Growth in Animal Feed Additives Market To Be Driven By Concerns Of Overall Health Of Animal
What are animal feed additives?
Animal feed additives market has undergone significant changes in poultry nutrition driven by developments poultry nutrition. Recent changes in approaches of farms related to making strategies deciding the nutritional intake of animals are dependent on many factors. Feed additives market has gained traction across regions globally owing to growing concerns of overall health of animal and quantity as well as quality of food from animal origin.
Key Drivers & Market Growth Prospects
Before a feed additive may be marketed or commercially available, it must be authorized in accordance with the provisions of the regulation that may vary from country to country. To obtain authorization a manufacturer is required to submit a document containing data and studies that demonstrate the efficacy and safety of the product for animals, end-users in terms of meat consumers and the overall environment. There are numerous factors that foster the growth of the global animal feeds market, mainly driven by increasing demand for animal meat and animal based products across regions. Furthermore, industrialization of various meat products and increased global concerns of quality of dairy and meat products consumed are the factors that would create abundant growth opportunities in this market.
As per a recent report by Allied Market Research titled “World Animal Feed Additives - Market Opportunities and Forecast, 2014 – 2021”, the world market was evaluated at $18.0 billion in 2014 and is estimated to garner $27.9 billion by 2021, growing at a CAGR of 6.5% during the forecast period 2015-2021.
As per the market estimations in 2014, poultry emerged as dominant livestock segment for the consumption of feed additives, followed by swine and cattle driven by rapidly rising demand for poultry meat, changing taste preferences among consumers and rising share of disposable incomes across developing economies, such as in China and India. Developments such as increase in feed production coupled with rising awareness among the consumers regarding the quality of meat in Asia-Pacific region would create abundant growth opportunity in the region.
The amino acids, vitamins, and enzymes segments combined accounted for more than 50% of the market share in animal feed additives market in the year 2015. Methionine amino acid feed additive segment contributed the largest market share of about 44% in 2015. The feed additive is a sulfur-containing amino acid that is useful in accelerating a range of metabolic reactions boosting the health of the livestock, while Lysine amino acid is would be the fastest growing segment through 2021.