Asia Pacific Specialty Feed Additives Market was worth USD 1.36 billion in 2021 and estimated to be growing at a CAGR of 5.4%, to reach USD 1.77 billion by 2026.
Specialty Feed Additives facilitate the provision of nutrition to farm animals, which cannot be gained through regular meals. They enhance the digestive system of the animals and are provided in the form of palatable food materials.
Specialty feed additives is a vital market to the society as it enhances the quality of meat and other animal products thus adding nutrition to the human life as well. The recent period has seen a significant rise in the importance paid to the Specialty feed additives for the livestock.
Drivers and Restraints of Asia Pacific Specialty Feed Additives Market:
The growth of the Asia-Pacific Specialty Feed Additives Market is mainly driven by factors such as growing urban population, increase in spending and the rise in population. Dependence on agriculture, rapid urbanization and increasing income of the population. However, factors such as government restrictions and lack of awareness among the general public about such facilities could pose as a restraint for this market.
Asia Pacific Specialty Feed Additives Market - By Type of feed:
The Acidifiers segment leads the market on the basis of type of feed and is also projected to witness a higher growth rate during the forecast period.
Asia Pacific Specialty Feed Additives Market - By Livestock:
Under this segment, feed additives for the poultry segment are leading the market currently.
Asia Pacific Specialty Feed Additives Market - By Form of feed:
The dry feed is further classified as Pellets and Powders. The Liquid Feed additives market is expected to have a higher CAGR among the feed additives based on form of feed.
Asia Pacific Specialty Feed Additives Market - By Function:
The Market is Geographically divided into:
The Asia Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. India and China are considered as lucrative markets for the growth of Specialty feed additives market and are projected to grow at a high CAGR during the forecast period. Factors such as growing demographics and expanding in these countries are anticipated to be responsible for growth of the market in this region.
This market is extremely disjointed with numerous big and developing players operating in the business. The major companies dominating the Specialty Feed Additives Market in this region are BASF SE, Evonik Industries, Nutreco N.V., Novozymes, Alltech Inc., Invivo NSA and Chr Hansen Holding A/S.
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