(MENAFN- GlobeNewsWire - Nasdaq)

New York, April 13, 2023 (GLOBE NEWSWIRE) -- The animal feed additives market size is projected to surpass around USD 56.6 billion by 2032 and it is poised to reach a registered CAGR of 3.5% from 2023 to 2032. The global size accounted for USD 40.5 billion in 2022.

Animal feed additives are products used in animal nutrition to improve the quality of feed and improve animal health and performance. Growing awareness of the benefits of feed additives and recent outbreaks of numerous diseases are having a positive impact on the animal feed additives market.

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Key Takeaway:

• By Additive Type, in 2022, the amino acid segment generated the largest revenue share of 36.1% in 2022.
• By Form, the dry segment has dominated the market and it is growing at the highest CAGR over the forecast period 2023 to 2032.
• By livestock, the poultry segment was dominant in the market with the largest market share of 39% in 2022.
• In 2022, Asia Pacific dominated the market with the highest revenue share of 35.8% .
• Europe will show lucrative growth from 2023-2032.

Factors affecting the growth of the global animal feed additives market

There are several factors that can affect the growth of the animal feed additives market. Some of these factors include:

• Growing consumer Awareness: Growing consumer awareness of livestock diseases such as swine flu and foot and mouth disease has raised concerns about meat quality and safety, leading to the use of feed additives.
• Increasing urbanization : Urbanization is the major factor for the high demand for meat products in the market, which has increased livestock production and propelled the demand for animal feed additives market.
• High nutritional values : Also, animal feed additives in the market are nutrition rich and provide essential minerals, vitamins, and other ingredients, resulting in high demand for animal feed additives in the global market.

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Top Trends in the Global Animal Feed Additives Market

Demand for livestock products is increasing so supply sides are aimed at improving livestock product yields. Intensive technologies have made significant changes in the pig meat and poultry meat industries. Manufacturers in the animal feed additives market are focusing on the addition of extra nutrition, and flavors in their products. Consumers are inclined towards vitamin-based animal feed additives due to increasing consumer awareness about the benefits of fat-soluble vitamins.

Market Growth

Market growth is attributed to increasing consumer awareness regarding the health of their livestock. Livestock farmers are starting to adopt quality animal feed additives to improve the performance of animals and their health. Consumers are looking for clean and safe meat-based products. This is also the main factor for the growth of the animal feed additives market. During the COVID-19 demand for eggs, milk, milk products, fish, and meat has increased owing to health benefits, due to the significant benefits of feed additives the demand in the global market was increased.

Regional Analysis

The Animal Feed Additives Market was dominated by Asia Pacific with the largest market share of 35.8% in 2022 and is expected to register the highest CAGR during the forecast period. The growth in this region is attributed to the presence of abundant livestock as well as the presence of diverse agrarian economies. Europe region is expected to hold a lucrative market share in the global animal feed additives market during the forecast period. The pork industry in Spain is experiencing significant growth due to lower product prices. The growing pig population across the country is creating feed additives demand for the pig industry, which is expected to drive the growth of the market. Furthermore, meat consumption in the North American region is increasing, which is anticipated to hold a lucrative market share in the global animal feed additives market.

Competitive Landscape

Key market players are undergoing product innovation, new product launches, mergers and acquisitions, geographic expansions, etc., as part of critical strategies to remain competitive in the market. Several animal feed additives market companies are concentrating on improving their product quality and nutritional values. Some of the major players include Cargill, Inc., HONG HA NUTRITION, BASF SE, Kemin Industries Inc., ANOVA Group, BIOMIN Holding GmbH, Olmix Group, ADM, Evonik Industries AG, Chr. Hansen Holding A/S, Alltech, Inc., Archer Daniels Midland Company, Nutreco N.V., Novus International, and Other Key Players.

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Scope of the Report

Report Attribute	Details
Market Value (2022)	USD 40.5 billion
Market Size (2032)	USD 56.6 Billion
CAGR (from 2023 to 2032)	3.5%
Asia Pacific Revenue Share	35.8%
Historic Period	2016 to 2022
Base Year	2022
Forecast Year	2023 to 2032

Market Drivers

The rising consumption of dairy products is driving the growth of the animal feed additives market due to its health benefits and widespread applications. As cows are the main source of dairy products such as milk, cream, butter, yogurt, and cheese, cattle farming is booming in various regions. This should increase the demand for animal feed additives in the global market.

Market Restraints

An increase in raw material prices is the major factor restraining market growth. Vitamins, minerals, antioxidants, and feed acids are extracted from natural sources such as seeds, plant leaves, and tree bark. Increasing initial costs for extraction of such natural products hamper the growth of the market. Also, the availability of alternative animal feeds has a negative impact on the growth of the global animal feed additives market.

Market Opportunities

The animal feed additives industry is driving due to the increasing consumption of dairy products across the world. The rapidly increasing livestock adoption and spiking awareness among livestock farmers regarding the health of livestock are driving the need for enhancing the animal feed additives market. Government regulations for to use of synthetic additives will create lucrative opportunities for natural animal feed additives in the market during the forecast period.

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Report Segmentation of the Animal Feed Additives Market

Additive Type Insight

By additive-type amino, the acid segment was dominant in the market with the largest market share of 36.1% in 2022 and is anticipated to remain dominant in the market during the forecast period. The high dominance of amino acids is due to their ability to enhance immunity and promote the growth of animals. It helps to prevent nail and skin problems in animals. In addition, it plays an important role in preventing brain dysfunction, which can cause loss of muscle coordination in animals.

Form Insight

Based on form dry segment was dominant in the market with the largest revenue share of 54.7% in 2022. Dry feed additives are popular among pet owners because they are easy to mix with feed, store, and handle.

Live Stock Insight

On basis of livestock, the poultry segment was dominant in the market with the largest market share of 39% in 2022 and is projected to highest CAGR during the forecast period. The poultry segment is dominant in the market due to the constant growth of broiler production in all regions and increasing trends toward a protein-rich diet. Emerging countries will remain dominant in the poultry feed segment due to their rising population and increased meat consumption.

Recent Development of the Animal Feed Additives Market

• In January 2022, BASF SE expanded its feed enzymes production capacity at the Ludwigshafen plant. Through expanding its existing plant, BASF has significantly increased its annual production.
• In June 2022, Cargill acquired a plant-based additives manufacturing company Delacon.

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Market Segmentation

Based on the Additive Type

• Antibiotics
• Vitamins
  • Vitamin A
  • Vitamin C
  • Vitamin E
  • Vitamin B
  • Others
• Amino Acids
  • Tryptophan
  • Lysine
  • Methionine
  • Threonine
  • Others
• Minerals
• Binders
• Antioxidants
• Feed Enzymes
  • Phytase
  • Non-Starch Polysaccharides
  • Others
• Feed Acidifiers
• Others

Based on Form

• Dry
• Liquid

Based on Livestock

• Pork/Swine
• Poultry
• Cattle
• Aquaculture
• Other Livestock

By Geography

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Market Players

• Cargill, Inc.
• HONG HA NUTRITION
• basf se
• Kemin Industries Inc.
• ANOVA Group
• BIOMIN Holding GmbH
• Olmix Group
• ADM
• Evonik Industries AG
• Hansen Holding A/S
• Alltech, Inc.
• Archer Daniels Midland Company
• Nutreco N.V.
• Novus International
• Biotech JSC
• Novus International Inc.
• Other Key Players

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