New York, April 12, 2021 (GLOBE NEWSWIRE) — Growing awareness about benefits of feed additives in livestock feed and increasing animal farming are some key factors influencing growth of the feed additives market
Market size: USD 37.4 in 2020, Market Growth: CAGR of 6.5%, Market Trends: Investments in R&D activities by well-established companies in the market
The global feed additives market size is expected to reach USD 60.5 Billion in 2028 and register a CAGR of 6.5% over the forecast period, according to the latest report by Reports and Data. A key factor contributing to market revenue growth is rapid increase in demand for meat, dairy, poultry, and seafood products.
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Feed additives are nutrients such as minerals, vitamins, feed enzymes, antibiotics, etc. that are added to improve performance and health of livestock animals. These feed additives ensure effective utilization of feed and enhances feed quality. Increasing global population and rising consumption of meat and dairy products such as chicken, eggs, and milk has increased demand for including extra nutrients in animal feed to improve growth and health. Moreover, increasing focus on enhancing animal nutrition and rising awareness among livestock growers about benefits of feed additives are boosting demand for feed additives, thereby supporting market growth.
Factors such as stringent government regulations for using synthetic additives, uncertainty of raw material resulting in increased production costs, and ban on using antibiotics in animal feed by European Union are factors expected to impede growth of the global feed additives market to a certain extent.
To identify the key trends in …
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