Specialty Feed Additives Market Overview
Specialty feed additives is a vital market to the society as it enhances the quality of meat and other animal products thus adding nutrition to the human life as well. The recent period has seen a significant rise in the importance paid to the specialty feed additives for the livestock.
Specialty Feed Additives facilitate the provision of nutrition to farm animals, which cannot be gained through regular meals. They enhance the digestive system of the animals and are provided in the form of palatable food materials.
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The growth of the Global Specialty Feed Additives Market is mainly driven by factors such as rise in the consumption of meat and other animal products like dairy, leather, etc are favoring the growth of this market. The increasing spread of diseases amongst the livestock and innovation in the livestock rearing culture is another major factor driving the growth of the market. However, lack of awareness, high investment costs and government regulations are preventing the growth of the market.
Specialty Feed Additives Market Forecast Report (2018-2023)
Global Specialty Feed Additives Market was worth USD 9.05 billion in 2018 and estimated to be growing at a CAGR of 5.5%, to reach USD 11.83 billion by 2023.
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Specialty Feed Additives Market Segmentation
The Global Specialty Feed Additives Market is segmented based on Type of feed, Livestock, Form of feed and function. The market for Specialty Feed Additives, on the basis of Type of feed is segmented into Vitamins, Antioxidants, Flavors and Sweeteners, Minerals, Binders, Acidifiers and others. The Acidifiers segment leads the global market on the basis of type of feed and is also projected to witness a higher growth rate during the forecast period. On the basis of Livestock, the global Specialty Feed Additives Market is segmented into Aquatic animals, Poultry, Swine, Ruminants and others. Under this segment, feed additives for the poultry segment are leading the market currently. On the basis of Form of feed, the global Specialty Feed Additives Market is segmented into Liquid feed and Dry feed. The dry feed is further classified as Pellets and Powders. The Liquid Feed additives market is expected to have a higher CAGR among the feed additives based on form of feed. On the basis of Function, the global Specialty Feed Additives Market is segmented into Palatability enhancement, Mycotoxin Management, Ingredient Preservation Digestive performance enhancement and others.
The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. In 2016, Europe led the global Specialty Feed Additives Market. However, the Asia Pacific region is projected to grow the highest during the forecast period due to various factors such as growing urban population, increase in spending and the rise in population.
Major Players:
The major companies dominating this market for its products and services are
Key Developments in the Market
This market is extremely disjointed with numerous big and developing players operating in the business.
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