NEW YORK, Feb. 02, 2018 (GLOBE NEWSWIRE) -- The global animal feed additives market is expected to witness a CAGR of 5.1% and is projected to reach USD 23.8 billion by 2023. The growth in the animal feed additives market is attributed to the increasing global meat, milk and egg demand coupled with growing awareness towards the quality of meat and dairy products. Moreover, rapid industrialization of livestock sector across the globe is also driving the growth of the animal feed additives market. The report segments animal feed additives market by Product Type (Antibiotic, Acidifiers, Antioxidants, Vitamins, Minerals, Amino Acids, Enzymes, Sweeteners, Probiotics, Pigments, Others), Application (Ruminants, Pigs, Poultry, Aquaculture, Others), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa(MEA)). The report studies the global animal feed additives market over the forecast period (2017-2023).
Feed additives are products used in animal nutrition to improve the quality of feed. They are added to the basic feed to optimize feed utilization, enhance growth performance and are beneficial to the health and metabolism of the animal. Feed additives improve overall animal health and performance, and can provide cost-effective food production for the human population.
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Key Findings of the Global Animal Feed Additives Market Report
- The global animal feed additives market is expected to reach USD 23.8 billion by 2023
- Based on the Product Type, the amino acids segment held the major share of the global market in 2016 and is expected to retain its dominance in the forecast period
- On the basis of Application, the poultry segment is projected to hold the major share of the global animal feed additives market in the forecast period
- Asia-Pacific held the largest share of the global animal feed additives market in 2016 and is expected to grow at the highest CAGR during 2017-2023
- The key players dealing in the animal feed additives market are DSM, Nutreco N.V, Cargill, Ajinomoto Co., Inc, BASF, Chr. Hansen A/S, Dupont, Kemin Industries, Archer Daniels Midland, Adisseo France SAS, Biomin, Orffa International Holding B.V, Invivo, among others
Rising Concern Regarding the Use of Antibiotics as Feed Additives
The use of antibiotics in animal feed has been a common practice in many countries, in order to improve the growth performance and prevent diseases. However, the risk of developing antibiotic resistance in livestock and in humans is closely linked with the use of antibiotics as growth promoters in animal feeds. The European Union has banned the use of antibiotics in animal feed since 2006. The rising concern regarding the health impacts of antibiotics as animal feed additives has led to the use of natural growth promoters (NGPs) as feed additives. Alternative products such as prebiotics and probiotics play a crucial role in reducing the use of antibiotics. These products have shown to simultaneously prevent infection and improve animal performance.
Animal Feed Additives Market - Regional insight
Asia-Pacific held the largest share of the global animal feed additives market in 2016 and is expected to grow at the highest CAGR during 2017-2023. The growth in the region is driven by increasing demand for meat and dairy products due to rising population and increasing disposable incomes. Moreover, rapid urbanization, and increasing industrialization of livestock sector are also expected to propel the market growth in the Asia-Pacific region. The North American animal feed additive market is expected to grow at a steady rate during the forecast period due to increasing meat consumption and rising awareness regarding the quality of meat.
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