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.
A) Market Overview:
The animal nutrition market deals with the production and supply of nutritious feed for animals. This includes feed additives, supplements, and premixes that are essential for the growth and development of animals. The market offers a wide range of products tailored to the specific needs of various animal species such as poultry, swine, ruminants, and aquaculture.
The need for high-quality animal nutrition products arises from the increasing demand for meat, dairy, and other animal-based products, driven by the growing global population. Consumers are becoming more aware of the importance of a nutritious diet for animal health and welfare, which in turn impacts the quality and safety of the end products they consume. As a result, there is a rising focus on providing animals with balanced diets that promote healthy growth, improve productivity, and reduce the risk of diseases.
B) Market Key Trends:
One key trend in the animal nutrition market is the shift towards natural and organic feed additives. With the increasing preference for clean-label products and sustainable farming practices, there is a growing demand for feed additives derived from natural sources. Organic additives offer several benefits such as improved digestion, enhanced immunity, and reduced dependency on antibiotics. For example, probiotics and prebiotics derived from natural sources have gained significant popularity as they promote gut health in animals without any adverse effects.
C) PEST Analysis:
- Political: Government regulations on animal welfare and feed safety standards play a crucial role in shaping the animal nutrition market. Strict regulations regarding the use of antibiotics and growth-promoting substances in animal feed are driving the demand for alternative feed additives.
- Economic: The increasing disposable income and changing dietary preferences of consumers are driving the demand for high-quality animal-based products. This, in turn, is pushing farmers and animal nutrition companies to invest in premium feed solutions for better animal health and improved product quality.
- Social: The rising awareness about animal welfare and the impact of animal nutrition on human health is influencing consumer preferences. There is a growing demand for products that are produced using sustainable and ethical farming practices.
- Technological: Advancements in technology have enabled the production of innovative animal nutrition solutions. Precision feeding, precision farming, and digital technologies are being adopted to optimize feed formulations and monitor animal health and performance.
D) Key Takeaways:
In terms of market size, the global animal nutrition market is expected to witness high growth, exhibiting a CAGR of 6.93% over the forecast period. This growth can be attributed to increasing consumer demand for safe and nutritious animal-based products. The rising focus on natural and organic feed additives is also expected to drive market growth.
Regionally, Asia Pacific is expected to be the fastest-growing and dominating region in the animal nutrition market. The growing population, rising urbanization, and increasing disposable income in countries like China and India are driving the demand for high-quality animal-based products. Additionally, the presence of key players in the region further contributes to its dominance.
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 focus on research and development activities to introduce innovative products and gain a competitive edge in the market.
Overall, the animal nutrition market is poised for significant growth due to increasing demand for nutritious feed, rising consumer awareness about animal welfare, and the need for sustainable farming practices. Key players and industry stakeholders need to capitalize on these opportunities to meet the growing market demands and address the evolving needs of consumers.