According to the estimations put forth by Inkwood Research, the Global Animal Nutrition Market is set to grow with a CAGR of 6.10% in terms of revenue during the forecasting years of 2021-2028.
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Animal nutrition entails focusing on the dietary needs of
animals, of those majorly in food and agriculture production, along with
aquariums, wildlife management, and zoos. Also, it contributes considerably to
nutrient efficient livestock production and sustaining the dietary and safety
quality of animal products for human consumption.
Rising
Demand due to Increasing Nutritional Requirements drives Market Growth
The shifting lifestyles have led to a growing demand for
protein-rich, high-nutrition foods like milk, eggs, and meat. Also, increased
incomes and urbanization have changed consumption patterns. As a result, along
with changing amount of food, the demand for types of food and their relative
contribution to diets are also set to change. Therefore, to meet the surging
demand for nutritional feed, the demand for animal farming, breeding, and
rearing livestock has significantly increased.
Furthermore, animal nutrition is increasingly preferred to
cater to the future needs of existing livestock. For this, breeders focus on
boosting healthy animal count through animal nutrition premixes to enhance
return on investments. These are administered to animals to help produce
healthy newborns, and improve fertility, thereby propelling the livestock
population. Such factors are raising the demand for animal nutrition.
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Poultry: Major
Species in terms of Revenue Share
The poultry segment entails turkey, goose, chicken, and
other birds. Chicken is among the most-farmed poultry, given the high
consumption rate of eggs and meat globally. Also, the rising need for higher
meat production using animal feed has led to the fast-paced growth of the
market analyzed. In addition, advancements in poultry production methods and
genetic improvement of poultry fowls have aided in increasing profits for
poultry farmers. Moreover, the recent fatal poultry disease incidences and
nutrition malfunction among poultry fowls are surging the demand for animal
nutrition.
Asia-Pacific
to record the Highest Revenue Share & CAGR
The growing disposable income and rapid urbanization are
evaluated to be the major growth drivers. Also, the surging consumer health
awareness is projected to offer ample growth opportunities for manufacturers
and vendors. Further, in countries like India, the livestock population like
cattle is associated with an increasing human population.
The competitive rivalry is highly intense with frequent
strategic alliances, acquisitions, and mergers. Also, the market is estimated
to be moderately fragmented. Some prominent market players include Royal DSM, BASF,
Church & Dwight Co Inc, Cargill Incorporated, Alltech Inc, etc.
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objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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