01 March 2021
Visiongain has published a new report on Animal Feed Antioxidants Market Report to 2031: Forecasts By Category (Synthetic, Natural), By Product Type (Butylated Hydroxytoluene, Butylated Hydroxyanisole, Ethoxyquin, Carotenoids, Tocopherols, Vitamins, Botanical Extracts, Others), By Animal Class (Poultry, Bovine, Swine, Equine, Others), By Form (Solid, Liquid) PLUS Profiles of Leading Animal Feed Antioxidant Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Animal Feed Antioxidants market was valued at US$ xx million in 2020 and is projected to reach at a market value of US$ XX million by 2031. Growing consumption of animal based food products is a major factor driving market growth of animal feed antioxidants market.
COVID-19 Impact on Animal Feed Antioxidants Market
Although, several industries are severely affected due to the COVID-19 pandemic, the food & beverage industry somehow managed to scrape away from the impact of the worldwide recession. Demand for essential food & beverage products remained intact. However, demand for non-essential food & beverage products witnessed a surge during the initial phase of the lockdown, as consumers resorted to panic buying and stockpiling their inventories. However, sale of such products went down as frequent visits to the stores went down, due to them being opened for a limited time in a day, and also due to tightening wallets of the consumers. The ingredients industry too witnessed a disruption in the supply chain due to factories being closed down during the pandemic, thereby creating a disruption in the demand and supply gap. However, as the countries are easing the restrictions, production facilities have gradually re-opened, albeit with limited capacity. As a result of this, the gap in demand and supply is witnessing a gradual decline. However, the disruption in the supply chain of the food ingredients industry is likely to continue till the time the pandemic doesn’t end properly.
Growing Meat Consumption
Growing meat consumption is one the key factors supporting market growth of animal feed antioxidants. Countries such as China, U.S., Germany, U.K. and France are the biggest consumers of meat and meat products. According to OECD, U.S. per capita consumption of poultry meat in the U.S. was approximately 50.1 kilograms, while per capita beef and veal consumption stood at 26.3 kilograms and pork meat consumption stood at 24 kilograms per capita in the same year. This signifies the strong growth of the feed antioxidants market the U.S. Germany is another major country, where the consumption of meat is relatively higher. The high consumption of meat in the country is attributed to the high demand for processed food. Germany is one of the top consumer countries for frozen food, including meat products. The frozen food industry in the country has grown by more than 30% over the past 10 years. Per capita frozen food consumption in the country stood at 50 kilograms in 2019. Frozen meat products is one of the hot favourites of the German populace.
High Feed Production
High feed production is another key factor augmenting market growth of feed antioxidants market. China, Russia, U.S., India, Brazil, Germany, Japan, Mexico and Spain are the major feed producing companies. The U.S. is considered as the largest feed producing country, producing an approximate of 210 million tonnes in 2019, with poultry, pork and beef as the dominating species. Further, feed production in the country witnessed a steady growth of approximately 1.8% over the last year. However, Canada just produced 21.6 million tons of feed in the same year. Feed production in Africa increased by approximately 7.8% in 2019, with the primary species witnessing a positive growth. South Africa, Egypt, Morocco, Nigeria and Algeria are the major feed producing countries within the African region. The pet food sector witnessed the strongest growth in Asia Pacific, followed by Europe and Latin America. These statistics denote a strong demand for animal feed antioxidants in these regions.
Growing Vegan Population
Demand for meat alternatives is on the rise, as consumers in certain nations such as the U.S., and Germany among others have become aware about the negative effects associated with the consumption of red meat. In 2019, per capita beef consumption in Canada stood at 17.6 kilograms, while per capita consumption stood at 16.3 kilograms. Consumption of red meat is highly linked with diabetes, and cardiovascular diseases as well. As such, the diabetic population in the country witnessed a steady increase since 2015. The diabetic population in the country stood at 3.4 million in 2015, and is expected to rise to 4.1 million by 2022. This has sparked a concern among consumers, and they are beginning to shift towards meat alternative solutions. More than 30% of the Canadian populace believes that switching to a vegan diet will help them manage their weight. Apart from Canada, the U.S., Germany, U.K. and France are few countries where the meat alternatives market is witnessing an aggressive growth, and further growth of this market is harmful to the growth of the feed antioxidants market.
Some of the companies profiled in the report include BASF SE, Archer Daniels Midlands Company, DuPont De Nemours Inc., Alltech Inc., and Cargill Inc. among others. These companies are involved in several organic and inorganic strategies in order to ensure long term sustenance in the Animal Feed Antioxidants market. For instance, in August 2018, BASF SE launched is Lucantin NXT product line in the EU 28 market. The new generation of carotenoids is stabilized by propyl gallate and butylhydroxytoluene or tocopherol.
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