July 12, 2024

Animal Nutrition Market to Reach US$ 23.52 Billion by 2023

The global Animal Nutrition Market is estimated to be valued at US$ 23.52 Billion in 2023 and is expected to exhibit a CAGR of 6.93% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Animal Nutrition Market is driven by the increasing demand for high-quality and nutritious animal feed in order to enhance the overall health and productivity of animals. Animal nutrition products play a crucial role in ensuring the growth, performance, and well-being of animals, which ultimately leads to improved food quality and safety for humans. Additionally, the rising awareness about animal welfare and the growing focus on preventive healthcare practices in the livestock sector are further boosting the demand for animal nutrition products.

Market Key Trends:

One key trend in the Animal Nutrition Market is the increasing adoption of feed enzymes in animal feed. Feed enzymes are natural substances that enhance the digestion and absorption of nutrients in animals, leading to improved feed conversion efficiency and better growth performance. These enzymes also help in reducing the environmental impact caused by animal waste. The rising concerns about sustainable animal farming practices and the need for minimizing feed costs are fueling the demand for feed enzymes, thereby driving the growth of the Animal Nutrition Market.

Segment Analysis:

The animal nutrition market can be segmented into various categories based on the type of animal, type of feed, and geographic region. One of the dominating sub-segments in this market is the poultry feed segment. Poultry is the most common type of animal reared for consumption worldwide, and hence, the demand for poultry feed is significantly high. Poultry feed includes a combination of grains, vitamins, minerals, and additives to provide a balanced diet for poultry animals. The increasing demand for poultry products, such as chicken and eggs, is driving the growth of the poultry feed segment in the animal nutrition market. Additionally, advancements in feed technology and the introduction of innovative products aimed at improving poultry health and productivity further contribute to the dominance of the poultry feed segment.

Key Takeaways:

The Global Animal Nutrition Market Demand is expected to witness high growth, exhibiting a CAGR of 6.93% over the forecast period of 2023-2030. This growth is primarily driven by factors such as the increasing demand for animal-based products, rising awareness about animal health and nutrition, and the growing trend of pet ownership. Furthermore, the need for improved animal feed to meet the nutritional requirements of animals and enhance their overall well-being is fueling market growth.

In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the animal nutrition market. This can be attributed to factors such as the increasing population, rapid urbanization, and changing dietary patterns in countries like China and India. Moreover, the growing demand for poultry, dairy, and aquaculture products in the region is driving the need for high-quality animal nutrition, thereby boosting the market growth.

Key players operating in the 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 actively involved in research and development activities to develop innovative animal feed products and strengthen their market presence. Additionally, strategic collaborations, mergers, and acquisitions are a common trend observed in the market as companies aim to expand their product portfolio and gain a competitive edge.

 

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it