PUBLISHER: Grand View Research | PRODUCT CODE: 1554064
PUBLISHER: Grand View Research | PRODUCT CODE: 1554064
The global animal feed additives market is anticipated to reach USD 55.46 billion by 2030 and is anticipated to grow at a CAGR of 4.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is fueled by growing animal feed production owing to the surging meat consumption across the globe, thereby bolstering the product in the coming years.
Amino Acids dominated with a 19.2% revenue share in 2023 due to the increasing demand for premium proteins, the need for improved feed efficiency, and a strong emphasis on livestock health and welfare. The amino acid segment was valued at USD 8.05 billion in 2023 and is likely to reach USD 11.27 billion by 2030, with a healthy CAGR of 5.2% during the review period. The synthetic source segment held the largest share, at 65.68% in 2023. This is due to advancements in synthetic chemistry, which have led to the development of more effective and safer feed additives.
The Asia Pacific region dominated the market in 2023 with a share of 40.50%, which is attributed to a large livestock population and the presence of various agricultural economies in the region. Increasing government efforts in India that focus on productivity enhancement in cattle, along with Bringing Green Revolution to Eastern India (BGREI), are expected to positively influence the product demand in the country.