Animal Nutrition Chemicals Market size is estimated to be $11.4 billion in 2019, growing at a CAGR of 5.9% during the forecast period 2020-2025. Rising consumer awareness regarding proper nutrition of pets is anticipated to drive the animal’s nutrition chemicals market during the forecast period 2020-2025. Moreover, the increase in livestock production, rise in consumption of animal-based products and increase in the number of pet care centers and veterinarians is further contributing to its market growth. Furthermore, animal nutrition chemicals are essential feed additive products to boost the growth of animals and to maintain their health. In addition, these are widely used in feed industry to improve the quality of product and their results. Moreover, in July 2019, Evonik had signed an agreement with Swedish Specialty Chemicals Company Perstorp to research and develop new animal nutrition products along with investigating future options for commercial partnership.
Key Takeaways
- Amino Acids accounted for the largest market share in 2019 owing to its increasing health benefits.
- Poultry accounted for the largest market share in 2019 owing to the increasing demand of animal-based products.
- North America dominated the Animal Nutrition Chemicals Market owing to the rising pet population along with the growing concern of proper nutrition of pet’s products is a major factor propelling its market growth.
- Increasing demand of poultry and other animal-based products is a major factor driving the animal nutrition chemical market
By Product- Segment Analysis
By Product, Amino Acids accounted for the largest market share in 2019 owing to its increasing health benefits. Amino acids are the building blocks of proteins and polypeptides that are major components of animal muscles and tissues. Amino acids are also an important component in animal fluids such as milk. In addition, to being building block of proteins, amino acids play a significant role in various biochemical and metabolic process in the cells of animals. So, from the growth to production and reproduction, amino acids play a vital part in the productivity of farm animals and contribute significantly to the profitability of farm.
By Species- Segment Analysis
Poultry accounted for the largest market share in 2019 owing to the increasing demand of animal-based products. In addition, growing meat demand coupled with growing consumption among people is further contributing to its market growth. Furthermore, the risk of developing deadly diseases and nutrition deficiencies among poultry has led to an increase in the demand of animal nutrition chemical products in this industry thereby propelling the animal nutrition chemical market during the forecast period 2020-2025.
Geography- Segment Analysis
North America dominated the Animal Nutrition Chemicals Market with a region share of more than 36% in 2019 followed by Europe and APAC. Rising pet population along with the growing concern of proper nutrition of pet’s products is a major factor propelling its market growth. Furthermore, the presence of major players such as Dow Chemical Company coupled with the growing demand of nutritional product in this region is driving the animal nutrition chemical market. Moreover, in May 2016, BASF and Balchem collaborated to bring next generation feed efficiency and health products to the North American Swine Industry.
Drivers – Animal Nutrition Chemicals Market
- Increasing demand for Proper Pet Nutrition
Increasing demand for proper pet nutrition among consumers which in turn is enabling consumers for buying healthy for pets is a significant factor driving the animal nutrition chemical market during the forecast period 2020-2025.
- Increasing demand of Poultry
Increasing demand of poultry and other animal-based products is a major factor driving the animal nutrition chemical market. The risk of developing diseases among poultry has led to an upsurge in the demand of animal nutrition chemical industry thereby driving the animal nutrition chemical market during the forecast period 2020-2025.
Challenges – Animal Nutrition Chemicals Market
Stringent regulation by government bodies for animal nutrition serves as a major setback for the growth of the Animal Nutrition Chemicals Market during the forecast period 2020-2025. Moreover, American Feed Control Officials provides guidelines for the nutritional content of pet foods. Furthermore, the high cost of animal nutrition products also serves as a setback for the growth of animal nutrition chemical market during the forecast period.
Animal Nutrition Chemicals Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in Animal Nutrition Chemicals Market. Animal Nutrition Chemicals Market top 10 companies are BASF SE, Dow Chemical Company, Balchem Corporation, Dupont, Kemin Industries, Evonik Industries, Lonza Group AG, Cargill Inc, Jubilant Life Sciences and Stepan Company.
Developments:
- June 2017: Balchem Corporation acquired Innovative Food Processors (IFP) Inc., a privately held manufacturer of agglomerated and microencapsulated food and nutrition ingredients headquartered in Faribault, Minnesota.
- March 2020: BASF collaborated with AGCO a global leader in the design, manufacture and distribution of agricultural equipment to provide farmers with agronomic expertise to help promote best practices for on-farm eradication of pigweed.
