Posted on January, 26, 2023 at 03:05 am
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the animal feed market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the animal feed market are present across various countries in the above-mentioned regions.
The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the form, livestock, type, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global animal feed market are Nutreco N.V, Evonik Industries, Chr. Hansen, Cargill, Elanco Animal Health, Novozymes, Adisseo France S.A.S., Prinova Group LLC, Novus International Inc., Archer Daniel Midland (ADM) among others. To achieve a substantial market share in the worldwide animal feed market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In the agriculture industry, animal feed refers to the products grown and manufactured for consumption by poultry, ruminants, swine, and aquatic animals. There has been a significant increase in the demand for protein feeds over the past few years due to the increasing awareness of the health benefits of proteins on animal health. They include animal protein meals, bone meals, fish meals, feather meals, blood meals, and many others. There are millions of people worldwide who benefit economically and nutritionally from livestock raising and animal product consumption. In the global food industry, animal feeds play a leading role and feeds are a major component in making sure animal proteins are safe, abundant and affordable. There are some factors which are hampering the growth of the market. In the forecast period, animal feed growth will be hampered by high raw material prices as well as a growing number of regulatory restrictions and bans. Since consumers are becoming more health-conscious, dairy and meat products are in high demand as sources of various nutrients, which positively impacts the demand for animal feed. As well as raising awareness of algae-based ingredients’ health benefits, another major driving force behind the market’s growth is the increasing use of these ingredients in animal feed.
Source: India Shorts