The Global Medicated Feed Additives Market is estimated to reach USD 22.82 billion by 2033: SPER Market Research
Medicated feed additives are supplements or additional nutrients that are fed to livestock. Among these additions are vitamins, fatty acids, minerals, amino acids, prescription medications, fungi, and steroidal compounds. They could greatly enhance the overall productivity, well-being, and output of animals. Two main benefits of medicated feed additives are increased average daily weight gain and improved feed efficiency. Additionally, certain additives help to lessen issues including bloat, acidity, and coccidiosis.
According to SPER market research, ‘Medicated Feed Additives Market Size – By Source, By Mixture Type, By Type, By Livestock – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Medicated Feed Additives Market is predicted to reach USD 22.82 billion by 2033 with a CAGR of 5.41%.
The increasing need for animal protein is one of the factors driving the global market for medicated feed additives. The world’s requirement for animal protein is growing as a result of rising population and economic standing. Consequently, there is an increased demand for medicated feed additives that can enhance the well-being and efficiency of animals. A number of diseases that affect animals have increased in frequency recently, such as swine flu, foot-and-mouth disease, and avian influenza. Medicated feed additives are more in demand since they can aid in the prevention of certain diseases. Customers’ increased concerns about the welfare and health of animals are driving up demand for solutions that improve animal health. Investment in the cow business has increased due to the potential benefits of medicated feed additives.
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The main obstacles facing the medicated feed additives sector are regulatory issues. In most nations, feedstuffs regulations apply to the production of animal feed. There has been a tightening of regulations as seen by the US and EU banning the use of certain feed additives as animal growth boosters in 2006 and 2009, respectively. More precautions are being taken to safeguard animal health as our understanding of the microbial ecology of the gastrointestinal tract and the mechanism of probiotic action has grown. There is no widely accepted framework for the regulation of medicated feed additives, which vary by nation and contain probiotics and antibiotics. It is also necessary to use substitute methods and chemicals that promote animal health without heavily relying on antibiotics. The development of feed additives that promote both animal health and environmental sustainability is another significant challenge.
Impact of COVID-19 on Global Medicated Feed Additives Market
COVID-19 had a detrimental effect on the market. It has been shown that the global pandemic has an impact on how well some industries operate in various regions. Licenses for import and export, phytosanitary certificates, and clearances from customs were all affected. Because government offices were understaffed, farmers had less access to a wide range of medicated feed additives, and trade consignments were delayed. The demand for fast food restaurants is expected to fall during the projection period, and transaction costs are expected to rise. This will result in an increase in the cost of manufacturing medicated feed additives globally.
Medicated Feed Additives Market Key Players:
Asia’s rapid economic expansion is driving up demand for meat-based food products, particularly in India. Medicated feed additives are becoming more and more in demand since the nation is home to many of the top producers of compound feed worldwide. Due to its higher than average meat consumption, the UK has the highest demand. Brazil is another emerging nation. Ajinomoto, Adisseo, BASF, Bentoli, Chr. Hansen, DSM, Evonik, Global Nutrition International, Kemin Industries Inc., NUQO Feed Additives, Novus International, Nutreco, Novozymes, and a few more prominent companies are also among of the market’s major players.
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Medicated Feed Additives Market Growth
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