Global animal nutrition market expected to grow at a rate of 5.4 percent CAGR
The new report, “Animal Nutrition Market – By Nutrient Type (Amino Acids, Minerals, Vitamins, Lipids, Eubiotics, Enzymes and Carotenoids), By Livestock (Ruminant, Poultry, Aquaculture, Swine, Equine, Pets and Others), By Administration Method (Oral, Topical and Injection) and By Geography (2015-2020),” published by IndustryArc, estimates the market to reach $18.9 billion by 2020.
Growing population has led to increased demand for food resulting in need of raising animals of high genetic merit in optimum conditions. Farmers expect safe, healthy and sustainable feed for their livestock. Animals that receive improper nutrition are vulnerable to health and reproductive problems and prove to be less productive and marketable. Thus, to ensure profitability in agricultural operations animal nutrition is of high significance. The animal nutrition market is segmented into livestock, nutrient type, administration method and geography. Global animal nutrition market is estimated to grow at a rate of 5.4 percent CAGR to reach $18.9 billion by 2020.
The rapidly increasing industrialization of meat production is fostering unhygienic growing practices among few famers to cut down operation costs. The risk for disease outbreaks is increasing due to malpractices such as cramping animals in cages, supply of substandard feed, lack of proper health checks and preventive measures. These outbreaks are threat to livestock breeding industry and hampering animal growth, financial loss and also hazardous to human health. Use of feed enzymes in feed protect the livestock from such outbreaks and ensure healthy growth. Growing awareness have created a need for medical assistance in livestock breeding industry driving demand for animal nutrition products which includes nutrients such as vitamins, minerals and amino acids.
Amino acids holds the major share in global animal nutrition market in the nutrient type segment as they are essential and integral part of feeding regime. They act as a substitute to feed protein sources reducing nitrogen excretion and minimize greenhouse gas emissions. Eubiotic is estimated to be the fastest growing during the forecast period due to strong demand. Swine animal nutrition market is projected to be the fastest growing during 2015-20. Growing cases of outbreaks is set to increase the demand for high quality meat and thus force producers to opt for animal nutritional products. Oral administration method is estimated to hold the highest share in global animal nutrition market in administration method segment in 2015. Asia-Pacific is the dominant market for animal nutrition and is estimated to reach $6 billion by 2020 at a rate of 6.8 percent CAGR.
Animal nutrition market is consolidated with the presence of key global players. High-quality, tailor-made products, and ease of administration are the major factors manufacturers are considering in the development of new animal nutrition products. Frequent product launches, acquisitions and expansion are few of the growth strategies the key players in the industry are striving to increase their market share.