Increasing production of animal feed and growing consumption of dairy and meat products are some key factors fueling growth of the feed additives market
Market size: USD 37.4 in 2020, Market Growth: CAGR of 6.5%, Market Trends: Increasing livestock production
The global feed additives market size is expected to reach USD 60.5 Billion by 2028 and register a CAGR of 6.5%, according to the latest report by Reports and Data. Increasing demand for animal-based products is a key driver supporting market revenue growth.
Feed additives are products that are used in livestock nutrition to enhance feed quality and improve total development and growth of animals. These products help in increasing feed intake and also provide necessary nutrients otherwise lacking in the diet. Rapid increase in cattle farming along with growing awareness about advantages of including additives in animal feed are some significant factors enhancing growth of the feed additives market. Additionally, many key market players are investing in R&D activities to develop more effective feed additives and are focusing on expanding their product lines.
However, ban of usage of antibiotics in animal feed and increase in cost of production due to uncertain raw material costs are some significant factors projected to hamper growth of the global feed additives market between 2021 and 2028.
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The major vendors in the global market include Cargill (US), DowDuPont (US), ADM (US), Evonik (Germany), BASF (Germany), DSM (The Netherlands), Solvay (Belgium), Ajinomoto (Japan), Novozymes (Denmark), Chr. Hansen (Denmark), InVivo (France), Nutreco (The Netherlands), Kemin (US), Adisseo (France), and Alltech (US).
Some key highlights from the report:
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For this study, Reports and Data has segmented the global feed additives market based on type, livestock, form source, and region:
Based On Type: (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
Based On Livestock: (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
Based On Form (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
Based On Source: (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
Based On Region (Volume, Kilo Tons; Revenue, USD Billion, 2018 – 2028)
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Identifying the basic business drivers, challenges, and tactics adopted:
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