the use of feed additives, including preservatives, to maintain feed quality and protect animal health.
By livestock, the aquatic animals segment is anticipated to grow at a significant rate in the feed additives market
The global demand for seafood has been steadily increasing due to its nutritional benefits and rising consumer preferences for healthier diets. As a result, aquaculture, the farming of aquatic animals, has gained prominence as a means to meet this demand sustainably. To ensure the optimal growth and health of aquatic species in aquaculture settings, the use of feed additives has become essential. Feed additives tailored for aquatic animals are designed to improve feed efficiency, enhance growth rates, and bolster disease resistance. These additives play a crucial role in maintaining water quality and ensuring the well-being of aquatic livestock, ultimately contributing to higher yields and profitability for aquaculture farmers. Furthermore, environmental concerns and overfishing have prompted a shift from wild-caught to farmed seafood. As a result, aquaculture is becoming a vital source of fish and seafood production, leading to a higher consumption of feed additives in the industry.
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South America is estimated to grow at a significant CAGR in the global feed additives market
With the region's growing population and rising disposable incomes, there is an increasing appetite for meat consumption. To meet this demand, South American livestock producers are increasingly turning to feed additives to enhance animal growth, health, and overall productivity. Furthermore, South America has established itself as a major player in the global meat export market. Countries like Brazil and Argentina are among the world's largest meat exporters, particularly in beef and poultry. To maintain and expand their market share, these nations are investing in improving the quality and quantity of their meat production, thus driving the demand for feed additives. Furthermore, South America's vast agricultural landscape offers ample expansion opportunities. The region's favorable climate and abundant arable land make it conducive for the cultivation of feed crops and the rearing of livestock. As a result, there is a growing need for feed additives to optimize feed formulations and ensure the nutritional requirements of animals are met. This demand is further amplified by a shift towards more sustainable and environmentally friendly farming practices, where feed additives play a pivotal role in reducing the environmental footprint of livestock production.
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