The
global animal nutrition market is estimated to be valued at USD 25.50 billion
in 2023 and is expected to exhibit a CAGR of 9.34% over the forecast period
2023-2028, as highlighted in a new report published by Coherent Market
Insights.
A) Market Overview:
The Animal
Nutrition Market refers to the industry that provides nutritional
products and services for animals. These products include feed additives,
vitamins, minerals, amino acids, enzymes, and other essential nutrients that
are necessary for the growth and development of livestock animals. The need for
these products arises from the increasing demand for high-quality animal
products such as meat, milk, and eggs, as well as the growing awareness about
animal health and welfare.
B) Market Key Trends:
One key trend in the animal nutrition market is the rising demand for natural
and organic feed additives. With the increasing focus on sustainable
agriculture and the avoidance of chemical inputs, there is a growing preference
for natural alternatives in animal nutrition. Natural feed additives are
derived from plant extracts, herbal medicines, and other organic sources, which
offer various health benefits to animals without any harmful side effects. For
example, the use of natural antimicrobial agents in poultry feed helps in
preventing the growth of harmful bacteria and pathogens, thus reducing the need
for antibiotics.
C) PEST Analysis:
- Political: The political factors influencing the animal nutrition market
include government regulations on animal welfare, food safety, and environmental
protection. For example, stricter regulations on the use of antibiotics in
animal feed have led to the development of alternative feed additives.
- Economic: The economic factors affecting the market include the rising
disposable income and changing dietary patterns of consumers, leading to
increased consumption of animal products.
- Social: The social factors influencing the market include the growing
awareness about the health benefits of nutritional products in animal feed and
the increasing concerns regarding animal welfare and sustainability.
- Technological: The technological factors impacting the market include the
advancements in feed processing technologies, which enable better nutrient
utilization and improved animal health.
D) Key Takeaways:
1. The global animal nutrition market is expected to witness
high growth, exhibiting a CAGR of 9.34% over the forecast period. This growth
is driven by the increasing demand for nutritional products in animal feed, as
consumers are becoming more conscious about the quality of animal products and
the health of animals.
2. The Asia-Pacific region is expected to be the
fastest-growing and dominating region in the animal nutrition market. This can
be attributed to the increasing population, rising disposable income, and
growing meat consumption in countries like China and India.
3. 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 companies are focusing on product innovation, strategic
collaborations, and mergers and acquisitions to gain a competitive edge in the
market.
In conclusion, the global animal nutrition market is expected to witness
significant growth due to the increasing demand for nutritional products in
animal feed. Natural and organic feed additives, strict government regulations,
changing consumer preferences, and technological advancements are some of the
key trends shaping the market. The Asia-Pacific region is predicted to be the
fastest-growing region, while key players in the market are adopting various
strategies to stay competitive.
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