Nutritional Feed Additives Global Market To Reach Value Of About $ 13.4 Billion In 2023
The global nutritional feed additives market is expected to decline from $10.9 billion in 2019 to $8.2 billion in 2020 at a compound annual growth rate (CAGR) of -24.4%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. COVID-19 pandemic is affecting industries across the globe including the animal sector. The restrictions on non-essential medical services coupled with slowed production of veterinary feeds due to extended factory closures in various countries are the key factors for this decline. The market is then expected to recover and grow at a CAGR of 7.5% from 2021 and reach $13.4 billion in 2023
The nutritional feed additives market consists of sales of nutritional feed additives which are used to improve animals nutrition. Nutrition feed additives are an important portion of nutrition that enhance yield and quality of food. Nutrition feed additives improve the overall gut health, digestion process and appetite. This market includes companies that produce nutrional feed additives such as enzymes, antioxidants, acidifiers, probiotics, prebiotics and others.
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The global nutritional feed additives market is further segmented based on type and geography.
By Distribution Channel: Direct, Indirect, Hypermarket / Supermarket, Specialty Stores, Online Retail.
By Livestock: Ruminants, Poultry, Swine, Aquatic.
By Geography: The global nutritional feed additives market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Nutritional Feed Additives Market
Feed additives manufacturers are investing in the R&D of organic feed additives as there is a growing demand for organic and natural feed products in the nutritional feed additives market. When compared to synthetic nutrition feed additives, organic feed additives have less side effects and also improves yield. Therefore, poultry farmers are switching to herbal nutrition feed additives.
Nutritional Feed Additives Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides nutritional feed additives market overviews, analyzes and forecasts market size and growth for the global nutritional feed additives market, nutritional feed additives market share, nutritional feed additives market players, nutritional feed additives market segments and geographies, nutritional feed additives market’s leading competitors’ revenues, profiles and market shares. The nutritional feed additives market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.