North America Feed Preservatives Market was worth $1.32 billion in 2020 and estimated to be growing at a CAGR of 8.91%, to reach $2.19 billion by 2025.
The market is forecasted to show evident potential in the mentioned period. The market continues to grow with increasing awareness about the feed management related practises and customization of formulations to reduce costs in production and thus improve livestock health, which has led to an increase in the investments on higher quality feed products and hence in the need for preservatives.
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Feed Preservatives can be categorized into a bunch of feed additives like feed acidifiers, antioxidants etc. which are basically used for maintaining a better hygiene for livestock and thus improve their productivity. They are usually used for improvement of feed quality by increasing the nutritional content of the feed.
There are various factors responsible for driving the Feed preservatives market and hence being responsible in the market to exhibit immense potential in the mentioned period. The key ones include regulatory requirements for improving feed quality, unpredictability of crop harvest patterns which lead to a need for feed storage. Further, Industrialization in poultry sector across most developing markets has also been a major factor for the growth of the market. As far as restraints and challenges are concerned there has been just one key factor holding back the market from showing its potential lately, which is the limited profit margins of the End Product. Due to these low profits the market has been seeing lower investments than expected.
The North America market for Feed Preservatives is segmented on the basis of
- Feed type.
Based on type the market is segmented into Feed acidifiers, Mold inhibitors, Feed antioxidants and Anticaking agents. The acidifiers are further fragmented into propionic, formic, lactic and sorbic acid. The sub segments for mold inhibitors include propionates, benzoates, natamycin. For feed antioxidants, the sub segmentation is done into BHA, BHT and Ethoxyquin. On the basis of Livestock, the market is segmented into cattle, poultry, swine, aquaculture and other livestock. Under feed type the segmentation is done into compound feed, feed premix, feed meal, silage and other feed types. Acidifiers, poultry and compound feed account for the largest market shares in their respective segments. On the basis of geography, the North America market is analysed under two countries namely United States and Canada.
Some of the major companies dominating the market, by their products and services include BASF SE, Nutreco N.V., Impextraco NV, Alltech Inc., E.I. Dupont De Nemours and Company, Novus International Inc., Biomin Holding GmbH, Perstorp Holding AB, Cargill Inc., Kemin Industries Inc.