May 18, 2024

Animal Nutrition Market is Estimated to Witness High Growth Owing to Advancements in Nutrigenomics

The animal nutrition market involves several nutritional products for feeding companion animals such as dogs, cats and other pets, as well as livestock including poultry, ruminants and swine. Key nutritional products include amino acids, vitamins, minerals, enzymes, fats and oil, carbohydrates among others. These nutritional products help in meeting the macro and micro nutritional requirements of animals for optimum health, growth and productivity. Advancements in nutrigenomics have enabled the development of specialized animal feed products tailored to an animal’s individual genetic requirements.

The Global Animal Nutrition Market is estimated to be valued at US$ 48,100 Mn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the animal nutrition market are Archer-Daniels-Midland Company, Adisseo France SAS, Alltech, BASF SE, Cargill Inc., Dow Chemical Company, DuPont, Evonik Industries AG, Tata Chemicals, Novozymes A/S, Royal DSM N.V., Kemin Industries, Inc., and Nutreco N.V. The key players are focusing on developing specialized nutritional products through investments in research and development.

The opportunities in the animal nutrition market include rising demand for animal proteins especially from the Asia Pacific region. With increase in disposable incomes, the demand for animal-based food products is growing. This is expected to drive the demand for animal feed and nutritional products.

Technological advancements in nutrigenomics have enabled determining an animal’s individual genetic and nutritional requirements. Manufacturers are developing tailored nutritional formulations for different breeds, species and production systems. This is improving feed conversion efficiency and productivity of animals.

Market Drivers

A key driver for the animal nutrition market is growing meat consumption globally. With economic growth and rise in population, the demand for meat and animal proteins is increasing significantly. This is necessitating higher focus on animal health and productivity through specialized nutritional products. Along with higher feed consumption, concerns regarding antibiotic use are also driving innovations in animal feed additives and alternatives to antibiotics.

Challenges in the Animal Nutrition Market
The animal nutrition market faces various challenges. The rising prices of raw materials used in animal feed formulations are inflating feed production costs, reducing farm profitability. Strict regulatory policies and quality standards make it challenging to launch new feed products. Changing consumer preferences towards natural and organic animal products put pressure on feed manufacturers to reduce the use of antibiotics and chemicals in feed formulations. Sustainability has become an important aspect in this industry, as excessive usage of resources for feed production raises environmental concerns.

SWOT Analysis
Strength: The established production facilities and distribution networks of major players allow for economies of scale and efficient product supply.
Weakness: High R&D investments required to develop advanced feed formulations that improve animal health and productivity. Small farmers have limited bargaining power against large feed manufacturers.
Opportunity: Growing demand for nutrient-rich animal feed from emerging economies presents an opportunity for market expansion. Threats: Volatility in raw material prices can impact feed production costs. Supply chain disruptions and outbreaks of livestock diseases pose threats.

Geographical Regions in terms of value
North America currently accounts for the largest share of the global animal nutrition market, primarily driven by the US. Advanced animal husbandry practices and high demand for meat and dairy products in the region supports the feed industry.

Fastest growing geographical region
Asia Pacific region is expected to witness the fastest growth in the animal nutrition market during the forecast period. Rapidly increasing meat consumption in China and India due to growing disposable incomes drives demand. High animal agriculture growth stimulated by government support for the sector also aids market expansion in Asia Pacific.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it