Feed Preservatives Market has witnessed continued growth over the last few years and is projected to grow by USD 4,061.1 Million from 2018 to 2024 at a CAGR of 9.0%. The rise in demand for meat and dairy products has prompted the growth of the livestock industry. The increasing population and change in consumer lifestyles across the globe have accelerated meat consumption, driving the growth of the livestock population. In 2017, global livestock production accounted for about 40% of the gross value of agricultural production. Changing consumer preferences and a high inclination toward animal-based protein is fueling the demand for quality foods such as meat, eggs, and milk. Moreover, an increase in per capita disposable incomes and rising health consciousness are driving the growth of the industry. Consumers are willing to pay high prices for protein-rich products. The compound feed industry has seen significant growth in the last decade. The increasing commercialization of livestock farming in developing countries such as India, Brazil, Argentina, Nigeria, and South Africa has boosted the demand for commercialized feed.
The Global Feed Preservatives Application Market has been segmented on the basis of type, livestock, feed type, and region.
Based on type, the global feed preservatives market has been segmented into acidifiers, antioxidants, mold inhibitors, and anticaking agents. In terms of revenue, the acidifiers segment dominated the global feed preservatives market in 2018. The segment is also projected to register the highest CAGR of 9.3% during the forecast period. Organic acids are most popularly used to inhibit bacterial growth in the animal feed industry. There are various types of organic acids available in the market such as antimicrobial or mold inhibiting products ranging from a single acid to a complex blend of these acids and their salts. Most of these acids have selective functions and are used based on the requirement. For instance, propionic acid is highly effective against bacterial growth in high moisture cereal grains and acts as a rapid control measure. The powder form of these acids is preferable in compound feed and feed premix manufacturing, as powder can be easily mixed and dispersed across the mixtures.
Market Research Future recognizes Kemin Industries, Inc. (US), Nutreco NV (Netherlands), Cargill, Incorporated (US), Impextraco NV (Belgium), Novus International, Inc. (US), Perstorp Holding AB (Sweden), Biomin Holding GmbH (Austria), Nutriad International NV (Belgium), Pestell Minerals & Ingredients Inc. (Canada), and Eastman Chemical Company (US) as the key players active in the Global Feed Preservatives Market.
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Geographically, the Global Feed Preservatives Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest market share of nearly 35.74% in 2018. In addition, the segment is also expected to register the highest CAGR of 9.3% during the forecast period.
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