Precision Nutrition is fastest growing segment fueling the growth of Animal Nutrition Market

 

Animal nutrition products play a vital role in animal health and production performance. These products provide essential nutrients to animals that aid in digestion, immunity and reproductive health. Precision nutrition products allow balanced diets customized for specific breeds and life stages of animals.

The Animal Nutrition market is estimated to be valued at US$ 48100 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the animal nutrition market is the rising demand for natural and plant-based feed ingredients. Consumers are increasingly preferring animal products from livestock fed with natural and organic feed. This is driving feed manufacturers to develop feed formulations with natural protein sources such as plants, fungi and algae in place of conventional GMO grains and synthetic amino acids. Research is also ongoing in the use of novel ingredients like insects as a sustainable source of protein for animal feed.

Segment Analysis
The global animal nutrition market is segmented into animal type, ingredients and geography. Based on animal type, the market is segmented into poultry, swine, ruminants, aquaculture and other animals. The poultry segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Rising demand for poultry meat and eggs is driving the growth of this segment.

Key Takeaways
The global animal nutrition market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing meat consumption globally.

Regional analysis: Asia Pacific dominated the market in 2022 and is expected to exhibit the fastest growth during the forecast period due to rising meat consumption in countries such as China and India. Growth of the animal agriculture industry has been robust in this region.

Market size: The global animal nutrition market size was valued at US$ 48100 Mn in 2023. The market is projected to reach US$ 70100 Mn by 2030, growing at a CAGR of 5.0% from 2023 to 2030.

Key players: 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.

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