The global feed additives market is anticipated to grow at a CAGR of 5.2% during the forecast period (2024-2031). The market is driven by the growing health awareness for animals. Additionally, the increasing number of epidemics in livestock has increased the concerns about the use of feed additives with improved quality. For instance, in August 2022, Ambala village triggered Lumpy Skin Disease, and 100 cattle got sick. The market is segmented by product (into antioxidants, amino acids, vitamins, feed enzymes, feed acidifiers, antibiotics, minerals, mycotoxin binders, phytonutrients, and others), livestock (into poultry, cattle, pork, aquaculture, and others), source (into synthetic and natural) and region (into North America, Europe, Asia Pacific and Rest of World).
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Key Market Highlights
- Based on source synthetic feeds would have a considerable market share owing to their ease of availability, lower production cost, and stronger market penetration compared to natural sources. Additionally, the poultry segment would be the fastest growing, due to rising demand for poultry meat and eggs.
- The Asia-Pacific region is expected to hold a significant market share globally for the forecast period. The growth is attributed to the presence of a large livestock population which is further expanding. For instance, according to the National Dairy Development Board, the number of livestock in India was reported as 535.8 million in 2021. However, the livestock sector is facing the concerns of a shortage of feed and fodder, loss of traditional cattle breeds, inadequate infrastructure, and effects of global warming.
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- The growing demand for clean-label and organic animal products is presenting growth opportunities for field additives.
- However, the market is restrained by the ban on certain antibiotics in different regions. Thus, the commercial animal husbandry industry is shifting towards more sustainable and responsible alternatives. While this promotes responsible livestock farming, it poses challenges to the feedstock market.
The major players in the global feed additives market are Archer Daniels Midland Co., BASF SE, Cargill Inc., DuPont de Nemours, Inc., Koninklijke DSM N.V., Novus International Inc., Nutreco N.V., and others.
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