Market Insight —
Global Feed Preservatives Market size can touch a value of USD 4,064.1 million by 2024. It can exhibit a CAGR of 9% over the forecast period. It is expected to expand at a rapid pace due to the focus on animal health and investments in animal husbandry. The large population, demand for organic food, and deference towards the use of chemicals for cattle herding can bolster the market till the end of the forecast period.
Feed preservatives are agents added to feeds to extend their shelf-life. They can improve the nutritional content of animals and enhance their immunity system. The global feed preservatives market report by Market Research Future (MRFR) looks at various dynamic variables and estimates predictions for the period of 2020 to 2024 (forecast period). The outbreak of the COVID-19 virus and its impact has been analyzed for the report.
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Preference of animal protein and inclination towards eggs, meat, and milk by consumers can drive the demand in the global feed preservatives market. In addition, the use of preservatives to extend the shelf-life of feeds can trigger its demand among farmers. The outbreak of the COVID-19 virus has strengthened the use of feed preservatives due to the need for food amid the lockdown of cities.
Awareness of its side-effects among farmers can lead to drop in sales in the global feed preservatives market.
Perstorp Holding AB, Nutriad International NV, Impextraco NV, Eastman Chemical Company, Cargill, Incorporated, Nutreco NV, Pestell Minerals & Ingredients Inc., Novus International, Inc., Biomin Holding GmbH, and Kemin Industries, Inc. are key players of the Global Feed Preservatives Market.
Global Feed Preservatives Market has been segmented on the basis of type, livestock, and feed type.
By type, it is segmented into anticaking agents, mold inhibitors, antioxidants, and acidifiers. The acidifiers segment is expected to register the highest CAGR and reach USD 1,326.1 million by 2024. Organic acids can inhibit bacterial growth in animal feeds. Various types of organic acids available in the market such as antimicrobial or mold inhibiting products can drive the segment growth. Most of these acids are designed by function or requirement.
By livestock, the market caters to ruminants, swine, poultry, aquaculture, and others.
By feed type, it is segmented into compound feed, feed mixes, and others.
Global Feed Preservatives Market has been analyzed for four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC accounted for 35.74% share of the market in 2020 and touted to display the highest growth rates among the regions. China, India, Indonesia, Vietnam, and Japan are major contributors of the market. Presence of agrarian economies and a large section of the populace dependent on crops for daily wages can drive the regional market growth. Rise in livestock farming is one of the biggest factors driving the sales of feed preservatives.
Europe accounted for a large market share as well and followed APAC. Spain is expected to be one of the major contributors of the region. Inclination towards organic foods and the rise of the vegan population are viable factors driving the need for feed preservatives. Furthermore, it extends a level of protection towards mulch and crop stored in silos and granaries.
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