The animal feed probiotics market is estimated to be worth US$ 3,594 million in 2023, with revenue from sales reaching US$ 6,784.3 million by 2033. The demand for animal feed probiotics is increasing at a CAGR of 7% over the forecast period.
The growing demand for animal protein and the ensuing rise in meat consumption are two major forces propelling the animal feed probiotics industry. The industry is expanding as a result of rising consumer awareness of the use of probiotics in animal feed. Improving animal health and decreasing antibiotic usage in animal feed are two factors behind the rising need for probiotics in animal feed.
The high cost of research and development and the lack of knowledge among livestock producers are two of the biggest challenges facing the development of this industry. Furthermore, corporations have challenges when introducing new items to the market due to regulatory impediments and the necessity for permission from many agencies.
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There are several expansion prospects for the probiotics industry in animal feed. This industry should expand thanks to the rising demand for organic and all-natural feed for animals. The use of probiotics in aquaculture is also on the rise because of the positive effects it may have on the health of aquatic animals and the reduction of antibiotic usage. In addition, there is a sizable expansion possibility for businesses in this industry due to the rising demand for animal feed probiotics in emerging nations.
Several changes are occurring in the animal feed probiotics industry. One such movement is the creation of probiotic supplements designed for individual animals. Microencapsulation and other cutting-edge technologies are increasingly being used to enhance the stability and performance of probiotics in animal feed. The need for probiotics in animal feed is projected to be bolstered by the industry's transition toward sustainable and ecologically friendly animal feed manufacturing.
Key Takeaways from the Animal Feed Probiotics Market:
· During the forecast period, the United States animal feed probiotics industry is expected to account for 25.6% of the market.
· According to the research, the Philippines' animal feed probiotics industry is expected to be worth US$ 160.6 million in 2023.
· According to FMI, India's animal feed probiotics industry is expected to grow at a CAGR of 9.5% throughout the predicted period.
· According to FMI, China's animal feed probiotics industry is expected to develop at an 8.9% CAGR from 2023 to 2033.
· Bacteria are the most dominant segment in the animal feed probiotics industry, accounting for 69.70% of the market in 2023.
· In the animal feed probiotics industry, modern trade is the dominant sales channel, accounting for 23% of the market in 2023.
How are Key Players Revolutionizing the Industry?
The animal feed probiotics industry is highly competitive, with several players operating globally. The market is characterized by the presence of both established as well as emerging players. The key players in the market are engaged in strategic partnerships, collaborations, and mergers and acquisitions to expand their market presence.
The top players in the animal feed probiotics industry include Chr. Hansen A/S, Koninklijke DSM N.V., Lallemand Inc., DuPont de Nemours, Inc., Novozymes A/S, Calpis Co., Ltd., Lesaffre et Compagnie, Neospark Drugs and Chemicals Private Limited, Novus International, Inc., and Provita Eurotech Ltd.
These companies are investing heavily in research and development activities to introduce new products and improve the existing ones. They are also expanding their geographical presence by entering into untapped markets through various strategic initiatives. Additionally, they are also focusing on developing sustainable and eco-friendly products to meet the growing demand for natural and organic animal feed probiotics.
The competition in the animal feed probiotics industry is intense, with companies competing based on product quality, innovation, pricing, and brand value. The market is expected to witness consolidation in the coming years, with several small and medium-sized companies being acquired by larger players to strengthen their market position.
Information Source: https://www.futuremarketinsights.com/reports/animal-feed-probiotics-market