Feed Additives Market Worth $44.3 Billion by 2023 - Exclusive Report by MarketsandMarkets™
18 Feb, 2019, 09:30 GMT
CHICAGO, Feb. 18, 2019 /PRNewswire/ -- According to the new market research report "Feed Additives Market by Type (Amino Acids, Phosphates, Vitamins, Acidifiers, Carotenoids, Enzymes, Mycotoxin Detoxifiers, Flavors & Sweeteners, Minerals, Antioxidants), Livestock, Form, Source, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Feed Additives Market is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period.
The major factors driving the feed additives market include the increasing demand and consumption of livestock-based products, growth in feed production, and standardization of meat products owing to disease outbreaks. Further, the rise in awareness about feed quality and implementation of innovative animal husbandry practices are expected to drive the market.
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The amino acids segment is projected to hold the largest market share during the forecast period, by value.
The feed additives market has been segmented, on the basis of type, into amino acids, phosphates, vitamins, acidifiers, carotenoids, enzymes, mycotoxin detoxifiers, flavors & sweeteners, antibiotics, minerals, antioxidants, non-protein nitrogen, phytogenics, preservatives, and probiotics. The amino acids segment, in terms of value, is projected to account for the largest share of the market by 2023. This is attributed to the low cost of production of amino acids due to advancement in biotechnology. Additionally, the addition of amino acids in feed reduces the greenhouse gases generated from the livestock waste that is driving the demand for amino acids as a feed additive.
Browse in-depth TOC on "Feed Additives Market"
116 – Tables
58 – Figures
218 – Pages
The poultry segment, by livestock, is projected to grow at the highest rate during the forecast period.
The feed additives market has been segmented, on the basis of livestock, into poultry, ruminants, swine, aquatic animals, and others (equine and pets). The poultry segment is projected to be the largest and fastest-growing segment in the feed additives market. This is attributed to the rising consumption of chicken and eggs. Further, the growing consumer preferences for a specific color of yolk and meat has led to the extensive use of feed additives in poultry.
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Asia Pacific is projected to hold the largest market share during the forecast period.
Asia Pacific is estimated to account for the largest share of the market in 2018. The market in the region is driven by the presence of a large livestock population and their rising growth. 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 reflects the growth in feed production. Additionally, there has been a rise in the demand for meat and meat products in accordance with the demand for a protein-rich meat diet that is driving the market for feed additives in this region.
Major vendors in the feed additives market include Cargill (US), DowDuPont (US), ADM (US), Evonik (Germany), BASF (Germany), DSM (Netherlands), Solvay (Belgium), Ajinomoto (Japan), Novozymes (Denmark), Chr. Hansen (Denmark), InVivo (France), Nutreco (Netherlands), Kemin (US), Adisseo (France), and Alltech (US).
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