February 29, 2024
animal nutrition market

Global Animal Nutrition Market Is Estimated To Witness High Growth Owing To Increased Demand for Healthier Animal Feed & Growing Focus on Animal Welfare

The global animal nutrition market is estimated to be valued at USD 22.18 billion in 2022 and is expected to exhibit a CAGR of 6.93% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.

Market Overview

The animal nutrition market comprises products that are designed to fulfill the nutritional requirements of animals, including livestock, pets, and aquaculture. These products include feed additives, supplements, premixes, and compound feed. They play a crucial role in enhancing the health, performance, and overall well-being of animals.

Market Dynamics

The market for animal nutrition is driven by two main factors:
1. Increased demand for healthier animal feed: There is a growing awareness regarding the importance of providing animals with proper nutrition that promotes their growth, immunity, and overall health. As a result, there is a rising demand for animal feed that contains essential nutrients, vitamins, minerals, and feed additives to enhance animal health and productivity.
2. Growing focus on animal welfare: With increasing concerns about animal welfare, there is a preference for feeding animals with high-quality and balanced diets to ensure their well-being. This has led to an increased demand for specialized animal nutrition products that cater to the specific needs of different types of animals.

For example, in the livestock industry, feed additives such as probiotics and prebiotics are being used to improve gut health and enhance feed efficiency. Similarly, in the pet food industry, there is a rising demand for natural and organic ingredients that promote the overall health and longevity of pets.

Market Key Trends

One key trend in the animal nutrition market is the increasing focus on sustainable and eco-friendly sourcing of ingredients. There is a growing consumer demand for products that are produced using sustainable farming practices and do not have a negative impact on the environment. For instance, there is a rising trend of using insect-based protein in animal feed as it is considered a more sustainable alternative to traditional feed ingredients such as soybean meal or fishmeal.

SWOT Analysis

  1. – Strengths: Increasing demand for animal nutrition products, advancements in feed formulation technologies.
  2. – Weaknesses: Fluctuating prices of raw materials, regulatory challenges related to feed additives.
  3. – Opportunities: Rising demand for organic and natural pet food, growth potential in emerging markets.
  4. – Threats: Stringent regulations on antibiotic use in animal feed, increasing competition from substitutes.

Key Takeaways

– The global animal nutrition market is expected to witness high growth, exhibiting a CAGR of 6.93% over the forecast period, due to increasing demand for healthier animal feed and growing focus on animal welfare.

– Asia Pacific is the fastest-growing and dominating region in the animal nutrition market, driven by the rising population, urbanization, and increasing disposable income in countries like China and India.

– 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.

In conclusion, the global animal nutrition market is expected to witness significant growth driven by the increased demand for healthier animal feed and a growing focus on animal welfare. Key trends include the use of sustainable sourcing and ingredients. However, there are challenges such as fluctuating prices of raw materials and regulatory hurdles that need to be addressed. With the emergence of new technologies and innovation in feed formulation, the market presents numerous opportunities for growth, particularly in emerging markets.