Growth opportunities and latent adjacency in Feed Additives Market

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.

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, the 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.

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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. The Asia Pacific is projected to be the fastest-growing segment during the forecast period. This is due to the 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 an increase in demand for nutrition supplements for monogastric animals are expected to create an opportunity for the feed additives market in the coming years.

The major feed additives vendors include Cargill (US), DowDuPont (US), ADM (US), Evonik (Germany), BASF (Germany), DSM (Netherlands), Solvay (Belgium), Ajinomoto (Japan), Novozymes (Denmark), Chr. Hansen (Denmark), InVivo (France), Nutreco (Netherlands), Kemin (US), Adisseo (France), and Alltech (US). Expansions and investments have been the most dominating strategy adopted by major players, followed by acquisitions. This has helped them to increase their presence in different regions and enhance their product portfolio

Cargill is involved in the manufacturing and marketing of food, agricultural, financial & industrial, and animal nutrition & protein products. The company offers feed ingredients through its animal nutrition business segment. Cargill’s animal nutrition provides feed additives, through its brand "Promote", for poultry, swine, beef, and dairy. The company offers products such as probiotics, enzymes, antioxidants, and mycotoxin detoxifiers. Cargill mainly manufacturers aquafeed, and 30% of the raw material comes from agricultural, industrial, or fishery byproducts; thus reducing wastage and achieving the goal of the company to achieve sustainable development. Strategically, the company is focusing on phytogenic and mineral feed additives market. In November 2018, it invested USD 235 million in the Philippines for the expansion of its animal feed and nutrition business. As a result of this expansion, the company is focusing on meeting an increased demand for chicken and pork in the country, along with the expansion of the agricultural supply chain.

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Archer Daniels Midland Company (ADM) operates through five segments—agricultural services, oilseeds processing, corn processing, wild flavors and specialty ingredients, and others. It offers feed additive products through its subsidiary ADM Animal Nutrition, Inc. (US). It offers specialty ingredients, premixes & blending services, and feed products for animal health through its 270 food & feed ingredient manufacturing facilities present across the globe. In August 2018, ADM acquired Probiotics International Limited (UK), under its brand Protexin. Protexin offers a variety of natural products and probiotic supplements for the veterinary, agriculture, and equine healthcare markets. This would increase the product portfolio of the ADM nutrition division.

Marker Research Report Insights & Consulting.