Animal Feed Additive Market - Forecast(2021 - 2026)
Animal Feed Additive Market Overview:
According to the Food and Agriculture Organization (FAO), livestock contributes to 40% of the global value of agricultural output.[1] The abundance of livestock in the agricultural sector has created a demand for animal feed. However, there are times when there is a discernible dearth of nutrient supply for farm animals which becomes detrimental to their growth. This is leading to an augmented need for animal feed additives that are more often than not used as nutrient supplements in animal feed. The flourishing animal feed additive market was valued to be $25,126 million as of 2018, and the demand for the same is poised to grow with a modest compound annual growth rate (CAGR) of 3.8% during the forecast period of 2019 to 2025.
Owing to the population density in APAC and the catapulting demand for the livestock, the animal feed additive market is booming in the region. Furthermore, countries such as China, India, Indonesia, and others have a fairly large market share in the food and agricultural sector. There is also a palpable improvement in the production facilities and risk-management in the livestock sector that includes an increase in the production of animal feed which has opened a myriad of opportunities for the vendors that manufacture animal feed additives. APAC had a regional animal feed additive market share of 37% in 2018.
Animal Feed Additive Market Outlook:
Animal feed additives include vitamins, amino acids, fatty acids, and minerals. These animal feed additives not only provide the vital animal nutrition to the farm animals but also influence their presentation, hygiene, digestibility, and effect on the intestinal health, thereby producing better meat products for consumption.
According to the recent statistics by PoultryHub, the global poultry production was gauged to be 111,000 thousand metric tons in 2015, and it is going to increase by 24% in the next decade that will translate to 131,255 thousand metric tons in 2025.[2] Furthermore, it is projected to dominate the additional meat production market. Evidently, the future foresees propitious prospects in the poultry industry with a lot of scope for the vendors to boost their animal feed additive market revenue. The application of animal feed additives in the poultry segment is estimated to observe a CAGR of 4.5% through to 2025.
Animal Feed Additive Market Growth Drivers:
- The Prevalent Nutritional Deficiency in Farm Animals –
An enormous number of animals suffice the nutritional needs of the world population. However, these animals are more often than not under-nourished and lack proper nutrition supply. This leads to a gamut of nutritional diseases that culminate to deaths of farm animals and the subsequent loss of the food sources. Evidently, the world observes massive food losses. FAO documents the yearly food losses to be one-third of the total food produced which is approximately 1.3 billion tons.[3] This partly attributes to the loss of livestock that suffers from malnutrition. To ameliorate this, it has become imperative for farm owners to inculcate animal feed additives in the diet of livestock which is creating the animal feed additive market revenue avenue for the vendors.
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