COVID-19 has printed a negative impact on global economic outlook in the first quarter of 2020. The immediate animal nutrition industry suffers from major supply chain disruption. The pandemic have affected countries such as Italy, Spain, France, China and other key countries and down chain supplier region and feed sector struggling to meet the demand.
This is evident for the lack of supply of micro ingredients such as amino acids, minerals and vitamins. For instance, in March, one of the prominent vendor of feed market Evonik have forced majeure to fulfill the need of the amino acid especially threonine amino acid. The product of Evonik is manufactured by contract manufacturers in China and facing the issue in the procurement of threonine due to shut down of the city.
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Global Feed Additives Market, By Source (Amino acid, Vitamins, Antibiotics, Anti-Oxidants, Feed Acidifiers Feed enzymes and Others), Livestock (Dairy Farms, Poultry, Pork/Swine, Cattle, Aquaculture and Others), Form (Dry and Liquid), Function (Nutrition, Immunity, and Productivity), Category (Conventional and Organic) Country (U.S., Canada, Mexico, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Chile, Rest of South America, UAE, Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2027
Increased demand for animal products and their feeds will increase the demand for feed additives in the market. As in these situations, everyone's focus is first on animal health, and this will encourage various sectors, which can improve the market growth. Increase in demand for animal meat products and its use also increases the demand for feed additives, as these two products are proportional to each other and will be coming into the livestock market in the forecast period of 2020–2027.
However, the high cost of raw materials is projected to be a major factor preventing the growth of the global feed additives market. Further, the stringent government regulations on product approval are another factor that challenges the growth of the global animal feed additive market.
Aquafeed additives market is expected to reach USD 83.81 billion by 2027 growing at a growth rate of 8.12% in the forecast period of 2020 to 2027. Increasing demand for seafood across numerous regions is the factor for aquafeed additives market in the forecast period of 2020 - 2027.
Increasing preference for plant-based additives, growth in the aquaculture industry, rise in seafood trade, benefits associated with feed acidifiers, better protein digestibility, healthier immune response, increased resource competence in aquaculture, growing demand for exotic and protein & omega 3 enriched fish species are some of the factors that will likely to enhance the growth of the market in the forecast period of 2020 to 2027. On the other hand, rising government initiatives and improvement of innovative products as a source of protein will further create new opportunities for the aquafeed additives market in the above mentioned forecast period.
Fluctuation in the cost of raw materials is the noted limitation for the growth of aquafeed additive market. On the other hand, growth in environmental and health concerns will act as challenge to the growth of the market in the forecast period of 2020 to 2027.
Compound feed is a mixture of various raw materials and food additives that are blended and mixed to meet the specific requirements of animals. The ingredients commonly combined include poultry meal, meat and bone meal, grains, brans, soybean meal, corn, rice, etc. in a proper proportion to get the required nutrition content.
Feed additive is a supplement that is prepared for farm animals, in order to provide them with sufficient nutrient content. They improve the quality of feed and the quality of food from animal origin, and improve the nutrition content that is to be derived.
Growing consumption of meat and the increased demand for eggs and milk, including their by-products
The need for reducing the chronic diseases that outbreak from the consumption of unstandardized and low quality products
Rising demand for safe and good quality meat which is achieved by fortifying animals with nutrition, which in turn leads to the increased demand for animal and compound feed
Increasing consumer awareness regarding the benefits offered by compound feed and additives acts as a driver for the growth of this market
COVID-19 pandemic has taken a toll on the global population and economy. A collaborative effort on government, public health departments, and hospital fraternity to fight the coronavirus has led to economic slowdowns, global lockdowns, and extreme public safety measures. The public health measures include creating awareness about home quarantine measuring, maintaining food and healthcare supply, especially to the poor are being strictly followed by government across the world. Along with the food and healthcare industry, the feed industry is facing problems due to the non-working manufacturing industry. The demand for feed for livestock is high as the maintenance of livestock is an important aspect for breeders.