Probiotics in Animal Feed Market is Growing at a CAGR of 9.1% During the Forecasting Period, 2023-2028
The global probiotics in animal feed market is projected to reach USD 7.1 billion by 2028 from USD 4.6 billion by 2023, at a CAGR of 9.1% during the forecast period in terms of value. Owing to the increase in production and demand of compound feed along with rising consumption of feed additives in emerging markets such as Asia Pacific and South America.
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Key highlights the Probiotics in Animal Feed Market
1. Growing Awareness: There is a growing awareness among livestock producers about the benefits of probiotics in animal feed. Probiotics are known to improve animal health, enhance growth, and boost overall performance.
2. Health Benefits: Probiotics in animal feed are recognized for their role in maintaining gut health in animals. They can help prevent diseases, improve digestion, and reduce the need for antibiotics.
3. Regulatory Support: Many countries are implementing regulations that promote the use of probiotics in animal feed as an alternative to antibiotics, driving market growth.
4. Livestock Industry Growth: The expansion of the global livestock industry, particularly in emerging markets, is fueling the demand for probiotics in animal feed as producers seek to optimize productivity.
5. Environmentally Friendly: Probiotics are considered environmentally friendly as they reduce the environmental impact of livestock farming by decreasing the use of antibiotics and promoting healthier animals.
6. Global Market Expansion: The probiotics in animal feed market is expanding globally, with strong growth in regions like Asia-Pacific and Latin America due to the increasing demand for meat and dairy products.
7. Consumer Demand: Consumer awareness and demand for animal products from livestock raised with probiotics is also influencing the market, encouraging more producers to adopt probiotic-based animal feed.
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Asia Pacific is expected to dominate the market during the forecast period
Countries such as China, India, Japan, Australia & New Zealand, and rest of the Asia Pacific have been considered in this study. Some of the factors for the high demand of the market in Asia Pacific region includes growing population, rise in disposable incomes, and rapid urbanization. Increasing demand for meat and animal products among the growing population of the Asia Pacific region along with the rising affluence in the region resulted in high consumption of meat products. This has also resulted in intensified livestock production for meat, which in turn drives the need for improved animal health and performance.
The growth of the meat industry in developing economies such as India and China, as well as the increased consumption of quality meat products, are primary drivers for the Asian market. Augmented concern over livestock diseases and outbreaks of infections has further highlighted the importance of animal health and wellness to ensure the safety of end users. The advent of globalization and urbanization has caused a shift in consumer preferences, where consumers opt for nutritious, quality food products and like to experiment with food choices. These factors are expected to continue in the coming years, driving demand the for probiotics in animal feed market.
Top Key Players in the Probiotics in Animal Feed Market
The key players in this include ADM (US), Chr. Hansen Holding A/S (Denmark), Evonik Industries AG (Germany), Land O’Lakes Inc. (US), DSM (US), and Novozymes (Denmark). These players in this market are focusing on increasing their presence through agreements and collaborations. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
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