Global Animal Feed Additives Market is Estimated to Expand at a CAGR of 4.3% between 2015 & 2021
The prevalent hectic lifestyle has impelled consumers to adopt a diet that can cater to their everyday protein needs. As a result of this, the livestock population has substantially increased to meet the growing demand for dairy products and meat. The rise in livestock population is anticipated to drive the demand for high quality animal feed additives. To ensure that quality dairy products and meat is circulated in the market, food products in the dairy and meat section are being subjected to quality checks. Due to growing consumer awareness about the harmful effects of low quality and synthetic animal feed additives, meat and dairy food products are also being tested under consumption safety standards and queries.
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According to a report published by Transparency Market Research, the global animal feed additives market is projected to expand at a 4.3% CAGR between 2015 and 2021. The market was valued at US$4.79 bn in 2016 and is estimated to touch a valuation of US$5.92 bn by 2021.
Due to what factors is the demand for animal feed additives likely to rise in future?
The prime factor driving the consumption of animal feed across the world is the rising demand for diary and meet products. Moreover, the rise in population in emerging nations and growth in the disposable income of consumers are anticipated to further enlarge the animal products consumer base. To meet the unmet needs of consumers, the animal husbandry industry is focusing on increasing their livestock count along with product yield. This is further expected to augment the demand for animal feed additives in the coming years. The implementation of advanced animal husbandry techniques in order to achieve high quality meat and the standardization of diary and meat products are factors which are further anticipated to aid the progress of the global animal feed additives market.
What factors are anticipated to restrain the demand for animal feed additives?
The cost of raw materials used in the formulation of animal feed additives is considerably high. As a result of this, several small scale manufacturers face difficulties during the manufacturing processes. The cost of raw materials used in animal feed additives is further expected to rise in the coming years. Moreover, the prevalence of strict regulatory structures regarding the use of chemicals and other components in animal feeds additives is further expected to pose a threat for manufacturers of animal feed additives.
However, companies manufacturing animal feed additives are investing in research projects in order achieve positive results regarding the use of certain components in animal feed additives. For instance, the European Food Safety Authority (EFSA) recently declared that Lecithin, which is used in animal feed, is safe and has no major side-effects. The FEEDAP Panel of EFSA re-evaluated the use of lecithin as a l feed additive under the emulsifier category. It took place after the Europe Lecithins Manufacturers’ Association requested the revaluation of lecithin. After this the maximum content requirement for lecithin in animal feed additives has been removed.
From what factors can manufacturers of animal feed additives gain profitable growth opportunities?
The ongoing research activities regarding the use of antibiotics in animal feed additives is an opportunity through which manufacturers can gain lucrative growth opportunities. Antibiotics used in animal feed additives are expected to provide potential resistance from diseases and increase immunity of animals. As a result of this, manufacturers are aiming at producing high quality animal feed additives that can cater to the rising demand for healthy diary and meat products.
In terms of consumption, Asia Pacific is expected to emerge as the leading region and is estimated to account for 32.6% of the global market. The key players operating in the global animal feed additives market are Archer Daniels Midland Co., Alltech, Inc., Novozymes, Evonik Industries, Elanco Animal Health, Danisco A/S, BASF SE, and DSM.