PORTLAND, Oregon, July 30, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Animal Nutrition Chemicals Market by Product, Species and Applications: Global Opportunity Analysis and Industry Forecast, 2018-2024" the global animal nutrition chemicals market size was valued at $10,289 million in 2017, and is projected to reach $15,335 million by 2024, registering a CAGR of 5.9% from 2018 to 2024. In 2017, the amino acid segment accounted for one-fourth share of the global market in terms of value.
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Animal nutrition chemicals are dietary supplements that help boost the animal's health. These products are mainly used to improve the immune system of the animal. It also helps in livestock production, pet healthcare, and animal nutrition. The products manufactured by the animal nutrition chemicals market are carotenoids, organic acids, enzymes, vacuum salts, and vitamins. Growth in consumption and industrialization of animal-based products support the growth of the animal nutrition chemicals industry.
In addition, factors such as rapid industrialization of livestock farming, increase in health problems among animals, and rise in pet health care centers and veterinaries fuel the growth of the animal nutrition chemicals market. However, high cost of these products, availability of substandard products and cheap alternatives adversely affect the market growth. Furthermore, faster growth of animal meat and higher demand for meat across the world is anticipated to provide high return on investment. This factor leads to the increase in number of animal farmers and modern animal husbandries, which is anticipated to provide future market growth opportunity.
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KEY FINDINGS OF THE STUDY
- By product type, the amino acid segment was the highest contributor to the market in 2017, and is projected to grow at a CAGR of 5.2%.
- By species, the poultry segment was the highest contributor to the market and is expected to grow at the CAGR of 5.7% from 2018 to 2024.
- The pet and poultry segments are expected to witness growth at a CAGR of 7.8% and 5.7% respectively, during the forecast period.
- By application, the animal food manufacturers segment was the highest contributor to the market and is expected to grow at the CAGR of 6% during the forecast period.
- By region, Asia-Pacific accounted for more than one-third of the share in the global animal nutrition chemicals market in 2017 and is projected to grow at a significant CAGR of 6.5%.
- In 2017, China accounted for the highest market share accounting approximately for 51.7% in Asia-Pacific.
- In application segment, the households sub-segment is expected to witness growth at a CAGR of 7.4%
In terms of value, Asia-Pacific and LAMEA collectively contributed more than 55% share in the global market in 2017. Some of the major players operating in the global animal nutrition chemicals market are Tata chemicals Ltd, S.p.A., Cargill, Inc., Evonik Industries AG, BASF SE, CHURCH & DWIGHT CO. INC, Novozymes, Koninklijke DSM NV, BalChem, Kemin Industries, and SHV N.V.
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SOURCE Allied Market Research