The
prevalent hectic lifestyle has impelled consumers to adopt a diet
that can cater to their everyday protein needs. As a result of this,
the livestock population has substantially increased to meet the
growing demand for dairy products and meat. The rise in livestock
population is anticipated to drive the demand for high quality animal
feed additives. To ensure that quality dairy products and meat is
circulated in the market, food products in the dairy and meat section
are being subjected to quality checks. Due to growing consumer
awareness about the harmful effects of low quality and synthetic
animal feed additives, meat and dairy food products are also being
tested under consumption safety standards and queries.
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According
to a report published by Transparency Market Research, the global
animal feed additives market is projected to expand at a 4.3% CAGR
between 2015 and 2021. The market was valued at US$4.79 bn in 2016
and is estimated to touch a valuation of US$5.92 bn by 2021.
Due
to what factors is the demand for animal feed additives likely to
rise in future?
The
prime factor driving the consumption of animal feed across the world
is the rising demand for diary and meet products. Moreover, the rise
in population in emerging nations and growth in the disposable income
of consumers are anticipated to further enlarge the animal products
consumer base. To meet the unmet needs of consumers, the animal
husbandry industry is focusing on increasing their livestock count
along with product yield. This is further expected to augment the
demand for animal feed additives in the coming years. The
implementation of advanced animal husbandry techniques in order to
achieve high quality meat and the standardization of diary and meat
products are factors which are further anticipated to aid the
progress of the global animal feed additives market.
What
factors are anticipated to restrain the demand for animal feed
additives?
The
cost of raw materials used in the formulation of animal feed
additives is considerably high. As a result of this, several small
scale manufacturers face difficulties during the manufacturing
processes. The cost of raw materials used in animal feed additives is
further expected to rise in the coming years. Moreover, the
prevalence of strict regulatory structures regarding the use of
chemicals and other components in animal feeds additives is further
expected to pose a threat for manufacturers of animal
feed additives.
However,
companies manufacturing animal feed additives are investing in
research projects in order achieve positive results regarding the use
of certain components in animal feed additives. For instance, the
European Food Safety Authority (EFSA) recently declared that
Lecithin, which is used in animal feed, is safe and has no major
side-effects. The FEEDAP Panel of EFSA re-evaluated the use of
lecithin as a l feed additive under the emulsifier category. It took
place after the Europe Lecithins Manufacturers’ Association
requested the revaluation of lecithin. After this the maximum content
requirement for lecithin in animal feed additives has been removed.
From
what factors can manufacturers of animal feed additives gain
profitable growth opportunities?
The
ongoing research activities regarding the use of antibiotics in
animal feed additives is an opportunity through which manufacturers
can gain lucrative growth opportunities. Antibiotics used in animal
feed additives are expected to provide potential resistance from
diseases and increase immunity of animals. As a result of this,
manufacturers are aiming at producing high quality animal feed
additives that can cater to the rising demand for healthy diary and
meat products.
In
terms of consumption, Asia Pacific is expected to emerge as the
leading region and is estimated to account for 32.6% of the global
market. The key players operating in the global animal feed additives
market are Archer Daniels Midland Co., Alltech, Inc., Novozymes,
Evonik Industries, Elanco Animal Health, Danisco A/S, BASF SE, and
DSM.
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