CHICAGO, April 28, 2020 /PRNewswire/ -- The report "COVID-19 Impact on the Feed Market by Application (Poultry, Swine, and Aquaculture), Ingredient & Additive Type (Amino Acids, Phosphates, Vitamins, Minerals, Commodity Ingredients, Phytogenics, and Probiotics) and Region - Global Forecast to 2021" is estimated to grow from USD 282.8 billion in 2020 and is projected to reach USD 325.7 billion by 2025, recording a CAGR of 2.9%. The projection for 2025 is estimated to be low as compared to pre-COVID-19 estimations.
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The increasing awareness about livestock nutrition, modernization of the livestock industry, and the rise in the consumption of meat & other livestock-based products have led to an increase in the market size of feed additives. However, due to COVID-19, feed manufacturers and producers are becoming more aware of techniques and strategies to cope up with the situation. This, in turn, is projected to drive the demand for feed additives, as the market growth starts stabilizing.
Phytogenics segment to grow at the highest CAGR between 2020 and 2025.
Feed phytogenics are a wide range of substances, which include essential oils, flavonoids, saponins, and oleoresins. It improves gut health and promotes the growth of the livestock. The increase in concerns about the COVID-19 spread on livestock and the rising awareness among consumers about consuming such livestock products have led manufacturers in the feed industry to opt for various natural and organic alternatives, such as phytogenic. Phytogenic is a natural additive that witnesses an increase in usage as more people are opting for organic and healthy products as compared to synthetic products.
Asia Pacific to hold a larger share in the feed market during the forecast period.
The market in the region is driven by the presence of a large livestock population and their growth rates. Furthermore, the region has witnessed an increase in the number of feed mills and feed production, particularly in countries, such as India and Japan. This increase in the number of feed mills in the region impacts feed production. The current coronavirus outbreak has resulted in apprehensions among livestock owners throughout Asia and globally, which results in the increase in demand for feed additives for the functional benefits of livestock, such as increasing the immunity and their nutritional benefits.
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16 – Tables
16 – Figures
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Key Market Players
Some of the major players in the feed market are Cargill (US), ADM (US), and BASF (Germany). Cargill is involved in the manufacturing and marketing of food products, agricultural produce, financial & industrial solutions, and animal nutrition & protein products. The company offers feed ingredients through the animal nutrition business segment. Cargill's animal nutrition segment provides feed additives through its brand, Promote, for poultry, swine, beef, and dairy products.
Feed Acidifiers Market by Type (Propionic Acid, Formic Acid, Lactic Acid, Citric Acid, Sorbic Acid, Malic Acid), Form (Dry, Liquid), Compound (Blended, Single), Livestock (Poultry, Swine, Ruminants, Aquaculture), and Region
Phytogenic Feed Additives Market by Type (Essential Oils, Flavonoids, Saponins, and Oleoresins), Livestock (Poultry, Swine, Ruminants, and Aquatic Animals), Source (Herbs & Spices, Flowers, and Fruits & Vegetables), Region – Global Forecast to 2025
Browse Adjacent Markets: Feed and Animal Nutrition Market Research Reports & Consulting
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