by 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.
Market Overview:
Animal nutrition plays a crucial role in ensuring the overall health and productivity of livestock. The market offers a wide range of products including animal feed additives, minerals, vitamins, amino acids, and enzymes, among others. These products are used in feed formulation to enhance the nutritional value and quality of animal feed. The increasing demand for nutrient-rich feed for livestock, driven by the growing concern over animal welfare and the need to improve animal productivity, is expected to drive the growth of the global Animal Nutrition Market.
Market Dynamics:
1. Increasing Demand for Nutrient-rich Feed: The rising awareness regarding the importance of animal health and the need for high-quality feed to improve productivity is driving the demand for nutrient-rich animal feed. Nutrient-rich feed additives such as vitamins, minerals, and amino acids help in improving animal health, growth, and performance, thereby increasing demand in the animal nutrition market.
2. Growing Livestock Population: The global population is increasing at a rapid pace, leading to a rise in the demand for meat, milk, and eggs. This, in turn, is driving the growth of the livestock population. As a result, the demand for animal feed is also increasing, creating a positive impact on the animal nutrition market.
Segment Analysis:
The animal nutrition market is segmented on the basis of product type, livestock, and region. Based on product type, the market is further segmented into vitamins, minerals, amino acids, enzymes, and others. Among these, the vitamins segment is expected to dominate the market due to the increasing demand for essential vitamins in animal feed.
PEST Analysis:
– Political: The animal nutrition market is influenced by government regulations and policies related to animal welfare, food safety, and environmental sustainability. Stringent regulations regarding the use of certain feed additives and the need for sustainable farming practices are driving the market growth.
– Economic: The economic factors such as increasing disposable income, changing food consumption patterns, and urbanization are driving the demand for animal products, thereby creating opportunities for the animal nutrition market.
– Social: The growing awareness among consumers regarding the quality and safety of animal products, along with the increasing concern over animal welfare, is driving the demand for high-quality animal feed. This social trend is expected to have a positive impact on the animal nutrition market.
– Technological: Advances in technology have led to the development of innovative feed additives and production methods, which help in improving the nutritional value of animal feed. Technological advancements also enable the manufacturers to provide customized solutions as per the specific requirements of the livestock.
Key Takeaways:
– The global animal nutrition market is expected to witness high growth, exhibiting a CAGR of 9.34% over the forecast period, due to increasing demand for nutrient-rich feed for livestock.
– In terms of regional analysis, North America is expected to dominate the market, followed by Europe and Asia Pacific. North America is witnessing a high demand for high-quality animal products, driven by the increasing health-consciousness among consumers.
– 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 players are focusing on product innovation, partnerships, and acquisitions to expand their market presence.
In conclusion, the global animal nutrition market is experiencing significant growth due to the increasing demand for nutrient-rich feed for livestock. The market offers a wide range of products that enhance the nutritional value and quality of animal feed. With the rising awareness regarding animal welfare and the need to improve animal productivity, the demand for high-quality animal feed is expected to drive market growth. North America is expected to dominate the market, followed by Europe and Asia Pacific, owing to the increasing demand for high-quality animal products. Key players in the market are focusing on product innovation and strategic collaborations to expand their market share.
