The global animal feed additives market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing consumption of meat as a source of proteins is expected to be a major factor driving market growth. Moreover, the rise in safety concerns related to the outbreak of livestock diseases is expected to boost market growth over the forecast period.
The global animal feed additives market report has been segmented on the basis of raw material, application, and region.
On the basis of product, the global animal feed additives market has been segmented into amino acids, antioxidants, feed enzymes, feed acidifiers, vitamins, binders, and antibiotics. Penetration of antibiotics segment is expected to grow at a steady rate over the forecast period. Antibiotics help livestock in growth and development. However, ban on use of antibiotics in the US and Europe owing to side effects on human health is expected to hamper market growth over the forecast period.
On the basis of livestock, the global animal feed additives market has been segmented into swine/pork, ruminants, poultry, aquatic animals, and others (equine and birds). Poultry is estimated to hold major revenue share in the global animal feed additives market and is expected to maintain its dominance over the forecast period.
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On the basis of region, the global animal feed additives market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at a steady rate over the forecast period. Increasing meat consumption in the US and Canada is anticipated to fuel market growth. Moreover, stringent regulations regarding quality of meat are expected to drive market growth in next ten years.
Key players operating in the global animal feed additives market include Cargill Incorporated, Adisseo France S.A.S., BASF SE, Archer Daniels Midland Company, Novozymes A/S, Chr. Hansen Holding A/S, Alltech, Inc., Evonik Industries AG, Charoen Pokphand Foods Public Company Limited, and Nutreco N.V.