According to a new research report by Global Market Insights Inc., the North America animal feed additives market size is expected to surpass USD 8 billion by 2028, owing to increasing rate of pet adoption, growing demand for processed meat and dairy products, and increasing prevalence of livestock diseases.
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Increasing instances of degradation of nutritive value of animal feed owing to oxidation of fats & oils in animal feed is likely to raise awareness among livestock owners regarding the need to maintain optimum quality of feed products, thus boosting the demand for antioxidants. North America animal feed additives market from antioxidants was valued at over USD 130 Million in 2021 and is expected to grow at a CAGR of 3% over the forecast period.
Some of the major findings of the report include:
- Demand for flavors from animal feed additives is projected to reach over USD 85 Million by 2028 owing to its benefits such as improved feed palatability, masking of bitter taste and increased feed intake are likely to drive product demand from animal feed applications.
- North America animal feed additives market from amino acids is anticipated to reach over USD 2.5 billion by 2028 at a CAGR of 4.4%. Better nutrient utilization in poultry and swine, improved reproductive performance, and enhanced milk production achieved through the use of amino acids as feed additives should boost market growth over the forecast period.
- Demand for animal feed additives is expected to surge in the U.S. owing to increasing rate of pet adoption, growing consumer awareness regarding the need for maintaining optimum health & nutrition of animals and increasing innovations in animal feed products in the country.
- The U.S. animal feed additives market is expected to reach over USD 6.8 Billion by 2028.
The North America animal feed additives market for swine applications is anticipated to grow at a CAGR of 4.5% during the forecast period to reach over USD 2 Billion by 2028. Growing consumption of processed and ready-to-eat meats owing to increasing working population and lack of time to cook & consume home-made food should boost market growth.
North America animal feed additives market for poultry applications was estimated at over USD 2.5 billion in 2021 and is expected to grow at a CAGR of 4.4% during the forecast period. Growing consumption of poultry products such as meat and eggs in the region, owing to developments in foodservice sector, and increasing consumption of protein-rich foods should propel market growth in the region over the forecast period.
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Canada animal feed additives market is anticipated to reach above USD 1.1 billion by 2028, growing at a CAGR of over 4.5% over the forecast period. Increasing livestock farming activities, increase in global trade, and growing prevalence of animal diseases are expected to drive the Canada animal feed additives market growth over the forecast period. Moreover, rising meat consumption, increasing working population and increasing investments in food and beverage sector should foster market growth over the forecast period.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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