Northbrook, IL -- (SBWIRE) -- 04/07/2021 -- The report "Feed Additives Market by Type (Amino Acids, Phosphates, Vitamins, Acidifiers, Carotenoids, Enzymes, Mycotoxin Detoxifiers, Flavors & Sweeteners, Minerals, Antioxidants), Livestock, Form, Source, and Region - Global Forecast to 2023", is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period. Consumption of meat and poultry products is increasing across regions. As the preference for animal-based products continues to grow, rearers focus on improving the quality of these products. Rearers utilize feed additives to enhance meat quality and prevent contamination from bacteria such as Yersinia enterocolitica, Salmonella, Staphylococcus aureus, Campylobacter jejuni, and Clostridium perfringers.

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The Amino Acids segment to be a leading revenue contributor to the growth of the Feed Additives Market

Ongoing advancements in biotechnology have encouraged manufacturers to develop feed additives with enhanced nutritional value. Rearers are increasingly utilizing these feed additives to improve the digestive health of animals and prevent diseases. To sustain their leading position in the market, manufacturers focus on using amino acids due to their low production cost and greenhouse gas emission. Due to these factors, the amino acids segment is projected to dominate the feed additives market during the forecast period.

The Poultry segment to account for the largest share in the Feed Additives Market through 2023

Rearers are mainly focusing on offering a balanced diet to the animals for their development and improved meat quality. With the increasing preference for specific meat and yolk color among consumers, rearers are increasingly utilizing a range of feed additives in poultry. Due to these factors, the poultry segment is projected to account for the largest market share, recording the fastest growth in the feed additives market during the forecast period.

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Asia Pacific to be a dominant region in the Feed Additives Market during the forecast period

The rise in feed production has led to an increase in the number of feed mills in various countries of Asia Pacific. In addition, increasing inclination of consumers toward meat and poultry products, particularly in countries such as Japan and India, has encouraged rearers to use feed additives to cater to the rising demand for protein-rich diets of consumers. As the need for protein-rich food products persist, such as meat and poultry products, the demand for feed additives is projected to remain high in this region. Due to these factors, Asia Pacific is expected to lead the feed additives market during the forecast period.

Leading players operating in this market include DowDuPont (US), Evonik (Germany), Cargill (US), BASF (Germany), and Ajinomoto (Japan). Key players in the feed additives market are adopting strategies such as expansions & investments, acquisitions, and new product developments.

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