March 26, 2020
According to the research report titled ‘Asia Pacific Animal Feed Additives Market Size By Livestock, Product, Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific animal feed additives market is predicted to surpass USD 9.5 billion by the year 2024.
Growing livestock sector and favorable government regulations which promote export activities of meat are prime factors fostering the demand for animal feed additives in Asia-Pacific. These products help enhance the health of livestock by minimizing the risk of infection. These additives also offer abundant vitamins and proteins as well as encourage meat production and weight gain in livestock. Increasing utilization of intensive farming techniques along with rising number of local feed producers are further fueling the market expansion.
The report states that the demand for vitamin animal feed additives in China is presumed to exceed USD 570 million by the year 2024. Increasing consumption of animal products along with declining feed prices are promoting the business scenario in China. Development of advanced machinery such as bar code recognition and automatic palletizing machine is also favoring the market outlook.
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According to the report, Vietnam enzyme animal feed additives industry is expected to grow by 4.5% during 2018-2024. Shifting preferences towards consuming poultry and fish, growing convenience food industry and increased pervasiveness of microbial diseases are stimulating the industry outlook.
Cargill, Evonik Industries, DSM, BASF SE, ADM and Alltech are some of the established players of APAC animal feed additives market. These market majors are focusing on improving their production capacities in order to meet the growing demand.
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