The publisher, in its research report, estimates the global market for animal nutrition to proliferate with a CAGR of 5.18% in the forecast years 2019-2028.
The industrialization of livestock, coupled with the high demand for animal nutrition products, is driving the growth of the global market. Further, there has been an upsurge in demand for meat and other such food products, which provides lucrative opportunities for market growth. Additionally, with the rise in people's disposable incomes, they are spending largely on consuming meat, as well as buying top-notch nutritional products for their pets. This is immensely aiding the animal nutrition market growth.
However, animal nutrition products can be costly, owing to which, there is limited adoption. Another issue plaguing the market growth is the wide distribution of counterfeits. Moreover, these are priced at relatively lower rates, and hence, they find many takers. However, their consumption can have adverse effects on the body. In addition, the rising environmental challenges also pose a major threat to the growth of the global market for animal nutrition.
The global animal nutrition market encompasses the regions of Europe, the Asia-Pacific, North America, Latin America, and the Middle East and Africa.
The Asia-Pacific region holds the largest share in the global market. Besides, it is also the fastest-growing market for animal nutrition across the world. The region produces the largest amount of animal feed globally, which plays a crucial role in the rising demand for the use of animal nutrition products. Further, the growing production of swine feed in nations like Vietnam and Indonesia is expected to influence positive growth in the regional market over the next eight years.
- Kemin Industries
- Balchem Corporation
- BASF SE
- Tata Chemicals Ltd Spa
- Cargill Inc
- SHV Nv
- Church & Dwight Co Inc
- DSM Nv
- Alltech Inc
Evonik Industries AG
- High Demand for Animal Nutrition
- Industrialization of Livestock
- High Cost of Animal Nutrition Ingredients
- Counterfeit Products
- Increasing Disposable Income
- Surging Demand for Meat and Animal-Based Food Products
Rising Environmental Challenges
For more information about this report visit https://www.researchandmarkets.com/r/l28h1q