The global animal nutrition market is estimated to be valued at USD 25.50 billion in 2023 and is expected to exhibit a CAGR of 9.34% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Animal Nutrition Market refers to the industry that provides nutritional products and services for animals. These products include feed additives, vitamins, minerals, amino acids, enzymes, and other essential nutrients that are necessary for the growth and development of livestock animals. The need for these products arises from the increasing demand for high-quality animal products such as meat, milk, and eggs, as well as the growing awareness about animal health and welfare.
B) Market Key Trends:
One key trend in the animal nutrition market is the rising demand for natural and organic feed additives. With the increasing focus on sustainable agriculture and the avoidance of chemical inputs, there is a growing preference for natural alternatives in animal nutrition. Natural feed additives are derived from plant extracts, herbal medicines, and other organic sources, which offer various health benefits to animals without any harmful side effects. For example, the use of natural antimicrobial agents in poultry feed helps in preventing the growth of harmful bacteria and pathogens, thus reducing the need for antibiotics.
C) PEST Analysis:
- Political: The political factors influencing the animal nutrition market include government regulations on animal welfare, food safety, and environmental protection. For example, stricter regulations on the use of antibiotics in animal feed have led to the development of alternative feed additives.
- Economic: The economic factors affecting the market include the rising disposable income and changing dietary patterns of consumers, leading to increased consumption of animal products.
- Social: The social factors influencing the market include the growing awareness about the health benefits of nutritional products in animal feed and the increasing concerns regarding animal welfare and sustainability.
- Technological: The technological factors impacting the market include the advancements in feed processing technologies, which enable better nutrient utilization and improved animal health.
D) Key Takeaways:
1. The global animal nutrition market is expected to witness high growth, exhibiting a CAGR of 9.34% over the forecast period. This growth is driven by the increasing demand for nutritional products in animal feed, as consumers are becoming more conscious about the quality of animal products and the health of animals.
2. The Asia-Pacific region is expected to be the fastest-growing and dominating region in the animal nutrition market. This can be attributed to the increasing population, rising disposable income, and growing meat consumption in countries like China and India.
3. Key players operating in the global animal nutrition market include Archer-Daniels-Midland Company, Adisseo France SAS, Alltech, BASF SE, Cargill Inc., Dow Chemical Company, DuPont, Evonik Industries AG, Tata Chemicals, Novozymes A/S, Royal DSM N.V., Kemin Industries, Inc., and Nutreco N.V. These companies are focusing on product innovation, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market.
In conclusion, the global animal nutrition market is expected to witness significant growth due to the increasing demand for nutritional products in animal feed. Natural and organic feed additives, strict government regulations, changing consumer preferences, and technological advancements are some of the key trends shaping the market. The Asia-Pacific region is predicted to be the fastest-growing region, while key players in the market are adopting various strategies to stay competitive.
According to the new market research report by IndustryARC titled “Animal Nutrition Market: By Nutrient (Amino Acids, Minerals, Vitamins, Eubiotics, Enzymes, Others); By Livestock (Ruminant, Poultry, Aquaculture, Swine, Equine, Pets, Others); By Administration Method (Oral, Topical and Injection); By Geography - (2018-2023)”, the market is largely driven by the increasing adoption of animal nutrition products by the farmers and producers for the high quality production of meat and milk globally.APAC continues to lead the Animal Nutrition Market share and growth during 2018-2023:Asia-Pacific region is the prominent market for animal nutrition, with the highest share in the overall market.
Additionally, with the increasing population and food needs, the production of meat and dairy products has been at a consistent rise in the recent years.
Animal Nutrition products are used at various stages in the meat production value chain.
It also prevents the livestock from various disease outbreaks and helps in increasing the overall body mass of the animals.
Therefore, animal nutrition plays a significant role in retaining good health of animals and providing quality end-products to humans.Excerpts on Animal Nutrition Market Growth Factors Mentioned in the Full Report:Consumer awareness coupled with rising demand for quality and nutrition food from consumers, is set to drive the growth of the market throughout the forecast period.Rapidly rising mass production of meat and meat products is an indicator of growing trend for landless meat production facilities.
This trend is projected to enhance the growth of animal nutrition market.Key Players of the Animal Nutritions Market:The major key players of the Animal Nutritions Market includes Adisseo France SAS, Royal DSM and Archer Daniels Midland Company.Nutreco N.V. acquired two Brazilian companies namely, Fatec Indústria de Nutrição e Saúde Animal Ltda (Brazil) and BRNova Sistemas Nutriconais S.A. (Brazil) to strengthen its distribution network and product portfolio in animal nutrition.
