PUBLISHER: Allied Market Research | PRODUCT CODE: 1414836
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414836
According to a new report published by Allied Market Research, titled, "Poultry Vitamin Market," The poultry vitamin market was valued at $1.4 billion in 2022, and is estimated to reach $2.8 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.
Meat is a crucial source of sustenance for consumers across the globe. The supply of meat has more than tripled in the previous 50 years, and there is an increasing demand for meat globally. Meat production and consumption has increased rapidly over the years due to increased disposable income of consumers and the health benefits offered by meat. Moreover, rising population across the globe also contributes in huge consumption of meat. In addition, meat is a rich source of proteins, important vitamins, and various other nutrients such as iron, zinc, B12, and B6. It has been observed that meat consumption in the developing economies is higher than the developed regions. The economic growth, changes in lifestyle, population growth, and other structural changes are driving the livestock revolution, and hence supplementing the overall growth of the animal vitamin market.
According to the key players, only a rigorous quality assurance program and current good manufacturing practices are capable of producing a high-quality vitamin (cGMP). A proactive, ongoing procedure for assessing a product's reproducibility and dependability ensures quality assurance of poultry vitamin. It includes all of the actions taken to guarantee that a quality vitamin meets predefined standards. Also, personnel, equipment, raw materials, quality control inspections, inventory management, processing, mixing, packaging, and delivery are monitored for quality poultry vitamin production. Hence, such complex regulations and quality standards refrains numerous manufacturers to enter in the poultry vitamin market. Also, government intervention for usage of poultry vitamin in every country is expected to restrain the market growth. The antibiotics used in poultry feed are banned in some of the countries. As a result of which, the feed enterprises carry out formula adjustments and make changes in feed processing, which is a time-consuming process. Thus, implementation of stringent regulations hampers the market growth.
Poultry vitamin are in high demand in Asia-Pacific, where they are mostly used in the poultry feed sector. According to the FAO report "World Agriculture: Towards 2030/2050," the population of developing nations in the Asia-Pacific region, including India, China, and Indonesia, is expected to increase their consumption of meat products at an annual rate of 2.4% until 2050. Due to such factors, there will be a huge demand for the high-quality feed and thereby for feed binders. Hence, there is a great opportunity for the manufacturers to increase their market share.
The poultry vitamin market is segmented into vitamin type, poultry type, nature and region. Based on vitamin type, the market is segmented into retinol, calciferol, tocopherol, phylloquinone and others. Based on poultry type, the market is segmented into chicken, ducks, turkey, and others. Based on nature the market is segmented into organic and conventional. Region wise, the market is further segmented into North America, Europe, Asia-Pacific and LAMEA.
Key Players included in the Poultry Vitamin Market Analysis are Bluestar Adisseo Company, BASF SE, Kemin Industries, Inc., Zinpro Corporation, SHV Holdings N.V., Koninklijke DSM N.V., Cargill, Incorporated, QualiTech, LLC, Anpario plc, and Balchem Corporation.
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