Coronavirus Business and Industry Impact Analysis for Global Feed Additives Market 2020-2024 | Market to See a 6% Annual Growth through 2024 | Technavio
The growing demand for animal feed will drive the growth of the feed additives market during the forecast period.
Industry Boosted by the Growing Demand for Animal Feed
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Technavio has announced its latest market research report titled Global Feed Additives Market 2020-2024 (Graphic: Business Wire)
The global feed additives market size is expected to grow by USD 8.51 billion during 2020-2024, progressing at a CAGR of almost 6% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
The growing demand for animal feed will drive the growth of the feed additives market during the forecast period. The considerable growth of the global animal feed market can be attributed to factors such as the rising global population, increasing meat consumption worldwide, and continuing industrialization of the feed industry. Feed additives enhance the efficiency and performance of animal feeds and hence, the growing animal feed market is expected to directly impact the global feeds additive market growth.
Report Highlights
- The major feed additives market growth came from the amino acid segment in 2019, and it is expected to witness the fastest growth during the next five years. This is primarily because of the growing demand for meat.
- APAC was the largest feed additives market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the growing demand for pig meat, milk, and aquaculture produce.
- The global feed additives market is fragmented. Ajinomoto Co. Inc., Archer Daniels Midland Co., Associated British Foods Plc, BASF SE, Cargill Inc., Chr. Hansen Holding A/S, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, and Solvay SA. To help clients improve their market position, this feed additives market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global feed additives market 2020-2024 is expected to have neutral & at par growth. Even if the spread of virus is contained, we expect that it may take more than two quarters (six months) to reach a normal state of economic activity.
Read the full report here: www.technavio.com/report/feed-additives-market-industry-analysis?
Increasing Frequency of New Product Launches will be a Key Market Trend
The increasing frequency of new product launches will be one of the major trends in the global feed additives market. During the forecast period, the increase in new product launches by regional and international players is expected to drive the growth of the feed additives market. For instance, in February 2018, Archer Daniels Midland launched a fiber-degrading enzyme, a specialty feed ingredient, that is added to poultry and swine diets.
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Feed Additives Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist feed additives market growth during the next five years
- Estimation of the feed additives market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the feed additives market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of feed additives market vendors
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200819005317/en/