Northbrook, IL -- (SBWIRE) -- 03/12/2021 -- The feed additives market is projected to grow from USD 33.0 billion in 2018 to USD 44.3 billion by 2023, at a CAGR of 6.1% during the forecast period. This is attributed to the growth in the feed production and technological innovations and the adoption of advanced animal husbandry practices. Moreover, the increase in the demand and consumption of livestock-based products and the rising focus on livestock growth and welfare, together with the emphasis on standardization of meat products, is driving the global demand for feed additives.

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Based on type, the feed additives market is estimated to be dominated by the mineral segment, in 2018, by volume. Minerals are essential for sustaining and improving the health of the livestock. They increase the feed intake of livestock, help in increasing production, and enhance the composition of milk. The requirement of minerals in livestock is dependent on various factors such as the age of the livestock, stage of production, and the forage mineral content. Hence, a proper understanding of the need for minerals is required to feed the right quantity of minerals to the livestock.

Based on form, the dry form segment is projected to be the faster-growing segment during the forecast period. The dry form has a higher demand among livestock producers, as they are easy to mix with the feed and are easy to store and handle. The mash form is more economical as compared to pellet feed. The pellet form is a modification of the mash form, which is formed by mechanically pressing the mash into hard, dry pellets; resulting in decreased feed wastage and increased nutrient digestibility.

The Asia Pacific market accounted for the largest share in the global market. The large market share in this region is attributed to the presence of large livestock population and growth. Furthermore, the increase in the number of feed mills in the region reflects the growth in feed production. The largest feed producer, China, contributes significantly to the region's leading position, with Thailand and Indonesia being the emerging feed producing countries, while India and Japan are demonstrating constant growth in feed production.

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The major vendors in the global market include Cargill (US), DowDuPont (US), ADM (US), Evonik (Germany), BASF (Germany), DSM (Netherlands), Solvay (Belgium), Ajinomoto (Japan), Novozymes (Denmark), Chr. Hansen (Denmark), InVivo (France), Nutreco (Netherlands), Kemin (US), Adisseo (France), and Alltech (US). These players have broad industry coverage and strong operational and financial strength; they have grown organically and inorganically in the recent past.

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