BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global animal feed additives market size at USD 38.31 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global animal feed additives market size to grow at a CAGR of 5.77% reaching a value of USD 53.63 billion by 2029. Growing meat consumption and expansion of the livestock industry are two key drivers of the global animal feed additives market. The increasing incidence of zoonotic illnesses has also resulted in farmers focusing on enhancing the well-being and productivity of their livestock.
Animal Feed Additives – Overview
Feed additives play a significant role in animal nutrition by enhancing feed quality, animal health, and the yield and quality of food derived from animals. Their primary function is to boost feed efficiency, but they may also accelerate ruminant growth rates on a high-roughage diet. By enhancing the digestibility of feed ingredients and serving as an addition for farm animals whose usual diets lack appropriate nutrients, it also enhances the health and performance of the animals. In animal rations, some of the most often utilized feed additives include colors, pro- and prebiotics, antioxidants, and antibiotic growth promoters.
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Global Animal Feed Additives Market – By Form
Based on form, the global animal feed additives market is segmented into dry, liquid, and others. Dry animal feed additives hold the largest share in the market owing to their longer shelf life and higher stability. A longer shelf life allows livestock producers to mass store these products and save costs. This form of additive is easy to transport and store, which offers convenience to the manufacturers and transporters as well as minimizing wastage, which contributes to its market growth.
Impact of COVID-19 on Global Animal Feed Additives Market
The COVID-19 pandemic presented lucrative growth opportunities for the global animal feed additives market. The surge in the prevalence of animal-related diseases and rising consumer consciousness toward zoonotic diseases lead to stringent regulations in the animal husbandry industry. This resulted in higher investments in animal proteins and overall nutrition by the livestock producers, which resulted in a significant growth in the demand for animal feed additives in the market. However, the market may be hampered in the long run by a decline in meat consumption due to consumer shifts towards plant-based meat as well as ethical and environmental reasons.
Competitive Landscape
Major players operating in the global animal feed additives market include Cargill Inc., Kemin Industries, Inc., ANOVA Group, BIOMIN Holding GmbH, Olmix Group, ADM, Evonik Industries, Chr. Hansen Holding, Alltech, Inc., Koninklijke DSM N.V., Ajinomoto Co., Inc., BASF SE, Phibro Animal Health Corporation, Addcon Group GmbH, and SHV Holdings N.V.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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