The global animal feed additives market size was US$ 20.1 billion in 2021. The global animal feed additives market is forecast to grow to US$ 28.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2030.
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Animal feed additives are food supplements that increase feed quality for agricultural animals. Antibiotics, Amino Acids, Proteins, Acidifiers, Feed Enzymes, and Antioxidants are all popular feed additives that improve the food quality of the product. Feed additives have a variety of health benefits, including boosting metabolism, reducing joint pain, manipulating microflora, etc. Various food and feed safety regulators, including the FDA, the FFDCA, and the European Commission, have authorized these feed products.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
Animal feed additives are growing in popularity due to their health benefits. Furthermore, the rising demand for livestock-based products, including meat & dairy products, eggs, etc., is forecast to fuel the growth of the animal feed additives market.
The growing consumption of poultry meat is expected to benefit the animal feed additives market in the coming years. Apart from that, the rising population and increasing demand for healthy food products will contribute to the growth of the animal feed additives market.
The low cost associated with the production of animal feed additives may limit the growth of the market. In addition, the growing inclination towards gyms and fitness centers is expected to be opportunistic for the animal feed additives market as the people are advised to increase meat consumption. On the flip side, stringent regulations for use of antibiotics may limit the growth of the animal feed additives market.
Regional Analysis
Europe is expected to hold the highest share in the animal feed additives market, followed by Asia-Pacific. The growth of the European market is attributed to the high consumption of meat. Further, the growing focus of people on health and fitness is expected to drive the demand for animal feed additives during the study period. Product launches will offer lucrative growth opportunities for the industry growth.
The Asia-Pacific animal feed additives market is forecast to record a significant growth rate due to the rising population of the region. In addition, the growing consumption of animal feed additives will unfold potential growth opportunities for the animal feed additives market.
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COVID-19 Impact Analysis
In the wake of the COVID-19 pandemic, the demand for meat and other products declined. The manufacturing sector also experienced challenges that led to a significant downfall in the market.
Competitors in the Market
? Cargill
? New Hope Group Co. Ltd.
? Perdue Farms Inc.
? Evonik Industries
? Guangdong Haid Group Co. Ltd.
? Nutreco NV
? Archer Daniels Midland Co.
? Land O’Lakes Inc.
? Charoen Pokphand Foods Plc
? For Farmers NV
? Other Prominent Players
Market Segmentation
The global animal feed additives market segmentation focuses on Product, Livestock, and Region.
By Product Type
? Antibiotics
? Vitamins
? Amino Acids
? Acidifiers
? Feed Enzymes
? Antioxidants
By Livestock
? Swine
? Poultry
? Aquatic
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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