From 2019 to 2029, the global specialty feed additives market will grow at a substantial rate and profitable opportunities will emerge in the Asia Pacific region owing to a massive pool of livestock available. A number of countries in the region are agriculture dominated economies and this is contributing massively to the high compound annual growth rate of the region.
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Additionally, it is worth noting here that a number of players – regional and international – are trying to penetrate the market in order to tap into these opportunities. This is propelling the regional market on to a high growth trajectory. Nations that will be at the forefront of this
projected growth over the forecast period include Japan, India, and China. As these do well on the economic front, purchasing power increases, helping the market grow.
It is pertinent to note here that North America and Europe will account for a sizeable share of the market over the forecast period owing to availability and easy access to these. Besides, infrastructure is notable in the two regions and buyers are more aware. Presence of key players also adds to the trajectory.
As per Transparency Market Research, the global specialty feed additives market would grow at a substantial pace over the forecast period of 2019 to 2029. A number of interesting growth opportunities will arise over this period, attracting players and paving way for further growth. The robust compound annual growth rate will translate to a higher worth in the market.
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Growing Incidence of Diseases in Farm Animals Driving Demand for Specialty Feed
Animal health is gaining prominence in agriculture and animal husbandry due to a number of reasons. One, harmful bacteria, virus, and parasites are more prevalent than ever. And, two, diseases caused by them take a heavy toll in terms of monetary losses and effort. This calls for feed that can help make the animals robust from within, driving demand for specialty feed additives up significantly.
It is significant to note here that demand for eggs, meat, dairy products, and other animal derived items is leading to a growing need for stockmen to take extra care of animals’ health. This is a major contributor to growth anticipated to be charted by the global specialty feed additives market. Growing number and intensity of epidemics is also propelling growth in the global specialty feed additives market.
Vendor Landscape of Global Specialty Feed Additives Market to be Fragmented and
Players in the global specialty feed additive market are highly competitive and this helps the market grow substantially as the proactive measure often contribute massively to innovation and
better product development. Presence of a large number of players in the market engaging in cut- throat competition makes the vendor landscape fragmented. So far, players who are considered prominent in the market landscape are Evonik Industries, Chr. Hansen Holdings A/S, AkzoNobel Surface Chemistry AB, Nobus International, Biomin Holding GmbH, Nutreco N.V., Brookside Agra, BASF SE, Kemin Industries Inc., Novozymes A/S, Invivo NSA.
As stated above, product development and innovation hold key to larger share of the market. Few years back, Anco AC was launched by ADM Animal Nutrition. It is an arm of Archer Daniels Midland Co. and the product is prepared keeping in mind needs of poultry, dairy, and swine. It can be used in all phases of production and is an anti-caking agent. Besides, it is yeast primary.
Other strategies that a number of players opt for in order to stay ahead of the competitors include mergers and partnerships, collaborations and acquisitions. Additionally, technology and research and development play a crucial role in enduring a consolidated position in the global specialty feed additives market.
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