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Specialty feed additive market projected to hit $20.5 billion by 2023

Global intelligence firm Fact.MR has issued a report that predicts that the global specialty feed additive market will experience steady growth through to 2023. Over the next decade, the market is predicted to grow at a steady CAGR of 5.2 per cent, and will result in a value of USD $20.5 billion in 2033.

Underlying drivers of the growth include the rapid growth of using animal-sourced protein in the form of milk and eggs, the increasing awareness of the health benefits of these proteins, as well as advancements in the animal husbandry industry and increasing awareness of animal health and welfare, zootonic diseases and more.

Specialty feed additives contain important vitamins and minerals such as Vitamin A and zinc, which can improve the digestibility of feed, allowing animals to make better use of the nutrients they ingest. Based on feedstock, acidifiers based feed additives are set to lead the global market over the next decade due to their promotion of positive gut health and benefits to animals’ general digestion and immunological systems.

Regionally, the APAC region is increasing at a significant rate. China is poised to hold a share of 35 per cent of the global market for specialty feed additives. The U.S. market is poised to expand at a CAGR of five per cent over the next 10 years.

Regionally, Asia Pacific specialty feed additives market is increasing at significant rate during the forecast. Because of the region’s substantial reliance on cattle and the quickly expanding need for animal protein. The cattle industry in the industrialized markets of the West strives towards sustainable production, which will lead to low costs and high quality. Some countries may experience slow development, according to the report, if their countries have bans on antibiotics.