The global feed acid market is forecast to witness healthy growth, thanks to rising consumption of meat and dairy products around the world. According to Transparency Market Research (TMR), the market will demonstrate over 6% year-on-year growth rate, reaching nearly US$ 1.8 Bn by the end of 2030.
Besides rising meat and dairy food consumption, elevated interest towards livestock and poultry health to offer better quality products will augur well for the market. According to TMR, the global feed acid market is rendered fragmented due to the presence of a large number of small and large companies.
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Vendors operating at a small scale are expected to rely upon third-party distribution channels to improve their market penetration. Because of the high degree of competition, most companies are expected to focus on product differentiation to carve a niche for their brands.
Additionally, they are expected to seek out strategic collaborations and partnerships to expand their portfolio as well as footprint across the world.
TMR’s report on the global feed acid market profiles some of the leading companies such as Provimi SA, ADDCON GmbH, Biomin GmbH, Kemin Industries Inc., BASF SE, Perstorp AB, Novus International, Corbion Purac, Evialis, Kemira Oyj, and Jefo Nutrition Inc.
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It closely studies various strategies adopted by these companies to foretell potential threats and uncover hidden prospects. It is therefore intended to help readers gain a holistic market overview.
The report offers an executive-level blueprint of the market in terms of type. For this purpose, it segments the market into amino acids, vitamins, feed enzymes, antibiotics, and antioxidants. Of these, the demand for amino acid is forecast to surge at an impressive pace through the course of the forecast period.
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Demand for Nutrition to Counter Disease Outbreak in Livestock Stokes Growth
Focus on countering nutritional deficiency in livestock and poultry population will encourage use of amino acids in animal feed. The category will record increasing demand in response to the focus on standardizing meat productions to counter the negative impact of disease outbreaks. Additionally, favorable laws encouraging innovations in animal husbandry practices will aid in the expansion of the segment.
In terms of ruminant types, poultry will be exhibiting the highest demand for feed acids. Poultry is widely consumed around the world and is among the most tenacious sectors within the food industry. However, the recent outbreaks of pandemic have made consumers wary about meat consumption.
They are gradually swaying away from poultry to plant-based alternatives. Poultry farms are therefore making considerable efforts to offer better nutrition, which has consequently resulted in feed acid demand uptick.
Overall, the continuing rise of feed production will aid the expansion of the feed acid market. Besides this, commercialization of livestock rearing methods will create lucrative opportunities for the market’s growth especially across high potential markets.
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Asia Pacific Emerges as Lucrative Market
Regionally, North America and Europe historically led the global market. Ban on use of antibiotics across various nations is promoting growth within these regions.
However, as per TMR, Asia Pacific will emerge as a highly lucrative market for feed acid. The region exhibits higher focus on organic materials which invariably creates lucrative growth opportunities.
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