Feed Antioxidants Market - Global Trends, Size, Share and Forecasts (2019 - 2024)
The global feed antioxidant market was valued at USD 240.20 million in 2018 and is expected to register a CAGR of 5.1% during the forecast period (2019-2024). In 2014, Asia-Pacific was the largest geographical segment of the market studied and accounted for a share of around 48.4% of the market.
The industrialization of livestock industry, which is growing at a healthy rate, is the major driving force behind the growth of the feed antioxidant industry. Increased awareness among the farmers (especially in Asia-Pacific) about the benefits of antioxidants, is another factor augmenting the growth of the market studied. The market is also growing due to the Expansion of animal meat market.
Feed antioxidants are substances used in animal feeds to increase the shelf life of feed by preventing undesirable oxidation in finished feeds and the guts of animals. They are known to keep the nutritional and energy value of the feed intact and also prevent rancid oxidation of fats.
Expansion of Animal Meat Market
The growth in the antioxidant market is primarily because of expansion of animal meat market. Increased global meat consumption and rise in health concerns in livestock have made the market to consume higher quantity of antioxidants. According to United States Department of Agriculture, The consumption of animal meat have shown a consistent growth from 2015. In 2018, animal meat consumption have witnessed highest of 266,359 thousand metric tons which was 258,513 thousand metric tons in 2015. The uncertainty surrounding that the antibody response is prevented by antioxidants is acting as a slight deterrent, but researchers are extending their attention to addressing the issue.
Asia-Pacific dominates the Global Market
Asia-Pacific is the largest market for feed antioxidants followed closely by both North America and Europe. Poultry feed takes up a significant share of the antioxidants, and the next big share is comprised of dairy and beef feed antioxidants. Leading players have focused on research and development and manufacture of antioxidants to capitalize on the growth trend.
The feed antioxidant market is consolidated. The major players in the market shares more than fifty percent of total market share. Global presence of companies and lack of local companies have made the major players to have a lion share in the market. The minor players shares less than half of the total feed antioxidant market.