Subjects: PET, MRR

Animal Feed Additives Market to Reach $43,697.5 Million Globally, by 2032 at 6.7% CAGR: Allied Market Research

Key factors driving the growth of the animal feed additives market include increase in demand for meat and dairy products, focus on animal health and welfare, and Government regulations. Moreover, growing awareness of nutrition among consumers and producers has surged the demand for animal feed additives significantly

PORTLAND, Ore., March 21, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Animal Feed Additives Market by Additive Type (Amino Acids, Antioxidants, Feed Enzymes, Feed Acidifiers, Vitamins, Minerals, Binders, Antibiotics, Others (Sweeteners and Flavors)), Livestock (Swine, Ruminants, Poultry, Aquatic Animals, Others), Form (Dry, Liquid, Others), and Function (Single Function, Multifunction): Global Opportunity Analysis And Industry Forecast, 2023-2032". The global animal feed additives market size was valued at $22,914.3 million in 2022, and is projected to reach $43,697.5 million by 2032, growing at a CAGR of 6.7% from 2023 to 2032. 

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Prime determinants of growth

The growth of the animal feed additives market is primarily driven by several key determinants that contribute to the increasing demand for these products globally. Firstly, the rising demand for high-quality animal protein products, driven by population growth, urbanization, and changing dietary preferences, fuels the need for enhancing livestock health and productivity. Animal feed additives play a crucial role in improving feed efficiency, enhancing nutrient absorption, and promoting animal growth, thereby meeting the growing demand for nutritious and safe meat, dairy, and poultry products.

Moreover, stringent regulations and guidelines promoting the reduction of antibiotic use in animal feed to mitigate antimicrobial resistance drive the adoption of alternative feed additives, such as probiotics, enzymes, organic acids, and phytogenics. As consumers become increasingly conscious of food safety and animal welfare, there is a growing preference for natural and sustainable feed additives that support healthy livestock growth without compromising on product quality. Moreover, advancements in feed technology and research innovation contribute to the development of novel feed additives with enhanced efficacy, safety, and environmental sustainability, further stimulating market growth. Overall, the convergence of these factors fosters a favorable environment for the expansion of the animal feed additives market, with continued emphasis on innovation, regulatory compliance, and consumer-driven demand shaping the industry landscape.

Report coverage & details:

The amino acids segment to maintain its leadership status during the forecast period

By additive type, the amino acids segment held the highest market share in 2022, accounting for nearly one-fourth of the global animal feed additives market revenue, and is estimated to maintain its leadership status during the forecast period. However, the antioxidants segment is projected to manifest a significant CAGR of 8.7% from 2023 to 2032.

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The poultry segment to maintain its leadership status during the forecast period

By livestock, the poultry segment held the highest market share in 2022, accounting for nearly half of the global animal feed additives market revenue, and is estimated to maintain its leadership status during the forecast period. Additionally, the others segment is projected to manifest the highest CAGR of 10.9% from 2023 to 2032.

The liquid segment to maintain its leadership status during the forecast period

By form, the liquid segment held the highest market share in 2022, accounting for more than half of the global animal feed additives market revenue, and is estimated to maintain its leadership status during the forecast period. Additionally, the others segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032.

The multifunction segment to maintain its leadership status during the forecast period

By function, the multifunction segment held the highest market share in 2022, accounting for nearly three-fourths of the global animal feed additives market revenue, and is estimated to maintain its leadership status during the forecast period. Additionally, the single function segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032.

Asia-Pacific to maintain its dominance by 2032

By region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global animal feed additives market revenue. In addition, the Middle East and Africa region is also expected to witness the fastest CAGR of 8.2% from 2023 to 2032 and is likely to dominate the market during the forecast period.

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Leading Market Players: -

• BASF SE
• Cargill, Inc.
• Archer Daniels Midland Company
• Evonik Industries AG
• Nutreco N.V.
• Addcon Group
• Aliphos Belgium S.A.
• Kemin Industries Inc.
• Koninklijke DSM N.V.
• Phibro Animal Health Corporation

The report provides a detailed analysis of these key players in the global animal feed additives market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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News published on 21 march 2024 at 10:01 and distributed by: