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Feed Additives Market Projected to Garner Significant Revenues by 2023

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Feed Additives Market Projected to Garner Significant Revenues by 2023

June 01
18:10 2020
Feed Additives Market Projected to Garner Significant Revenues by 2023

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 CAGR of 6.1% during the forecast period.

The 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″, Consumption of meat and poultry products is increasing across regions. As the preference for animal-based products continues to grow, rearers focus on improving the quality of these products. Rearers utilize feed additives to enhance meat quality and prevent contamination from bacteria such as Yersinia enterocolitica, Salmonella, Staphylococcus aureus, Campylobacter jejuni, and Clostridium perfringers. According to MarketsandMarkets, by 2023, the probiotics market is projected to account for USD 44.3 billion by 2023, recording a CAGR of 6.1%

Feed Additives Market

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Increase in demand and consumption of livestock-based products driving the feed additives market

Increase in demand and consumption of livestock-based products such as dairy & dairy-based products, meat, and eggs is expected to drive the usage of feed additives in feed for the growth and development of farm animals. According to FAO data, it has been stated that the global meat production is projected to be 16% higher by 2025. Poultry meat is the primary driver for the growth of the overall meat production, owing to its high demand, low production cost, and lower product prices, both in developed and developing countries. According to FAO statistics, it has been stated that the production of poultry meat reached 120.5 million tonnes in 2017, whereas swine meat recorded 118.7 million tonnes, bovine meat recorded 70.8 million tonnes, and ovine meat recorded 14.9 million tonnes. Furthermore, owing to the increasing awareness about the role and dynamics of food nutrients, especially protein, on overall physical and mental growth and development, there is a growing trend toward animal-sourced protein in the form of either meat, eggs, or milk. This drives the usage of feed additives in feed as it increases its nutritional quality

Major restraint for manufacturers that offer antibiotics-based feed additives

Antibiotics have been used in feed for decades; however, in 2006, the European Union (EU) banned the use of antibiotics in feed as growth promoters, as microbes developed resistance to antibiotics, which are used to treat human and animal infections. Following the ban by the EU, the use of antibiotics has declined in many countries around the globe, especially in countries such as China, India, and the US due to their overexploitation or misuse.

Restriction on the use of antibiotics, as a growth promoter in feed, in many countries, forced companies to stop using antibiotics in feed additives. This acts as a major restraint for manufacturers that offer antibiotics-based feed additives

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Asia Pacific To Be a Dominant Region in the Feed Additives Market During the Forecast Period

The rise in feed production has led to an increase in the number of feed mills in various countries of Asia Pacific. In addition, increasing inclination of consumers toward meat and poultry products, particularly in countries such as Japan and India, has encouraged rearers to use feed additives to cater to the rising demand for protein-rich diets of consumers. As the need for protein-rich food products persist, such as meat and poultry products, the demand for feed additives is projected to remain high in this region. Due to these factors, Asia Pacific is expected to lead the feed additives market during the forecast period.

Leading players operating in this market include DowDuPont (US), Evonik (Germany), Cargill (US), BASF (Germany), and Ajinomoto (Japan). Key players in the feed additives market are adopting strategies such as expansions & investments, acquisitions, and new product developments.

A shift in the preferences of consumers toward protein-rich diets has encouraged rearers to opt for feed additives, leading to food safety. The use of feed additives also remains high among rearers as they help in preventing various diseases, including foodborne illnesses. To retain their position in the competitive market, key players are focusing on utilizing biotechnology solutions to offer effective feed additives. On the whole, the feed additives market growth is projected to remain high during the forecast period.

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