The market for veterinary medicinal feed additives is currently estimated to be valued at USD 289.49 million for the year 2016 and is poised to reach USD 537.64 million by the end of 2021. The CAGR during the forecast period 2017-2022 is estimated to be 13.18%.
Typical feed additives include vitamins, trace elements, preservatives, and anti-oxidants. Increasing zoonotic and waterborne diseases in animals are a triggering factor for growth in this market. Epidemics such as bird flu and other diseases such as foot-and-mouth disease and environmental concerns have led to increased concern over animal health around the globe, due to which meat producers have increased their focus on feed quality and certification.
Global Veterinary Medicinal Feed Additives Market- Market Dynamics
The feed additives market has been influenced by increasing consumption of meat products, transforming feed additives into a lucrative business.
Some of the key factors driving the market towards growth are:
Listed below are some of the factors restraining market growth.
In the country-wise analysis, it is seen that North America and Asia-Pacific are the top two consumers of feed additives in the world, together accounting for more than 60% of the consumption. Asia-Pacific is estimated to be the fastest-growing region for medicinal feed additives in terms of revenue. Growth is particularly high in emerging countries such as China, India, and Brazil, because of the increasing income levels and rising per capita meat consumption.
The global veterinary medicinal feed additives market can be segmented on the basis of products (Antibiotics, Vitamins, Antioxidants, Amino Acids, Feed Enzymes, Acidifiers, Prebiotics & Probiotics, Minerals, etc), by livestock (Swine, Poultry, Cattle, Aquaculture, etc) and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa).
Some of the key players in the market are:
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