Animal Nutrition Market

Animal Nutrition Market By Product Type (Amino Acids, Enzymes, Vitamins And Minerals, Medicated Feed Additives, Antioxidants, And Others), By Animal Type (Poultry, Ruminant, Pet Food, And Others), by geography is estimated to register growth at a remarkable CAGR forecast during 2023-2028 owing to rising awareness on animal health and nutrition and increasing industrialisation of livestock production

The global animal nutrition market is estimated to grow at a CAGR of 5.98% during the forecast period from 2023 to 2028. The animal nutrition market is slated to witness prosperity owing to factors such as rising awareness of animal health and nutrition, growing demand for good quality meat and other animal-based food products, increasing industrialization of livestock production, increasing product development activities, and others are further expected to result in the appreciable revenue growth in the animal nutrition market during the forecast period (2023-2028).

Animal Nutrition Market Dynamics:

The rising awareness of animal health and nutrition turns out to be an important factor driving the market for animal nutrition. People especially those involved in the handling of livestock animals and farms are nowadays more concerned about providing good quality and nutritious food to the animals to improve their overall health being. Consumption of nutritious food in adequate amounts improves the growth rate, productivity, and health status of the animals. Healthy animal ensures profitable and sustainable livestock farm. Lack of nutritious food will affect the health of the animals making them prone to several diseases. Animal diseases such as brucellosis and toxoplasmosis can even lead to infertility, abortion, and weak offspring, thereby necessitating the increased intake of nutritious feed.

The growing demand for good quality meat and other animal-based goods among consumers owing to population growth, urbanization, and rising disposable income is another factor driving the animal nutrition market. The animal-based products such as meat, poultry, fish, and seafood are regarded as the primary and excellent source of high-quality protein, and with growing awareness of the consumption of protein-rich diet, the demand for the same is going to increase across the world, positively impacting the animal nutrition market.

However, difficulty in meeting the nutritional requirements of different animals and price sensitivity owing to the higher cost of production and raw materials may act as a restraint in the market growth for animal nutrition.

The animal nutrition market was slightly impacted during the period of the COVID-19 pandemic. Though the demand for animal feed and pet food products was relatively stable, owing to the rising cases of COVID-19, the manufacturing, supply, import, export, and other related activities of the animal nutrition market were severely hampered. The rumors and misconceptions about the spread of COVID- 19 virus from poultry-based products affected the demand for the same and led to some decline in the animal nutrition market. However, with the resumption of activities across industries, the animal nutrition market is expected to witness prosperity during the forecast period from 2023-2028.

Animal Nutrition Market Segment Analysis:

Animal Nutrition Market by Product Type (Amino Acids, Enzymes, Vitamins and Minerals, Medicated Feed Additives, Antioxidants, and Others), Animal Type (Poultry, Ruminant, Pet Food, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the product type segment of the animal nutrition market, the enzymes category is projected to register a significant growth in revenue in the overall animal nutrition market during the forecast period (2023-2028). This can be ascribed to the role of enzymes in maintaining the overall health of the animals. Enzymes in animal nutrition have various economic, environmental, and health-related benefits.

Animal feed is composed of indigestible deleterious factors that may hinder the digestive process of animals. Exogenous feed enzymes are increasingly used in animal feed to combat the negative impacts of harmful elements, enhance animal performance, and improve feed digestion. The addition of certain enzymes to feed boosts its nutritional value and improves digesting efficiency.

Enzymes support the proper digestion of nutrients including proteins, carbohydrates, and fats in animals leading to enhanced animal performance and productivity. For example, the phytase enzyme is responsible for the breakdown and digestion of phytic acid which otherwise can be problematic to animals as it reduces the absorption of minerals, proteins, and carbohydrates by forming bonds with them. Exogenous phytase enzymes added to animal feed degrade the phytate bond causing the release of phytate-bound nutrients, thereby facilitating the proper digestion and absorption of the nutrients and improving the efficiency of the animals.

