Feed additive sector tipped to hit US$19.5 bln by 2017
A report published by marketsandMarkets has predicted that the feed additives sector will be worth US$19.5 billion by 2017.
According to the “Feed Additives Market by Types, Livestock & Geography – Global Trends & Forecasts up to 2017”, report the global feed additives market in terms of revenue was estimated to be worth around US$15,600 million in 2011 and is expected to reach US$19,501.9 million by 2017, growing at the CAGR of 3.8% from 2012 to 2017.
The demand driving factors of the global feed additives market are industrialisation in meat production, increasing global demand for protein rich meat products, increase in rate of global meat consumption, increased awareness towards meat quality and safety, and outbreaks of livestock diseases. Major restraints of the industry are raising raw material cost and regulatory structure. However, the increasing cost of natural feed products is creating opportunities for the animal feed additives. Environmental concerns and regulatory ban over some harmful additives are other opportunities for animal feed additives. The manufacturers are developing innovative production techniques to manufacture the product at lower cost and increase production capacity.
Leading manufacturers are focused on expansion of the business across regions and setting up new plant for increasing production capacity as well as product line. Major industry participants are involved in mergers and acquisitions to penetrate in untapped markets of Asia and Latin America.
For the full report see MarketsandMarkets
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