The global animal feed additive market was valued at US$ 15,088.7 million in 2018. Feed additives are supplements added in feed of livestock to improve the nutritional level of the farm animals. It contains fatty acids, amino acids, minerals, and vitamins, which helps in the growth of the animals at a healthy rate.
The animal feed additives market is largely regulated by various government bodies, which is expected to hinder market growth in near future. These regulation are incorporated to standardize meat products and to provide consumers safety towards diseases such as swine flu or bird flu etc. To control these diseases, antibiotics growth promoters are used in production of livestock. However, AGP was banned by European Union in 2006 and the U.S. government banned its usage by December, 2016. However, new innovation through technological advancement has developed products from plant extracts, phytogenics and amino acids. Europe dominated the global animal feed additive market during the last three years and is expected to retain its dominance in the market throughout the forecast period, due to increasing consumer knowledge about animal feed and prevention against diseases caused by meat consumption and growing meat industries. Antioxidants is projected to be the fastest growing product segment and expected to grow at a CAGR of 3.6% in terms of revenue during the forecast period. The growing livestock such as pork/swine, poultry, cattle, aquaculture and others is propelling the market for animal feed additives during the forecast period.
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Increasing demand for food production with low availability of land and water resources has led to an increase in meat industry, which is expected to boost growth of the market in Asia Pacific over the forecast period. Among product type, amino acid segment accounted for over US$ 3,418.4 million of the global animal feed additive market in 2018 and is expected to retain its dominance over the forecast period
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