Thereby, considering the growing demand for this product type, numerous new products are being launched in the market. For example, in July 2021, Danisco Animal Nutrition, a business unit of IFF's Health & Biosciences division, announced the launch expansion of the industry-leading novel phytase enzyme, Axtra® PHY GOLD in Malaysia, Thailand, and Australia.

Therefore, considering the advantages associated with enzymes in animal nutrition and their growing popularity, this product category is expected to generate considerable revenue thereby pushing the overall growth of the global animal nutrition market during the forecast period.

North America is expected to dominate the overall Animal Nutrition Market:

Among all the regions, North America is expected to register significant growth in the global animal nutrition market. This can be ascribed to the increasing number of pet owners, growing concern for animal health, increasing disposable income, a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

One of the prominent factors stimulating the growth of the United States animal nutrition market is the large number of pet owners in the country coupled with growing concern for pet health and nutrition. According to the APPA National Pet Owners Survey 2021-2022, around 70% of the US household which is around 90.5 million homes own a pet in the US. As per the same source, around 69.0 million households are dog owners and approx 45.3 million households are cat owners. Pet owners invest largely in food products and supplements that are meant for keeping their pets healthy and disease free.

The rising disposable personal income is another factor anticipated to bolster the growth of the animal nutrition market in the region. As per the data published by the Bureau of Economic Analysis under the US Department of Commerce 2022, personal income and its disposition increased from USD 19,832.3 billion in 2020 to USD 21,294.8 billion in 2021 in the United States. The rising disposable income allows people to spend more on good quality meat and other animal-based products.

In August 2022, DSM received the US Food and Drug Administration clearance for the first US mycotoxin-degrading ingredient for poultry. Thereby, such product development activities are further going to enhance the growth of the animal nutrition market in the region.

Therefore, the above-mentioned factors are expected to bolster the growth of the animal nutrition market in the United States during the forecast period. 

Key Animal Nutrition Companies In The Market:

Some of the key Animal Nutrition companies operating in the market include Nutreco, Alltech, Dow, Novozymes, Tata Chemicals Ltd., ADM, Adisseo Cargill, Incorporated, DuPont, Kemin Industries, Inc., Phibro Animal Health Corporation, Rossari Biotech Limited, Avitech Nutrition Pvt. Ltd., Aries Agro Limited, Advanced Enzymes, Glanbia plc., Zinpro Corp., NOVUS INTERNATIONAL, Biovet Private Ltd., Balchem Inc., and others.

Recent Developmental Activities in the Animal Nutrition Market:

• In September 2022, Royal DSM announced that it has completed the acquisition of Brazilian animal nutrition and technology firm Prodap.
• In November 2021, the new company business unit named Danisco Animal Nutrition was formed as a result of a merger between DuPont Nutrition and Biosciences and IFF.
• In March 2020, Biochem, a manufacturer of animal feed additives, announced the launch of the RumiPro product line for ruminants comprising three high-quality products including RumiPro Top, RumiPro Appetizer, and RumiPro Basic that are formulated to address the specific nutritional requirements of the ruminants.

Key Takeaways from the Animal Nutrition Market Report Study

• Market size analysis for current Animal Nutrition market size (2022), and market forecast for 5 years (2023-2028)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Animal Nutrition market.
• Top key product developments, mergers, acquisitions, partnerships, and joint ventures happened over the last 3 years
• Key companies dominating the global Animal Nutrition market.
• Various opportunities available for the other competitor in the Animal Nutrition market space.
• What are the top-performing segments in 2022? How these segments will perform in 2028?
• Which are the top-performing regions and countries in the current Animal Nutrition market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Animal Nutrition market growth in the coming future?

Target Audience who can be benefited from this Animal Nutrition Market Report Study

• Animal Nutrition products providers
• Research organizations and consulting companies
• Animal Nutrition-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in Animal Nutrition
• Various distribution channels who want to know more about the Animal Nutrition market and the latest product innovations in the Animal Nutrition market.