The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Feed Antioxidants Market.
It was estimated prior to this unanticipated outbreak that the Feed Antioxidants Market was expected to grow at a CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Feed Antioxidants safeguard the feed nutrients in the feed such as vitamins, proteins, fats, pigments, and flavoring agents from deterioration which thus, give a nutrient security. Antioxidants are called as shelf-life extenders. The feed oxidization prevention is quite imperative as it can affect the animal health and performance.
Feed Antioxidants are of different types, such as synthetic and natural, that are used for various animals, such as poultry, cattle, swine, and pets.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the market is segmented as synthetic and natural antioxidants. The natural antioxidants segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The natural feed antioxidants segment is further segmented into carotenoids, tocopherols, botanical extracts, and vitamins. Manufacturers are attentive on developing innovative products to produce cheaper natural antioxidants with the aim to capture the market and leverage on this increasing demand, which is boosting the growth of the market for natural feed antioxidants.
Based on the animal type, the feed antioxidants market is segmented as poultry, cattle, swine, aquaculture, and pets. The poultry industry is estimated to dominate the market in the coming five years. On the other hand, the aquaculture segment has immensely contributed to the global food security, and with the claim for fish-based products increasing worldwide, the demand for fish feed antioxidants is also gradually increasing.
Based on the form type, the market is segmented as dry and liquid. The dry feed antioxidants segment is likely to lead the market during the forecast period. The dry form is also estimated to witness a higher demand among livestock farmers, as dry feed antioxidants are easy to mix with feed, store, and offer ease of handling.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing feed antioxidants market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as poultry, cattle, swine, and pets, which is generating huge demand for feed antioxidants and the presence of a large number of feed antioxidant manufacturers in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the feed antioxidants market are-