Growing Demand for Organic Meat Driving the Global Medicinal Feed Additives Market, Says Technavio
By Business Wire News
By Business Wire News
According to the latest market study by Technavio, the market size of the global medicinal feed additives market is predicted to reach close to USD 5 billion in revenue by 2020.
This research report titled ‘Global Medicinal Feed Additives Market 2016-2020’ provides an in-depth analysis of the market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and geographical regions.
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“Awareness among consumers about health issues related to the intake of meat has led to a rise in the demand for organic meat. Consumers are willing to spend more on meat products that are produced using innovative farming methods and high hygiene standards. The availability of enhanced additives in the market is therefore driving the demand for organic meat, thereby increasing the demand for animal feed that is composed of essential nutrients,” said Chandrakumar, Technavio’s senior industry analyst for bio-chemicals and bio-materials.
“Presently, The US accounts for the highest demand for organic meat in the world. An increase in the use of medicinal additives in animal feed ensures the supply of essential nutrients to animals, thereby increasing their immunity and decreasing the chances of contraction of a virus,” added Chandrakumar.
Technavio segments the global medicinal feed additives marketby livestock:
Pet segment: largest market for medicinal feed additives
Key findings of this market research study predict the global medicinal feed additives market in the pets segment to reach USD 2 billion by 2020, growing at a CAGR of over 6%. The global medicinal feed additives market in the pet segment is anticipated to grow at a rapid pace during the forecast period owing to a rise in the demand for pet healthcare among consumers. The FDA (food and drug administration) center of veterinary medicines is currently setting up new standards for feed contaminants, and it is likely to significantly boost consumer confidence for administering such additives and feeds to pets. Many medicinal feeds which are highly beneficial for pets are thus likely to be introduced into the market over the next four years.
Swine segment of the global medicinal feeds additives market
Some of the additives used in swine feed include anti-parasitic compounds, antibacterial agents, probiotics or prebiotics metabolic modifiers, acidifiers, enzymes, and botanicals. Antibacterial metabolic modifiers and anti-parasitic agents are the most commonly used additives in swine feed.
In terms of market size, the global medicinal feed additives market in the swine segment was valued at more than USD 632 million in 2015. This segment is likely to grow at a moderate pace during the forecast period owing to the steady demand for high-quality pork, especially from Europe. As farmers look to fulfill the rising demand for pork, the use of medicinal feed additives in the feed mix has become imperative for the growth and production of healthy swine.
Global medicinal feed additives market in others segment
The medicinal feed additives market in aquaculture constitutes a significant share of the others segment of the global medicinal additives market and is predicted to witness moderate growth during the forecast period.
The fish segment in China is the largest consumer of this market in the world and is growing rapidly because of a rise in per capita consumption in the country. The emerging middle-class population in China has substantially intensified the demand for seafood, resulting in the growing domestic additives and feed market for aquaculture. Growing demand from the global aquaculture market is also expected to result in an encouraging prospect for feed manufacturers during the forecast period.
Browse Related Reports:
- Global Bioactive Ingredients Market 2015-2019
- Global Feed Enzymes Market 2015-2019
- Global Swine Feed Market 2015-2019
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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