Animal nutrition chemicals are dietary supplements that help boost the animal's health. These products are mainly used to improve the immune system of the animal. It also helps in livestock production, pet healthcare, and animal nutrition. The products manufactured by the animal nutrition chemicals market are carotenoids, organic acids, enzymes, vacuum salts, and vitamins. Growth in consumption and industrialization of animal-based products support the growth of the animal nutrition chemicals industry.
The global animal nutrition chemicals market size was valued at $10,289 million in 2017, and is projected to reach $15,335 million by 2024, registering a CAGR of 5.9% from 2018 to 2024.
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Rise in demand for high nutrition and high protein food such as meat, eggs, and milk among consumers is one of the key factors that propel the animal nutrition chemicals market growth. These chemicals help improve meat quality, fertility, and newborn survival & growth. Thus, to fulfill the demand of quality livestock from fast food and meat industry animal breeders and animal farmers are using animal nutrition chemicals on large scale supporting the market growth. Apart from this rapid industrialization of livestock farming, increase in health problems among animals and rise in pet health care centers and veterinaries are some of the major factors that boost the animal nutrition chemicals industry growth. However, high cost of these products, availability of substandard products, and cheap alternatives adversely affect the market growth. Furthermore, faster growth of animal meat and higher demand for meat across the world is anticipated to provide high return on investment. This factor leads to increase in number of animal farmers and modern animal husbandries which is anticipated to provide future animal nutrition chemicals market growth opportunity.
Top Dominating Industry Players:
- Tata chemicals Ltd.
- S.P.A.
- Cargill Inc.
- Evonik Industries AG
- BASF SE
- CHURCH & DWIGHT CO. INC
- Novozymes
- Koninklijke DSM NV
- BalChem
- Kemin
Source: Allied Market Research