July 21, 2024
animal nutrition market

Global Animal Nutrition Market Is Estimated To Witness High Growth Owing To Increasing Demand for Nutritional Products

The global animal nutrition market is estimated to be valued at USD 22.18 billion in 2022 and is expected to exhibit a CAGR of 6.93% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.

Market Overview

The animal nutrition market encompasses a wide range of products and solutions that cater to the nutritional needs of various animals. These products offer balanced nutrition, vitamins, proteins, and other essential nutrients required for the growth and development of animals. The market caters to the needs of livestock, pets, and other animals. The demand for animal nutrition products is driven by the increasing awareness about the importance of animal health and the need for proper nutrition to enhance productivity and overall well-being.

Market Key Trends

One key trend in the animal nutrition market is the growing demand for natural and organic animal feed. Consumers are becoming more conscious about the health and well-being of animals and are opting for natural and organic products to ensure the safety of the food chain. This trend is driven by the increasing concerns about antibiotic resistance and the harmful effects of synthetic additives in animal feed. For example, companies like Alltech and Novozymes A/S are offering natural feed additives to improve gut health and digestion in animals.

Porter’s Analysis

 

  1. Threat of New Entrants: The animal nutrition market has high barriers to entry due to the requirement of advanced technology, research, and development capabilities. This limits the threat of new entrants in the market.
  2. Bargaining Power of Buyers: The bargaining power of buyers is moderate in the animal nutrition market. Buyers have the option to switch suppliers and negotiate prices based on their requirements and preferences.
  3. Bargaining Power of Suppliers: The bargaining power of suppliers is high in the animal nutrition market due to the limited number of suppliers and their control over the raw materials used in the production of animal feed.
  4. Threat of New Substitutes: The threat of new substitutes in the animal nutrition market is low, as there are limited alternatives available to fulfill the nutritional requirements of animals.
  5. Competitive Rivalry: The animal nutrition market is highly competitive, with key players focusing on product innovation, strategic collaborations, and expansion to gain a larger market share

Key Takeaways

  1. – Market Size: The global animal nutrition market is expected to witness high growth, exhibiting a CAGR of 6.93% over the forecast period. This growth is driven by the increasing demand for nutritional products to enhance animal health and productivity.
  2. – Regional Analysis: North America is the fastest-growing and dominating region in the animal nutrition market. This can be attributed to the presence of a large livestock population, increased focus on animal health and welfare, and strict regulations on animal feed quality and safety.
  3. – Key Players: Key players operating in the global animal nutrition market include 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. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market.

In conclusion, the global animal nutrition market is poised for significant growth, driven by the increasing demand for nutritional products, the growing focus on animal health and welfare, and the need for natural and organic feed solutions. The market is highly competitive, with key players actively investing in research and development to meet the evolving demands of consumers.