Continuous efforts taken by leading companies regarding new product launches as a part of their growth strategy has retained the swift and unwavering growth of the animal feed additives market. Adoption of animal feed additives has witnessed a significant surge, with dynamic patterns being observed in the meat preferences of consumers worldwide. Moreover, a paradigm shift towards consuming natural feed ingredients from excessive intake of antibiotics has evolved as an emerging trend.
In a bid to enhance digestive capabilities of animals, curtail wastage of feed, and revitalize feed to food value chain, feed additives such as enzymes, probiotics, acidifiers, and amino acids are being increasingly used. The study foresees the animal feed additives market to manifest a CAGR of 2.7% between the period of assessment, 2016 – 2026.
Eastern Europe is estimated to manifest promising and faster growth registering highest CAGR of 3% over the forecast timeline. Heightening of domestic production base is anticipated to propel demand for animal feed additives in this region. However, Western Europe will continue to hold leading revenue shares of the market, in light of coherent production of feed coupled with striking technological breakthroughs.
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“Several new realms are prospering in the domain of livestock production across several European countries. Over and above that, budding appetite for chicken meat and production of geese, guinea and other domesticated birds is on a drastic rise. This is believed to create upcoming remunerative opportunities for animal feed additive manufacturers concentrated in this region,” quotes a lead analyst at FMI.
Amino acids are likely to account for the highest revenue, owing to sweeping inclusion of limiting amino acids, primarily methionine, in animal feeds. A new aspect unfolds when amino acid inclusions in animal feed is observed to have positive aftereffects on the environment. A positive influence on environment has been witnessed with regard to using amino acids in animal feed, as deemed by leading manufacturers such as Evonik in their latest comparative life cycle assessment. This, in turn, has been complementing its supremacy, in terms of revenues.
Based on livestock, poultry is anticipated to account for the largest revenue share of the animal feed additives market, followed by swine. Rise in popularity of frozen poultry products is spurring revenue growth from poultry across markets in Western Europe and North America. With burgeoning demand for fresh and frozen fish items across European countries, aquaculture is expected to witness magnificent adoption during the assessment timeline.
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Major companies operating in the animal feed additives market are striving to gain a competitive edge with the help of innovations. For example, use of nanotechnology might possibly ramp up the global production of feed additives over the forecast timeline. So, this can be a major opportunity for the market players to bank on. Furthermore, market players are also forging ahead with market-oriented innovation tactics and value-added services to procure larger benefits. For instance- key companies in the market are injecting investments in services such as feed consulting, formulation support, feed analysis, and many more. This approach helps them to turn a profit and attain significant benefits over their rivals. In recent times, a significant rise in mergers, acquisitions and collaborations has been observed among the market participants. These alliances share a common motive of upgrading the existing product portfolio, avail access to regional markets, and to attain synergetic benefits. The market has witnessed several companies extending their presence across the value chain by integrating and fortifying their product portfolio.