The Business Research Company’s Global Nutritional Feed Additives Market Report 2020-30: Covid 19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 4, 2020 /EINPresswire.com/ -- 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. For instance, Agpulse Organics has come up with its herbal animal feed additive Govahnika-Biosheera, which is fed to cattle to increase milk productivity while maintaining the health of cattle and quality of milk.
The global nutritional feed additives market size 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 global nutritional feed additives market size is then expected to recover and grow at a CAGR of 7.5% from 2021 and reach $13.4 billion in 2023.
The rise in consumption of meat products is one of the driving factors for the nutrition feed additives market. Due to high meat consumption, the concern for high quality meat is also increasing. Thus, in order to deliver high quality meat, add-on nutrition feed additives are fed to the animals so that they have good digestion to build on more muscle and weight. This increases the yield and productivity and hence, the demand for nutritional feed additives. For instance, beef consumption in the US has held a steady rise since 1970 to 2018. Currently, meat and poultry consumption in the US is more than 100 billion pound every year.
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 nutritional feed additives such as enzymes, antioxidants, acidifiers, probiotics, prebiotics and others.
The global nutritional feed additives market is segmented by distribution channel into direct, indirect, hypermarket / supermarket, specialty stores, and online retail. By livestock, the market is segmented into ruminants, poultry, swine, and aquatic.
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