Animal Feed Antioxidants Market size is $357.9 Mn in 2019, growing at a CAGR of 4.8% during the forecast period 2020-2025. An antioxidant is a substance that prevents oxidation of animal feed and the consequences of the intake of free radicals by an animal and is used for avoiding oxidation of fats and fat-containing products. Livestock producers use these animal feed antioxidants in small doses to enhance and maintain the overall health of the animal. It also prevents the livestock from various disease outbreaks and helps in increasing overall body mass of the animals. Antioxidants are mainly used in the animal feed industry for providing protection of essential nutrients such as vitamins, fats, and pigments from deterioration. The use of antioxidants in the feed will protect the nutritional quality of the feed and improve the shelf life of the feed products.
Animal Feed Antioxidants Market Segment Analysis – By Livestock
In 2019, Poultry segment dominated the Animal Feed Antioxidants Market in terms of revenue is estimated to grow at a CAGR of 5.4% owing towards increasing consumption of chicken over other meats of bovine or swine species on account of religious acceptance is expected to intensify the livestock penetration which in turn will boost the market growth. According to the North America Meat Institute, the meat and poultry industry is the largest segment of U.S. agriculture. U.S. meat production totalled 52 billion pounds in 2017 and U.S. poultry production totalled 48 billion pounds in 2017. Further, according to the United States Department of Agriculture (USDA), the global production of chicken meat, with a growth of 2%, reached 97.8 million tons in 2019 abetting towards the growth of the market.
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Animal Feed Antioxidants Market Segment Analysis – By Geography
In 2019, the Asia-Pacific region dominated Animal Feed Antioxidants Market in terms of revenue with a market share of more than 40% owing towards the rising population and demand for poultry meat and eggs, especially in India and China. The industrialization of meat production, adoption of scientific feed, coupled with the increasing awareness among producers is driving the growth in this region. The increasing cost of feed is the main factor leading to an increased demand for the feed antioxidants to prevent feed spoilage and enhance its shelf-life in this region aids to the market’s growth. Government has taken initiatives to promote technological advancements in this region are key factors in the growth of the Animal Feed Antioxidants market. Europe is projected to record the fastest growth rate during the forecast period 2020-2025.
Animal Feed Antioxidants Market Drivers
Increasing Consumption of Meat Products
Globally increasing population trends of the world for the consumption of meat products is driving the Market. In 2018, animal meat consumption has witnessed highest of 266,359 thousand metric with rising demand for high-quality pork and growth in consumption of pork is anticipated to propel the market expansion. Increasing disposable income among the population has instigated dietary changes such as eating more protein and meat is also aiding growth to the market.
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Animal Feed Antioxidants Market Challenges
High Cost Related Associated With Treatment
Increasing vegan population is hindering the sales of meat and meat-based protein, thus restraining the market growth. Vegetarian population is mounting terrifically each year, yet it stands out as a minute minority section and its tendency to overcome the majority meat-eating population seems impossible further restraining the growth of the market.
Animal Feed Antioxidants Industry Outlook
Product Launches was the key strategy of the players in the Animal Feed Antioxidants Industry. Animal Feed Antioxidants top 10 companies include Dsm Nutritional Product, Llc., Cargill Corporation, Zhejiang Medicine Co., Ltd., Adisseo, Novozymes, Alltech, Beldem, Kemin Industries, Inc., Ab Vista and Dupont.
In January 2019, Cargill Corporation expanded its business in poultry by introducing new product Konspol’s. It is enhancing its business in terms of sales, export capabilities and proximities to its customers.
In March 2020, Novozymes launched Saphera Fiber, a new lactase enzyme to increase the content of fibers in fermented and non-fermented dairy products.
The increasing focus on animals’ health and quality of feed in terms of taste and nutritional value is likely to be the major driving factor for the market’s growth.
Growing awareness have created a need for medical assistance in livestock breeding industry that drive the demand for animal feed antioxidants market.
Europe region is expected to record the fastest growth rate during the forecast period 2020-2025 attributed to the robust manufacturing base of pork meat in European countries including Germany, France, and Russia is anticipated to upsurge the availability of livestock and in turn, will expand industry growth.
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