Factors Driving the Probiotics in Animal Feed Market
The probiotics in animal feed market is projected to grow at a CAGR of 7.7% from 2017 to 2022, to reach a projected value of USD 5.07 Billion by 2022. The global demand for probiotics in animal feed is increasing significantly due to growing awareness about animal health among breeders, rising demand for nutrient-rich feed for animals, and increasing demand for quality animal feed products.
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The probiotics in animal feed market, on the basis of livestock, is segmented into poultry, cattle, swine, aquaculture, and others which include pets, equine, and rabbits. The poultry segment cover the largest market share due to increased production and consumer demand for poultry meat in developing regions such as Asia-Pacific and South America.
The dry form segment held the largest share in the global probiotics market for animal feed in 2016. The use of dry probiotics helps in enhancing the shelf life of feed products, resulting in lower storage costs for feed manufacturers, thus increasing the demand for dry probiotics in animal feed. It is also a suitable ingredient for processed feed products, making it the preferred form for feed manufacturers.
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Asia-Pacific accounted for the largest market share for probiotics in animal feed in 2016, owing to a large livestock base, high meat consumption, and increasing consumer awareness about the positive impact of probiotics on animal health. Major countries contributing significantly toward the growth of the Asia-Pacific region include China, India, Japan, Australia, and New Zealand. The rapidly growing dairy and meat industries in the region are expected to boost the probiotics market for animal feed.
The major restraining factor for the probiotics in animal feed is time and investment required for regulatory approval. Regulations on the maximum quantity of probiotics that can be added to animal feed, processing methods, labeling, packaging, and storage conditions restrict the growth of the probiotics in animal feed market. Such regulations restrict new players from entering the market, thus restricting the market growth.
Companies such as E. I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V. (Netherlands) have acquired leading market position through the provision of a broad portfolio, catering to the varied requirements of the market, along with a focus on the diverse end user segments. They are also focused on innovation and are geographically diversified.