The global animal feed nutrition market size is expected to reach US$ 641.3 Mn by the end of 2030. According to a study by Future Market Insights (FMI), the market will show a steady rise at 4.3% CAGR between 2020 and 2030. According to the report, expansion of livestock feed industry and rising per capita meat consumption will stoke growth. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
Growth opportunities in the market for animal feed nutrition look positive on account of the expansion of the livestock feed industry. In addition to this, the consistently rising demand in developing countries and uptick in aquaculture as a result of rising per-capita meat consumption is driving the animal feed nutrition market.
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It includes in-depth insights into the animal feed nutrition market. Some of these are:
- The estimated value of the market was at US$ 420.9 Mn in 2020. Through the course of the report’s forecast period, the market will exhibit a stable growth
- Regionally, North America emerged as a key market for animal feed nutrition
- Europe and Latin America will remain steady as key markets for animal feed nutrition
- In terms of ingredient, soybean meal is expected to holds the largest share in the market
- Key players are likely to focus on new microbial strains to improve immune function in animals to gain competitive edge in the market
“North America is likely to emerge as a lucrative market for nutritional ingredients in animal feed. The presence of highly aware consumers, in addition to their high per-capita income, supports the expansion of the market in North America,” said a lead analyst at FMI.
Rising Demand for High Quality Meat Creates Opportunities for Expansion
Farmers are perpetually under the pressure of meeting the rising demand for high-quality meat and other animal products. Besides this, rising awareness and better access to information has rendered consumers highly conscientious. As a result the demand for improved quality and sustainability is at all-time high. In addition to this, an increasing number of consumers are likely to supplement diets with additives such as enzymes, amino acids, vitamins, probiotics, and organic acids. This will in turn create demand for animal feed nutrition.
Who is Winning?
Some of the leading players operating in the animal feed nutrition market are BASF SE, Ingredion Inc., Barentz, Altech Corp. and others.
As a result of increasing competition, manufacturers in the animal feed nutrition market are looking to offer one-stop solutions to their consumers. This is mainly because a majority of these companies want to vertically integrate their business lines to offset competition. In general the market witnesses considerable competition, especially with Chinese companies fighting to secure higher share in the global market.
Experts suggest that in order to gain competitive advantage, market players should focus on developing novel microbial strains and expanding their product portfolio.
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Get Valuable Insights into Animal Feed Nutrition Market
Future Market Insights, in its new report, presents an unbiased analysis of the global animal feed nutrition market, covering historical demand data and forecast figures for the period between 2020 and 2030. The study divulges compelling insights into growth witnessed in the market. In terms of ingredient, the market can be segmented into wheat, corn, soybean meal and oats. Based on type, the market can be classified into minerals, amino acids, enzymes, vitamins, acidifiers, antibiotics, and antioxidants.