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ROCKVILLE, MD / ACCESSWIRE / December 2, 2020 / The global specialty feed additives market is likely to expand at CAGR of over 5 %, throughout the forecast period 2020-2030. The market growth can be primarily attributed to the growing focus on animal nutrition products sustainability all over the developing as well as developed regions.
'With commercial productivity unswervingly associated with an animal's overall health, mushrooming applications of specialty feed additives together with the participation of several additive players is going to enhance the global market growth in the foreseeable future.' says a Fact.MR analyst.
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Specialty Feed Additives Market - Key Takeaways
- The global speciality feed additives market will be reaching a estimation of over US$ 14.5 Bn by 2027 end.
- Asia Pacific to witness sky-rocketing growth during the projected period on the back of fast growing agricultural sector.
- Acidifiers segment will remain most lucrative amid the forecast period, recording a CAGR of 6%.
Specialty Feed Additives Market - Drivers
- Growing focus on immunity of farm animals together with changing customers inclinations for different flavors will generate incremental and remunerative prospects in the market.
- Demand for meat and dairy products is anticipated to rise at a steady CAGR, which consecutively, will amplify demand.
- Growing demand for specialty feed additives is driven by advances in newer health perspectives on animal nutrition, disease outbreaks in livestock and animal husbandry.
Specialty Feed Additives Market - Constraints
- Absence of knowledge amid individual farmers, particularly in emerging economies limits the global demand.
- Higher manufacturing and raw materials costs in contrast to normal feedstock hindering the market growth.
Anticipated Market Impact by COVID-19 Outbreak
The market is witnessing a rise in demand for basic food or essentials owing to the COVID-19 outbreak. Closure are prompting less preference towards dairy, meat, and animal products, this impacting the specialty feed additives market. Furthermore, Supply chain disruptions and raw material price volatility impact the market.
On the other hand, attributable to COVID-19, feed producers and manufacturers are becoming more aware of strategies and techniques to deal with the situation. This, consecutively, is likely to lead to a rise in demand for speciality feed additives, as the market growth starts alleviating.
Explore the global specialty feed additives market with 100 figures, 100 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4470/specialty-feed-additives-market
Major companies identified in the specialty feed additives market include DuPont, Koninklijke DSM N.V., BASF SE, Novozymes A/S, Evonik Industries, Nutreco N.V. and others. Rising competitors in the market are encountering numerous constraints such as increased production costs, increased regulations, as well as subdued awareness amid consumers. Consequently, their key focus is the strategic launch of new products.
More on the Report
The Fact.MR's market research report provides in-depth insights into the specialty feed additives market. The market is scrutinized on the basis of feedstock (binders, acidifiers, minerals, antioxidants, flavors & sweeteners, vitamins and others), form (dry and liquid) and functionality (palatability enhancement, micotoxin management, preservation of functional ingredients and others), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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