Feed Additives Market was valued at 33 billion US dollars in the year 2021 and is expected to increase to 44.3 billion US dollars in the year 2026. It is also estimated to garner a compound annual growth rate of 6.1% during the forecast period of 2021 to 2026.
Feed Additives are mostly known as products which is used in animal nutrition due to improving the quality of feed and the quality of food from animal origin, or to improve the animals’ performance and health, the most commonly used feed additives for the animals such as enzymes, pro- and prebiotics, antioxidants, antibiotic growth, these are the main factors that have considerably increased the demand for the Feed Additives, thereby driving the growth of the Feed Additives market in the upcoming years.
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Market Drivers and Restrains:
The main factors that have considerably increased the demand for the Feed Additives in the market is due to the increasing the consumption of meat products, and also rise in the concerns over meat quality, and rise in safety concerns associated with the outbreak of livestock diseases, rise in concern for the quality of meat & meat-related products majorly drive for the adoption of additives for various livestock, such as poultry, swine, aquatic animals, and cattle , these are the main factors that have considerably increased the demand for the Feed Additives, thereby driving the growth of the Feed Additives market in the upcoming years. The main drawback that harms the growth of the Feed Additives market is due to the increase in prices of raw materials such as maize, wheat, barley, and others these factors harming the growth of the Feed Additives market
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Report is segmented as:
Feed Additives Market is segmented on the basis of by type, on the basis of by source, on the basis of by livestock, on the basis of by form:
* Feed Additives Market is segmented on the basis of by type into Vitamins and Minerals, Acidifiers, Amino Acids, Phosphates, Caretonoids, Enzymes, Mycotoxin Detoxifiers, Flavors & Sweeteners, Antibiotics, Antioxidants, and Others
* Feed Additives Market is segmented on the basis of by source into Natural and Synthetic
* Feed Additives Market is segmented on the basis of by livestock into Ruminants, Poultry, Swine, Aquatic Animal
* Feed Additives Market is segmented on the basis of by form into Dry and Liquid
Geographical Segmentation:
Feed Additives Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. Asia Pacific has the dominant share in the Feed Additives in the year 2019 due to the owing to increase in demand for animal products, growth in population, rise in disposable incomes, and an increase in demand for quality meat products, followed by North America, Europe, Latin America and Middle East & Africa will register a slower increase in the Feed Additives Market
Impact of COVID-19 on Market
Covid-19 pandemic has impacted the growth of the Feed Additives market, The COVID-19 has started in the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected Feed Additives market. Covid-19 pandemic has impacted huge on the sales revenue Feed Additives market. Due to the government restrictions like lockdown in many countries has stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus are expecting to raise the Feed Additives market growth
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