February 24, 2024

Growing Feed Additives Market to Boost Growth of the Global Animal Nutrition Market

The animal nutrition market involves supplying optimum balanced nutrition to the livestock in order to maximize production performance. Animal nutrition products are feed additives, amino acids, vitamins, minerals, enzymes, and other micronutrients that fulfill the nutritional requirements of animals. These nutrients aid the proper growth, health and productivity of animals. The increasing demand for animal-derived food products and efforts to improve feed cost-efficiency have been driving the growth of the animal nutrition market globally.

The Animal Nutrition market is estimated to be valued at US$ 48100 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the animal nutrition market is the increasing demand and production for feed additives. Feed additives are gaining popularity as they optimize feed efficiency and reduce production costs. They improve the health, growth and productivity of animals. Growing meat consumption and rising demand for high quality animal-derived foods have prompted farmers and feed producers to incorporate various feed additives. Moreover, ban on antibiotic growth promoters in the European Union has increased the adoption of alternatives like prebiotics, probiotics, organic acids and antibiotic substitutes. The growing feed additive market is expected to create new opportunities for players operating in the animal nutrition space over the forecast period.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market requires high capital investment and the presence of well-established players.

Bargaining power of buyers: The bargaining power of buyers is high as there are many substitutes available and the products are commoditized.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials suppliers cannot influence prices much due to availability of substitutes.

Threat of new substitutes: The threat of substitutes is moderate as alternative products are available but buyers prefer established brands for assurance of quality and consistency.

Competitive rivalry: High due to the presence of many global and regional players competing for market share.

Key Takeaways

The global Animal Nutrition Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand for protein rich animal feed and requirement for prevention of diseases among livestock.

The market size for Animal Nutrition Market was valued at US$ 48100 Mn in 2023. Regional analysis North America dominates the global animal nutrition market currently owing to the large livestock population and strong demand for meat and dairy products in the region. Europe is the second largest market globally due to ban on using antibiotic growth promoters.

Key players operating in the Animal Nutrition Market are Archer-Daniels-Midland Company, Adisseo France SAS, Alltech, BASF SE, Cargill Inc., Dow Chemical Company, DuPont, Evonik Industries AG, Tata Chemicals, Novozymes A/S, Royal DSM N.V., Kemin Industries, Inc., and Nutreco N.V. These key players are focused on mergers & acquisitions to expand their production capabilities.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it