Animal Feed Antioxidants Market To Be Valued at US$ 432.6 Mn by 2023, Growing Animal Rearing and Livestock Production Propels the Market Revenue Growth
The global Feed Antioxidants Market is poised to reach US$ 432.6 Mn by 2023 with a CAGR of 4.2% over the year's forecast period 2017-2023 owing to an increased surge in the trend towards compounded feed. The market driving factors, and challenges that are hindering the market revenue growth over the forecast period. The global Feed Antioxidants market was valued at US$ 324.5 Mn in 2016 and is projected to reach US$ 432.6 Mn by 2023 owing to growing production and consumption of livestock products an increase in farming activities across the region, increase in per capita meat consumption, rapid increase in meat industry is expected to enhance the livestock production. Rising awareness of qualitative feed for the livestock is anticipated to increase the market for feed antioxidants over the forecast period.
The natural antioxidants are witnessed to gain traction over synthetic antioxidants due to less hazardous effects compared to synthetic antioxidants The surge in awareness among pet owners regarding the carcinogen effects of synthetic antioxidants is expected to accelerate the demand for natural antioxidants over the forecast period. Natural antioxidants are expected to drive the feed antioxidants market growth due to cost-effectiveness of the products.
Asia Pacific feed antioxidants market accounted for larger revenue share in global market due to an increase in demand and low manufacturing cost in the region compared to other regions
PBI's Global Feed Antioxidants market report analyses the market in different geographies such as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. According to regional analysis, Asia Pacific accounted for larger revenue share through 2012-2016 and the same trend is projected to follow over 2017-2023. Asia-Pacific region projected to exhibit highest growth among all regions owing to growing animal rearing and livestock production.
Product Launches, M&A, Partnerships, and collaborations are the key strategies adopted by market players
Global Feed Antioxidants market further reveals that the key players increasingly adopting M&A, Partnerships, and collaborations strategies to improve economies of scale by increasing manufacturing capacities and gaining significant geographic presence across the regions. For instance, in September 2017, Kemin Industries, was granted a patent for its antioxidant formulation technology which is the basis for the Paradigmox antioxidant brand. Paradigmox, which uses the novel antioxidant formulation technology, has been available to animal feed for several years. The solution provides equal efficacy to ethoxyquin in diverse feed applications.
Detailed Segmentation By Antioxidant Type
By Feed Type
Key player's profiles in the report are Kemin Industries, Inc. (U.S.), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Cargill Inc. (U.S.), Nutreco N.V. (Netherlands), Alltech Inc. (U.S.), Novus International (U.S.), Perstorp Holding AB (Sweden), Adisseo France S.A.S. (France), Oxiris, and Dupont Nutrition And Health (Danisco) (Denmark)