Feed acid is a substance used in the animal feed to enhance the nutrients value content in the diet. It improves the immunity of the animals in the farms and also promotes a better digestive system. Some of the feed acid products available in the market are Methionine, Lysine, Tryptophan, and Threonine. Moreover, the use of these feed acid reduces the overall production of animals.
The global feed acid market is expected to surpass US$ 2,828.60 Mn in terms of value by the end of 2028.
Global Feed Acid Market: Drivers
Increasing meat consumption and production is a prime factor fueling the market growth of feed acid. According to the North American Meat Institute, the meat and poultry industry is the largest segment of U.S. agriculture. U.S. meat production totaled 52 billion pounds in 2017 and U.S. poultry production totaled 48 billion pounds in 2017. In 2017, the meat and poultry industry processed 32.2 million cattle and calves, 2.2 million sheep and lambs, and 121 million hogs in the U.S. Hence, increasing consumption and production of meat is fueling the market growth of feed acid.
Global Feed Acid Market: Opportunities
An increasing ban on antibiotics is expected to open new doors of opportunities for the market of feed acids. For instance, Europe has banned the use of antibiotics as growth promoters (AGP) in 2006. This has encouraged animal producers to opt for feed acid. For this Europe is considered as the largest market for the feed acids. Also, South Korea in 2011 was the first Asian country to ban the use of antibiotics in animal feed. Thus, an increasing ban on the use of antibiotics is expected to foster the market growth of feed acids.
Global Feed Acid Market: Recent Developments
Global Feed Acid Market: Restraints
The market of feed acid is facing threats from substitutes available in the market. Vitamins, antioxidants, and feed enzymes are some of the substitutes available in the market. Also, probiotics are highly preferred over feed acids which are affecting the demand for feed acids. This factor is expected to hinder the market growth of the feed acids.
Global Feed Acid Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic began from a single city and spread to 188 countries across the world. Globally, as of 4:18pm CEST, 16 September 2021, there have been 226,236,577 confirmed cases of COVID-19, including 4,654,548 deaths, reported to WHO. As of 15 September 2021, a total of 5,634,533,040 vaccine doses have been administered. The pandemic adversely impacted the food supply chain, and specifically livestock production. Many processing plants shut down putting pressure especially on pig and poultry industries. As a result, the demand for feed acid as declined significantly.
The growing consumption of dairy food products is a current trend around the globe. This is attributed to growing health-conscious consumers. The exponential rise in poultry production across the developing region coupled with the growing awareness regarding animal health is again expected to foster the market growth of feed acid. Rapid industrialization and urbanization are also contributing to the market growth of the feed acids over the forecast timeframe.
Partnership and agreements among key players for business expansion is one of the growing trends in market growth. For instance, in January 2018, Evonik and the Fufeng Group have entered into a cooperation agreement for the production of ThreAMINO® (L-threonine). This strategic partnership supports Evonik’s positioning and efficiency in the animal nutrition segment. Increasing adoption of such a strategy by key players for business expansion will stimulate the market growth of the feed acids in the near future.
Global Feed Acid Market: Competitive Landscape
Major players operating in the global feed acid market include, ADDCON GmbH, BASF SE, Biomin GmbH, Perstorp AB, Kemin Industries Inc., Impextraco, Jefo Nutrition Inc., Novus International, Corbion Purac, and Trouw Nutrition International B.V.
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