Northbrook, IL -- (SBWIRE) -- 11/01/2021 -- The global feed additives market is estimated to be valued at USD 38.1 billion in 2021 and is projected to reach USD 49.6 billion by 2026, recording a CAGR of 5.5%, in terms of value. The growth in consumption of animal-based products, growth in feed production, standardization of meat products owing to disease outbreaks, and implementation of innovative animal husbandry practices to improve meat quality have led to the increased consumption of feed additives. The Asia Pacific region will dominate the global market due the presence of a large livestock population and their growth rate. Furthermore, the region has witnessed an increase in the number of feed mills and feed production, particularly in countries such as India and Japan.

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An increase in demand and consumption of livestock-based products such as dairy & dairy-based products, meat, and eggs is expected to drive the usage of feed additives in feed for the growth and development of farm animals. Poultry meat is the primary driver for the growth of the overall meat production, owing to its high demand, low production cost, and lower product prices, both in developed and developing countries. Furthermore, owing to the increasing awareness about the role and dynamics of food nutrients, especially protein, on overall physical and mental growth and development, there is a growing trend toward animal-sourced protein in the form of either meat, eggs, or milk. This drives the usage of feed additives in feed as it increases its nutritional quality.

Impact of COVID-19 on Global Market:

The outbreak of COVID-19 has brought serious medical, social, and economic challenges. Where the medical community is focused on developing successful diagnostic and medical treatment, the feed industry is also focused on manufacturing healthy products using for animals using feed additives to combat diseases by providing immune support.

Owing to the increasing COVID-19 pandemic outbreak in various regions/countries, the global market in 2020 was observed to witness a decline due to the lockdowns in various countries, closure of the international borders, and delay in cross border transit that has led to supply chain hindrances. The social distancing and the other measures taken by the regional governments limit the number of people who can work together in small areas. Thus, the decline in 2020 in the feed additives market growth was mainly due to the major impact of the COVID-19 pandemic. Gradually, as the restrictions of the government measures are likely to relax, the market for feed additives would witness a slight increment in the upcoming years till 2026.

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Key players in this market include Cargill (US), ADM (US), Dupont (US), Evonik (Germany), BASF (Germany), DSM (Netherlands), Ajinomoto (Japan), Novozymes (Denmark), Chr Hansen (Denmark), TEGASA (Spain), Nutreco (Netherlands), Kemin Industries Inc. (US), Adisseo (France), Alltech (US), Palital Feed Additives B.V. (Netherlands), Global Nutrition International (France), Centafarm SRL (Italy), Bentoli (US), NUQO Feed Additives (France), and Novus International Inc. (US).

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