The global animal nutrition chemicals market size is expected to reach US$ 20.14 Bn Bn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at 5.7% CAGR between 2019 and 2029. According to the report, the rising demand for animal protein product will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the Animal Nutrition Chemicals market. Some of these are:
- The estimated value of the market was at US$ 11.57 Bn in 2019. Through the course of the report’s forecast period, the market is likely to exhibit to a steady pace of growth.
- However, supply chain disruptions and decelerated demand due to coronavirus may negatively impact growth
- Regionally, North America has emerged as a key market for animal nutrition chemicals.
- Europe and Asia will remain steady as key markets for animal nutrition chemicals.
- Key players are likely to focus on product innovations and business collaborations to stay relevant in developed markets.
“The rising concerns of pet owners regarding their pets’ health is fuelling the demand for safe and healthy pet foods.,” said a lead analyst at FMI.
Increasing Use of Milk, Meat and Related Animal Products Worldwide will Boost Growth
Animal nutrition chemicals are essential feed additive products to boost the growth in animal and to maintain their health. These are widely used in the feed industry to improve the quality of product and ensure better nutrition quality. Increase in domesticated animals and livestock population drives the animal nutrition chemical market. Moreover, rise in pet health care centres and veterinaries is expected to fuel the market growth. Furthermore, rapid industrialization of livestock farming, increase in health problems among animals, and rise in meat demand are some of the major factors boosting the animal nutrition chemicals industry. The upsurge in consumer demand for performance and nutrition solutions on account of rising pet and cattle population is one of the primary factors driving the market.
Who is Winning?
Some of the leading players operating in the Animal Nutrition Chemicals market are BASF SE, Dow Chemical Company, DuPont, Kemin Industries, Tata Chemicals, Novozymes, Royal DSM, and Balchem Corporation.
For More Detailed Insights on Animal Nutrition Chemicals Market
As a result of the rising demand for animal protein products and the rising trend of ownership of pet animals. Moreover, the rising incidences of epidemics of animal diseases, rising livestock population and the rising concerns of pet owners regarding their pets’ health are triggering the demand for safe and healthy pet foods, which in turn is stimulating the growth of the global animal nutrition chemicals market. Moreover, the growing consumption of meat across the globe is augmenting the market.
On the downside, increase use of in-feed enzymes and probiotics as an alternative are the restraining factors for the growth of the animal nutrition chemicals market. The U.S. will emerge as a major contributor owing to the increasing spending on their pets. This has led to the growing demand for nutritional products. In Europe, countries such as Germany, France, the U.K., and Switzerland are the sights of high growth rate owing to strong domestic consumption.
Get Valuable Insights into Animal Nutrition Chemicals Market
Future Market Insights, in its new report, presents an unbiased analysis of the global animal nutrition chemicals market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights into growth witnessed in the market. In terms of product, the market can be segmented into vitamins, amino acids, enzymes, carotenoids, vacuum salts, and organic acids are constituents of these chemicals. Based on the species the market can be segmented into poultry, swine, ruminant, pet, and others (aquaculture and euqines). In terms of application, it is divided into animal feed manufacturers, farms, households, veterinarian, and others (domestic animal feed and aquaculture) Regionally, the market can be segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.