Companies active in the animal nutrition chemicals industry are focusing on leveraging the growing rate of meat consumption and pet foods, with higher focus on quality standards.
DUBAI, UAE / ACCESSWIRE / April 27, 2020 / The animal nutrition chemicals market is projected to grow at a healthy CAGR of 5.7% during the forecast period (2019-2029). A significant increase in expenditure on animal health and pet insurance is a predominant factor driving the sales of animal nutrition chemicals. Key players are also targeting livestock farmers, who seek to minimize animal disease through customized nutritional profiles. The rising demand for meat products will continue to boost growth of animal nutrition chemicals market, reveals Future Market Insights (FMI).
"The rising concerns of pet owners regarding animal borne diseases is bolstering the demand for safe and healthy food formulations," says the FMI analyst.
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Animal Nutrition Chemicals Market - Key Takeaways
- The amino acids segment will remain a leading product in the market, while eubiotics alternatives are forecasted to grow at a higher rate.
- The animal food manufacturing segment will hold the lead while household use will rise at a higher CAGR on the basis of end use application.
- The poultry segment will account for a large market share. On the other hand, use in pet food will display a higher CAGR.
- North America will hold a leading position in the global market share, while Europe and Asia Pacific will display steady growth.
Animal Nutrition Chemicals Market - Key Driving Factors
- The rising population of livestock and the incidences of epidemics among animals are critical growth drivers.
- Rising trend of pet ownership, and the resultant demand for superior pet foods remains a key influencer.
- Innovations towards immunity, feed efficiency, pregnancy, meat quality, and fertility applications support overall market growth.
- Higher health awareness among consumers, and demand for specialized nutrition is also a driver for global market growth.
Animal Nutrition Chemicals Market - Key Constraints
- Wider adoption of in-feed enzymes and probiotics as alternatives to animal nutrition chemicals will remain a challenge for market players.
- The rising prices of raw materials needed for production will also constrain market growth.
The Covid-19 Impact
As the coronavirus outbreak has become a global pandemic, the covid-19 has resulted in substantial disruptions in essential supply chains. As manufacturers continue to face difficulties in meeting their raw material requirements, the problems are also exacerbated by a shortage of laborers.
These trends are likely to hamper production capacities of manufacturers. In addition, the nationwide lockdowns adopted by multiple countries has impacted transportation and logistics. Despite this, the rising use of bio-based variants are anticipated to create new growth opportunities, once the pandemic subsides.
Explore the global animal nutrition chemicals market report with 112 illustrative figures, 128 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11211
Competition Landscape
Key players in the animal nutrition chemicals market are Balchem Corporation, BASF SE, Royal DSM, Dow Chemical Company, Novozymes, DuPont, Tata Chemicals, and Kemin Industries. Majority of these players are investing in expanding their product portfolios and optimizing their process for sourcing raw materials. Moreover, key lucrative opportunities in the industry is expected to rise from the global dairy industry.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on animal nutrition chemicals market. The market is analyzed on the basis of product type (amino acid, vitamin, mineral, enzyme, fish oil & lipid, carotenoid, eubiotics, and others), application (animal food manufacture, farm, household, veterinarian, and others), and species (poultry, swine, ruminant, pet, and others) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights