According to the report analysis, ‘Feed Additives Market up to 2023’ states that there are several key players which are recently functioning in this market more significantly for dominating the high amount of share around the globe by making significant developments in the technology of producing the product at a reasonable price and leading the market demand includes BASF SE, Cargill Inc., DowDuPont Inc., Novozymes, and Novus International Inc. Whereas, many of the key players this market are actively investing in the research and development programs for improving the quality of the product which further provide several benefits to the consumer of such products. This also effectively led the market growth more significantly in the short span of time. Nevertheless, many of the proficient key players are establishing the e-commerce platform for generating the high amount of revenue and accomplishing the growing demand from across the globe.
A feed additive is a food complement for farm animals that cannot get sufficient nutrients from the consistent meals. Such additives involve amino acids, minerals, fatty acids and vitamins. The nutritional values of animal feeds are enforced not only by their nutrient content, cut also by many other issues. These involve hygiene, feed presentation, effect on the intestinal health and digestibility. Even with all of the advantages of the higher quality of the feed, most of a farm animal’s diet still consists of wheat, maize and soybean meal owing to the superior cost of quality feed. In addition, the market players are playing an important role by doing effective developments in the process of making such products and increasing the demand which further proved to be beneficial for leading the fastest market growth during the forecasted period more effectively.
Although, the global market of feed additives is segmented into various sectors on the basis of types, end-users and region. Whereas, on the basis of types, the market is segmented into amino acids, antibiotics, vitamins, enzymes and several others. In addition, the segment of end-user is further split into ruminants, poultry, swine, aquatic animals and several others. With the effective applications and various varieties the market of feed additives is spread across the globe. Across the globe, the Asia Pacific region is dominating the largest portion of feed additives market, predominantly owing to the existence of export-oriented manufacturing capacities and intense domestic requirement from several end-user industries. The significant increase in the animal farmers is further fueling the market growth in the region.
Additionally, the Asia Pacific is presently leading the market for overall feed additives, whereas Europe is attaining the popularity in terms of other feed additive chemicals such as amino acids, antibiotics, and feed enzymes. The significant increase in the consumer’s per capita income along with a movement in consumer food behavior toward a protein-rich diet is fostering the industry growth in Asia Pacific. Therefore, in the near future, it is expected that the market of feed additive will increase across the globe more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications