The global feed additives market has witnessed a constant demand during the last few years and is projected to reach USD 39,432.9 million at a CAGR of 5.96% by 2023. Feed additives are substances for farm animals used to enhance the quality of animal nutrition as well as improve the nutritional properties of animal fodder. Feed additives are either natural or chemical additive, which improves the feed performance when added, as they offer additional nutrients such as minerals and vitamins to the animal feed. Along with improving the feed quality, they also improve animal health by reducing livestock diseases.
Some of the leading players in the global Feed additives market are: Cargill Inc. (U.S.), BASF SE (Germany), Archer-Daniels-Midland Company (U.S.), Evonik Industries (Germany), Adisseo France SAS (France), Alltech, Inc. (U.S.), Danisco A/S (Denmark)
As per the MRFR analysis, the global market for Feed Additives has been witnessing continuous growth during the forecast period owing to high health benefits associated with the consumption of feed additives among the livestock. In terms of value and volume, Asia Pacific is dominating the feed additives market holding the major share of 35.80%. In Asia Pacific, China is the major contributor to the growth of feed additives market followed by India. Moreover, North America is projected to be the fastest growing region at a CAGR of 7.16% over the estimated period.