Animal Nutrition Market Size, Share, Growth Analysis, By Type(Amino Acid, Minerals), By Species(Poultry, Ruminants), By Application(Farms, Households) - Industry Forecast 2024-2031

Animal Nutrition Market Driver

• There is a significant surge in livestock production due to high meat consumption as it is a high source of protein and readily available at low costs and hence, driving the animal feed additives market. As per the FAO, by 2030, there will be a 14% increase in the global consumption of animal proteins, mostly due to income and population expansion. Consumption of meat has shifted to include more fowl. This reflects the cheaper cost of chicken as compared to other meats in developing nations with lower levels of income, while it shows a growing preference for white meats in high-income nations since they are easier to cook and seen as healthier food options. In 2030, it is anticipated that 41% of all the protein from meat sources will come from a chicken.
• Demand for animal products has increased as a result of changing diets, rising incomes, and expanding populations. Animal goods like milk, eggs, and meat have become more prevalent in recent years. According to FAO, North America consumed 97 kg of meat per person between 2018 and 2020, compared to the global average of 34 kg. In addition, milk consumption in Australia and New Zealand was 99 kg and 109 kg, respectively, and 64 kg in the US in 2020. Therefore, the need for animal nutrition that promotes the production of more milk that is rich in nutrients is projected to increase in the future years.

Animal Nutrition Market Restraint

• The compound feed market growth is highly impacted by rising raw material prices across the globe and stringent government regulations in developed countries. Raw material price hikes are a major restraint for animal nutrition manufacturers all over the world. Feed acids, antioxidants, and vitamins are derived from natural sources such as seeds, tree bark, and plant leaves. The rising cost of extraction from these sources, combined with stringent regulations for waste biomaterials and wastewater treatment, is limiting the growth of the animal nutrition market.