Visiongain has published a new report on Animal Feed Additives Market Report to 2031: Forecasts by Product Type ((Vitamins (Vitamin A, Vitamin C, Vitamin D, Vitamin E, Vitamin K, Vitamin B1, Vitamin B2, Vitamin B6, Vitamin B12, Biotin, Folic Acid, Others), Amino Acids (Tryptophan, Lysin, Methionine, Threonine), Antioxidants (Synthetic Antioxidants, Natural Antioxidants), Enzymes (Phytase, Non-starch Polysaccharide), Sweeteners (Natural Sweeteners, Artificial Sweeteners), Flavors (Natural Flavors, Artificial Flavors), Pigments (Natural Red, Synthetic Red, Natural Yellow, Synthetic Yellow), Probiotics (Lactobacili, Bacillus, Streptococcus, Bifidobacterium)), By Application ((Poultry (Broiler, Turkey, Layers), Aquaculture (Salmon, Shrimp, Trout, Others), Bovine, Equine, Swine, Canine, Feline, Ovis Aries, Others)), By Distribution Channel ((Online Channels, Offline Channels (Organized Retail (Supermarkets & Hypermarkets, Convenience Stores, Departmental Stores, Others), Unorganized Retail)) PLUS Profiles of Leading Animal Feed Additive Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global animal feed additives market was valued at US$ 40,319.4 million in 2020 and is projected to reach at a market value of US$ XX million by 2031. Growing consumption of meat products in major countries in Asia Pacific is a key factor augmenting market growth of animal feed additives within the region.
COVID-19 Impact on Animal Feed Additives Market
The outbreak of COVID-19 pandemic and the economic recession that is looming in the major countries has slowed down businesses to a great extent. Revenues have plummeted, and in some cases companies were forced to shut shop due to lack of cash flow. However, food industry is one of those industries that haven’t been affected much by the recession. Demand for feed additives will remain in continuity despite the economic scenario in a country. However, lockdown imposed in several countries did affect the sale of animal feed additives as majority of the retail shop had to close down, following lockdown protocols. However, that phase passed quickly as most countries were keen to get back up on their feet. Further, during the lockdown period, lack sale of animal feed additives from physical retail stores were somewhat compensated by online purchases, as it skyrocketed during that time. In India, the share of e-commerce went up from 6.4% in Q2 2019 to more than 8.5% in Q2 2020.
Growing Meat Consumption
Growing meat consumption is one of the key factors supporting market growth of animal feed additives. Meat product has risen substantially and has doubled between 1989 to 2019, and this trend is expected to display a similar behaviour in the coming years as well. It is expected that global meat consumption will be somewhere between 500-570 million tons. Per capita consumption of meat in the U.S. stood at 124 kilograms in 2019, while Australia came second with 122 kilograms in the same year. Meanwhile, in India, consumption of poultry meat stood at approximately 3,819.2 tonnes in 2019. Meat is high in protein as 100 gm of meat contains roughly 26 gm of protein. China and India are expected lead in terms of protein demand in the future, contributing 31% and 16% respectively to the global demand for protein. The consumption of meat comes with several benefits such as increased metabolism, stronger bone density, and better absorption of iron among others.
Growing Demand for Food Safety & Quality
Food safety has become a key concern among customers. This awareness has developed inside customers over the years, and the trend is very much visible in the developed nations such as the U.S., Canada, Germany, and U.K. among others. Customers in these countries are concerned about the key attributes regarding a product such as its source, product clarification, type and amount of additives used in the product and various others. This is because, the demand for frozen meat products in these countries is fairly high. Consumers in these countries usually prefer purchasing frozen and processed meat products instead of fresh products. However, the purchasing trend of meat products is slightly different in Asian countries, as people in these countries prefer to buy fresh meat products from local shops. In case of India, the purchase of poultry meat is usually done from local meat shops, and not from supermarkets.
Growing Penetration of IoT in the Supply Chain
Internet of things is rapidly making its mark in several end-use industries such as food & beverages, consumer goods, and healthcare among others. Food & beverage companies are investing heavily in IoT to ramp up their supply chain operations. IoT in the supply chain process makes way for real-time tracking of the products. Devices such as GPS monitors along with various type of sensors can track everything such as the shipments location, its current temperature, humidity levels. IoT devices can track shipments that are not in a safe temperature zone and can help protect customers from buying or consuming spoiled goods.
Shifting Inclination towards Natural Ingredients
Consumers, especially in the developed nations are gradually showing a growing penchant towards the consumption of products with natural ingredients. This is due to the ban imposed on synthetic additives by governments in several countries. For instance, in 2017, the FDA banned the use of antibiotics that made animals grow quicker, also known as growth promotion. Further, the German government has expressed multiple concerns about volume of antibiotics used in poultry, since chickens in the country displayed a high amount of antibiotic resistant superbugs in them. The push by the government on banning antibiotic feed additives along with customer/manufacturer awareness about the existence of natural additives is expected to work in favour of the animal feed additives market in the coming years.
Some of the companies profiled in the report include Archer Daniels Midlands Company, Cargill Inc. DuPont De Nemours Inc., and BASF SE among others. These companies are involved in several organic and inorganic strategies in order to ensure long term sustenance in the animal feed additives market. For instance, in July 2020, BASF announced the acquisition of Cloudfarms, a software company engaged in livestock farm management, precision farming, and traceability, with the ultimate focus on big production. The Cloudfarm livestock farm management solution allows producers across the globe to improve the productivity and efficiency of complex farming operations.
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