The growth of the compound feed sector is a major factor driving the feed additives market. Compound feed is a mixture of plant/animal-sourced raw materials and supplements, which is orally fed to livestock animals. Compound feeds have gained popularity in recent years due to their convenience, cost-effectiveness, and ability to provide animals with all essential nutrients. Feed additives are important in the production of complete compound feed as they supplement the nutrient deficiencies in compound feed, improve the taste and digestibility of the feed, enhance nutrient absorption, and stabilize the gastrointestinal microflora, promoting good health and well-being in animals. For example, enzymes are often added to feed to help animals better digest complex carbohydrates and proteins, while amino acids are added to improve the protein content of feeds.
Furthermore, according to the Alltech Global Feed Survey 2023, 1,266.4 million tons of compound feed was produced globally in 2022, an increase of 6.6% over 2020. This growth in the compound feed industry has boosted the utilization of feed additives, driving the demand for feed additives among compound feed manufacturers. Feeds fortified with additives promote good health in animals and also improve animals’ productivity. Thus, the increasing production of compound feed for various animal species is boosting the demand for feed additives among compound feed manufacturers, driving the growth of this market.
Leading feed additive manufacturers are implementing expansion plans to capitalize on the opportunities in the animal nutrition sector. These plans aim to increase production capacity and market reach to meet the anticipated growth. For instance, in March 2023, Evonik Industries AG (Germany) expanded its MetAMINO (DL-methionine) production capacity in Singapore by 40,000 metric tons to produce around 340,000 metric tons annually. Methionine is used in livestock production to feed animals healthily, efficiently, and sustainably. Further, In January 2023, Nutreco N.V. (Netherlands) entered into a long-term research and commercial partnership with BiomEdit (U.S.) to produce novel feed additives through microbiome technology. In January 2022, Archer-Daniels-Midland Company (U.S.) established an aquaculture innovation lab at its animal nutrition technology center in the U.S. This facility expands global capabilities to develop novel nutrition solutions. Such developments are expected to support the growth of this market.
Thus, the growing compound animal feed sector and increasing emphasis on expansion and partnerships among key market players present significant growth opportunities for stakeholders in the feed additives market.
Meticulous Research®, in its latest publication on the Global Feed Additives Market, states that the feed additives market is projected to reach $51.2 billion by 2030, at a CAGR of 5.3% during the forecast period of 2023–2030.
Access Full Report Here @ https://www.meticulousresearch.com/product/feed-additives-market-5082
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