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Animal Feed Additives Market Expected to Reach $43.7 Billion by 2032—Allied Market Research

 
2022
Animal Feed Additives Market

Report Code : A00131

quote Key factors driving the growth of the animal feed additives market include increasing demand for meat and dairy products, focus on animal health and welfare, and Government regulations. quote

Roshan Deshmukh - Manager
Food and Beverages at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Animal Feed Additives Market," The animal feed additives market size was valued at $22.9 billion in 2022, and is estimated to reach $43.7 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032.

The animal feed additives market is experiencing significant growth driven by several key factors. Firstly, the rising demand for meat and dairy products, fueled by population growth and increasing disposable incomes, is propelling the need for feed additives to enhance livestock productivity. Additionally, the focus on animal health and welfare is leading to the adoption of additives that promote immunity, digestion, and overall well-being, aligning with consumer preferences for ethically produced food. Moreover, stringent government regulations aimed at ensuring food safety and reducing antibiotic use in livestock farming are reshaping the Animal Feed Additives Market Demand.

Furthermore, technological advancements in biotechnology and feed formulation are facilitating the development of innovative feed additives with enhanced efficacy, supporting the industry's growth trajectory. The expansion of the aquaculture sector and the rising prevalence of livestock diseases are also contributing to increased demand for specialized additives targeting specific nutritional needs and disease prevention. However, despite the promising growth prospects, the industry faces several challenges, including fluctuating raw material prices, regulatory complexities, and consumer skepticism towards synthetic additives.

Nevertheless, these challenges also present business opportunities for companies to innovate and differentiate their products, particularly in the areas of natural and organic additives, sustainable sourcing practices, and digital technologies for precision feeding. Additionally, the growing emphasis on gut health and the rising popularity of phytogenic additives offer avenues for Animal Feed Additives Market Trends expansion and product diversification. Overall, with the right strategies and investments in research and development, the animal feed additives industry is poised for continued growth, driven by evolving consumer preferences, technological advancements, and the imperative for sustainable and efficient animal production practices.

The global animal feed additives market forecast is segmented based on additive type, livestock, form, function, and region. Based on additive type, the market is categorized into amino acids, antioxidants, feed enzymes, feed acidifiers, vitamins, minerals, binders, antibiotics, and others. As per livestock, the market is categorized into swine, ruminants, poultry, aquatic animals, and others (equine, pets, and birds). Based on form, it is classified into dry, liquid, and others. According to function, it is fragmented into single function and multifunction. Region wise, it is analyzed across North America, Europe, Asia-Pacific, LA, and MEA.

Based on additive type, the animal feed additives market analysis is categorized into amino acids, antioxidants, feed enzymes, feed acidifiers, vitamins, minerals, binders, antibiotics, and others. The amino acids segment accounted for a major animal feed additives market share in 2022 and is expected to grow at a significant CAGR during the forecast period. The amino acids segment holds a major share in the animal feed additives market due to their essential role in animal nutrition and growth. Amino acids are the building blocks of proteins, crucial for muscle development, immune function, and overall health in livestock. As consumers and producers increasingly prioritize animal welfare and performance, there is a growing demand for feed additives that optimize protein utilization and promote efficient nutrient absorption. This drives the significant market share held by amino acids, reflecting their indispensable contribution to animal feed formulations.

Based on livestock, the market is categorized into swine, ruminants, poultry, aquatic animals, and others (equine, pets, and birds). The poultry segment accounted for a major market share in 2022 and is expected to grow at a significant CAGR during the forecast period.  The poultry segment holds a major share in the animal feed additives market due to several factors. Poultry farming is one of the fastest-growing sectors in animal agriculture, driven by increasing global demand for poultry meat and eggs. Additionally, poultry production cycles are shorter compared to other livestock, resulting in higher feed conversion rates and more frequent need for feed additives. Moreover, poultry producers often prioritize efficiency and profitability, leading to extensive use of additives to optimize growth, health, and feed utilization in their operations.

Based on form, it is classified into dry, liquid, and others. The liquid segment accounted for a major market share in 2022 and is expected to grow at a significant CAGR during the forecast period.  The liquid segment holds a major share in the animal feed additives market primarily due to its convenience and versatility in application. Liquid additives offer ease of mixing with feed ingredients, ensuring uniform distribution and efficient delivery of nutrients to animals. Additionally, liquid formulations often provide better stability and shelf life compared to other forms. Their liquid form also allows for easier integration into automated feeding systems, making them preferred by livestock producers seeking efficiency and consistency in feed supplementation.

Based on function, it is fragmented into single function and multifunction. The multifunction segment accounted for a major market share in 2022 and is expected to grow at a significant CAGR during the forecast period.  The multifunction segment holds a major share in the animal feed additives market due to its versatility and ability to address multiple needs simultaneously. Multifunctional additives offer benefits such as improved digestion, enhanced immunity, and increased growth rates, making them attractive to livestock producers seeking comprehensive solutions to optimize animal health and performance. This segment's dominance is driven by the growing preference for efficient and cost-effective additives that can address various nutritional requirements and health challenges in animal production, contributing to its significant market share.

Based on region, the market is analyzed across North America, Europe, Asia-Pacific, LA, and MEA. The Asia-Pacific region held the major market share in 2022, and is expected to grow at a significant CAGR during the forecast period.  Asia-Pacific holds a major share in the animal feed additives market primarily due to its large population and increasing demand for meat and dairy products. With rising incomes and urbanization, there's a growing appetite for animal protein in countries like China and India. Additionally, the region's expanding aquaculture industry drives the need for specialized feed additives. Moreover, supportive government policies and investments in agriculture further boost animal feed additives market growth. These factors combined make Asia-Pacific a key player in the global animal feed additives market.

The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been also focusing on strengthening their market reach to maintain their goodwill in the ever-competitive Animal Feed Additives Market Opportunities. Some of the key players in the global animal feed additives industry include 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., and Phibro Animal Health Corporation.

Key Takeaways of Animal Feed Additives Market Report

  • By Additive Type, the Amino acids segment was the highest revenue contributor to the market in 2022, and is expected to grow at a significant CAGR during the forecast period.
  • By Livestock, the Poultry segment was the highest revenue contributor to the market in 2022, and is expected to grow at a significant CAGR during the forecast period.
  • By Form, the Liquid segment was the highest revenue contributor to the market in 2022, and is expected to grow at a significant CAGR during the forecast period.
  • By Function, the Multifunction segment was the highest revenue contributor to the market in 2022, and is expected to grow at a significant CAGR during the forecast period.
  • By Region, the Asia-Pacific region was the highest revenue contributor to the market in 2022, and is expected to grow at a significant CAGR during the forecast period.

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quote Animal Feed Additives Market by Additive Type (Amino acids, Antioxidants, Feed enzymes, Feed acidifiers, Vitamins, Minerals, Binders, Antibiotics, Others (sweeteners and flavors)), by Livestock (Swine, Ruminants, Poultry, Aquatic Animals, OTHERS), by Form (Dry, Liquid, Others), by Function (Single Function, Multifunction): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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