The global feed additives market size is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period. Increasing consumption of livestock-based products, rising awareness about the importance of feed quality, and standardization of meat products owing to disease outbreaks are the major drivers for the growth of feed additives.
Feed additives are defined as products used in animal nutrition for the purpose of improving the quality of feed and the quality of food from animal origin, or to improve animals’ performance and health. MarketsandMarkets expects the global feed additives market to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period. Increase in the demand and consumption of livestock-based products; growth in feed production; and implementation of innovative animal husbandry practices to improve meat quality and output of other livestock-based products are expected to drive the growth of the feed additives market.
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The dry segment is estimated to dominate the market for feed additives, by form, in 2018. Dry feed additives have higher demand among livestock producers, as they are easy to mix with the feed, and are easy to store and handle. Additionally, unavailability of modern feed mills and equipment for using liquid feed additives makes the dry form more preferable among the livestock farmers. Amino acids, flavors & sweeteners, minerals, probiotics, phosphates, carotenoids, acidifiers, mycotoxin detoxifiers, antioxidants, and vitamins are a few types of feed additives that are mostly preferred in a dry form.
The synthetic segment is projected to be the faster-growing segment, by source, in the feed additives market, during the forecast period. Feed additives are synthesized on a large scale to meet the requirements of the growing livestock industry. Natural feed additives are unstable in their natural forms and not readily available for use, thus making synthetic feed additives more preferable for use.
In terms of geographical coverage, the feed additives market has been segmented into 5 regions, namely, North America, Europe, Asia Pacific (APAC), South America, and RoW. Asia Pacific is projected to be the fastest-growing segment during the forecast period. This is due to large livestock population and higher consumption of levels of meat and dairy in the region. Developments and innovations in the production processes in countries such as China have further improved the output and capacity of the meat industry in the region. Increasing demand for processed meat, protein diet, and dairy products, due to growth in household income levels, also continue to drive the demand for feed additives in this region. Shift toward the usage of natural growth promoters and increase in demand for nutrition supplements for monogastric animals are expected to create an opportunity for the feed additives market in the coming years.
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