CHICAGO, Oct. 3, 2023 /PRNewswire/ — The Feed Additives Market is estimated at USD 42.2 billion in 2023 and is projected to reach USD 55.8 billion by 2028, at a CAGR of 5.8% from 2023 to 2028 according to a report published by MarketsandMarkets™. Feed additives are substances added to animal feed to enhance its nutritional value, improve animal health, and boost livestock productivity. These additives have gained significant importance in the global agricultural and livestock industry due to their ability to address various challenges faced by farmers and feed producers.
These additives are pivotal in addressing various challenges faced by farmers and feed producers, ensuring the efficient production of animal-based food products. Their significance lies in their ability to boost nutritional value, prevent diseases, improve feed efficiency, and enhance the quality of animal-based products like meat, eggs, and milk. As the world’s population continues to grow, there is a surging demand for livestock products, propelling the need for feed additives. Furthermore, concerns surrounding livestock diseases have led to a heightened focus on disease prevention and management through additives. The quest for more efficient meat production is also a driving force behind the market’s growth, as these additives facilitate faster growth rates and higher meat yields.
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By type, the preservatives segment is estimated to grow at the highest CAGR during the forecasted period.
Preservatives are substances added to animal feed to inhibit microbial growth, prevent spoilage, and extend the shelf life of feed ingredients. They are primarily used to maintain the nutritional value of feed, ensuring that animals receive the required nutrients for optimal growth and health. Additionally, preservatives help safeguard feed from contamination and mold, reducing the risk of mycotoxin formation, which can be harmful to animals. The increasing demand for high-quality and safe animal nutrition is a key driver behind the significant growth of the preservatives sub-segment. As the global population continues to rise, there is a growing need for efficient livestock production to meet the demand for animal-derived products. This necessitates the use of feed additives, including preservatives, to maintain feed quality and protect animal health.
By livestock, the aquatic animals segment is anticipated to grow at a significant rate in the feed additives market.
The global demand for seafood has been steadily increasing due to its nutritional benefits and rising consumer preferences for healthier diets. As a result, aquaculture, the farming of aquatic animals, has gained prominence as a means to meet this demand sustainably. To ensure the optimal growth and health of aquatic species in aquaculture settings, the use of feed additives has become essential. Feed additives tailored for aquatic animals are designed to improve feed efficiency, enhance growth rates, and bolster disease resistance. These additives play a crucial role in maintaining water quality and ensuring the well-being of aquatic livestock, ultimately contributing to higher yields and profitability for aquaculture farmers. Furthermore, environmental concerns and overfishing have prompted a shift from wild-caught to farmed seafood. As a result, aquaculture is becoming a vital source of fish and seafood production, leading to a higher consumption of feed additives in the industry.
The natural source feed additive segment is anticipated to grow at a significant CAGR in the global feed additives market.
Natural sources in feed additives encompass a wide array of ingredients derived from nature, including botanicals, herbs, minerals, and microorganisms. As consumers become more conscious of the quality and safety of food products, demand for naturally sourced additives rises. These sources are perceived as healthier and less likely to introduce harmful chemicals into the food chain. Also, natural feed additives offer advantages such as improved animal health, enhanced growth rates, and superior product quality. They often possess bioactive compounds that promote animal well-being, thereby reducing the need for antibiotics and synthetic chemicals. Furthermore, stringent regulations and consumer awareness about the potential health risks associated with synthetic additives have led to a growing preference for natural alternatives. The natural sub-segment’s accelerated growth can also be attributed to the rising awareness among livestock producers about the benefits of natural sources in improving feed efficiency and overall animal performance.
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South America is estimated to grow at a significant CAGR in the global feed additives market.
With the region’s growing population and rising disposable incomes, there is an increasing appetite for meat consumption. To meet this demand, South American livestock producers are increasingly turning to feed additives to enhance animal growth, health, and overall productivity. Furthermore, South America has established itself as a major player in the global meat export market. Countries like Brazil and Argentina are among the world’s largest meat exporters, particularly in beef and poultry. To maintain and expand their market share, these nations are investing in improving the quality and quantity of their meat production, thus driving the demand for feed additives. Furthermore, South America’s vast agricultural landscape offers ample expansion opportunities. The region’s favorable climate and abundant arable land make it conducive for the cultivation of feed crops and the rearing of livestock. As a result, there is a growing need for feed additives to optimize feed formulations and ensure the nutritional requirements of animals are met. This demand is further amplified by a shift towards more sustainable and environmentally friendly farming practices, where feed additives play a pivotal role in reducing the environmental footprint of livestock production.
Major key players operating in the feed additives market include Cargill, Incorporated (US), ADM (US), International Flavors & Fragrances, Inc. (US), Evonik Industries AG (Germany), BASF SE (Germany), DSM (Netherlands), Ajinomoto (Japan), Novozymes (Denmark), CHR. HANSEN (Denmark), and TEGASA (Spain).
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