Feed Acidulants Market is Projected to Grow $3.5 billion by 2023
The feed acidulants market is projected to grow from USD 2.7 billion in 2018 to USD 3.5 billion by 2023, at a CAGR of 5.1% during the forecast period. The market is driven by the rising consumption of meat and dairy products, the high threat of diseases in livestock, and the ban of antibiotics in the European Union (EU).
Key Market Players:
The major vendors in the global feed acidulants market are BASF SE (Germany), Yara International ASA (Norway), Kemin Industries Inc. (US), Kemira OYJ (Finland), and Biomin Holding GmbH (Austria). Impextraco NV (Belgium), Pancosma (Switzerland), Nutrex NV (Belgium), Perstorp Holding Ab (Sweden), Novus International (US), Jefo Nutrition Inc. (Canada), Anpario plc (UK), Corbion Purac (Netherlands), ADDCON Group (Germany), and Peterlabs holding (Malaysia) are other players that hold a significant share of the feed acidulants market. These players have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past. The industry players, such as BASF SE, among other feed acidulants manufacturers, are focusing on producing organic feed additives solutions such as acidulants. Moreover, key industry players such as Kemira OYJ and Yara International ASA, are adopting expansion as the key strategy to grow in the feed acidulants market. Expansions have helped companies to expand their geographic reach and acquire more customers from the untapped market.
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By compound, the blended segment is projected to be the largest contributor to feed acidulants market during the forecast period.
The use of blended acidulants compound is a new market development, with single compound acidulants still being used widely. However, their usage has increased significantly over the years, making it the more prominent one among both. Blended acidulant compounds help reduce the presence of harmful microorganisms in feed, in addition to promoting beneficial microbial growth in the gut. Conversely, the addition of antibiotics inhibits the growth of any microorganisms, even if they are beneficial to the livestock.
The dry acidulant form segment is projected to account for a larger market share during the forecast period.
Feed acidulants is widely used in dry form. Dry feed is available in the form of pellets, powder, and crumbles. It is a largely produced and consumed, globally. Most feed additive manufacturers in the market offer their feed acidulant in the dry form due to its ease of usage, storage, and transportation. Moreover, dry feed acidulants is widely used in animal diets, as it is affordable in comparison with liquid feed and requires less maintenance. Due to these factors, the segment is estimated to acquire a larger market share during the forecast period.
Asia Pacific is projected to account for the largest market share during the forecast period.
Asia Pacific is the major revenue generating region in the feed acidulants market, the region is experiencing higher developments in the feed production and feed additives. With the rapid economic growth in the region, the demand for meat and dairy products is projected to increase, particularly in countries such as China, India, Japan, and Thailand for both domestic consumption as well as exports. The increasing demand for protein-rich livestock feed in New Zealand and Australia has led to growth in demand for feed acidulants for better and enhanced quality of meat and dairy products. Additionally, milk production in the Asia Pacific region was more than 40% (or more than one-third of the total milk production in the world) in 2016. Being the largest region in terms of both volume and value, consumers belong to varied economic strata, with varying food habits and demands.
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