The North America specialty animal feed additives market is projected to accrue sizable revenue growth on account of rapid expansion activities in the eggs and meat industry. Animal feed additives are preparations or substances that are added for enhancing feed quality and boosting animal nutrition.
Major regulatory organizations like the U.S. FDA are classifying animal feed additives under the Generally Recognized as Safe (GRAS) category. This makes them safe for human and animal consumption.
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With the emergence of new technologies, animal feed additive manufacturers are able to enhance production and distribution capabilities while lowering their overall manufacturing costs. Integration of new innovations might help firms to broaden their business outlook. Citing an instance, in November 2020, Evonik decided to launch a new e-business portal called myAMINO to improve its customer service offering. This further strengthens its digitalization strategy and expands its animal nutrition division.
According to a study conducted by Global Market Insights, the North America specialty animal feed additives market could surpass USD 286 million by the year 2026. This growth can be contributed to some of the growth drivers mentioned below:
Growing awareness over animal health –
Imposition of favorable government initiatives and guidelines to promote agriculture activities coupled with rising investment across agribusinesses could massively benefit the feed additives market over the forthcoming years.
Steady rise in the export rate of meat from the U.S. supported by increasing awareness among the general population on the significance of incorporating proteins from animal sources in diets could broaden the business perspective for specialty animal feed additive companies.
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Promising growth opportunities across Mexico –
Rapid growth in overall population coupled with evolving dietary patterns of consumers could boost the animal feed industry size in Mexico. Increasing presence of skilled laborers and advanced manufacturing facilities could advance the regional market size over the forthcoming years.
Skilled workforce is important for the effective operations of 400 feed mills in the nation. The poultry sector in Mexico comes as one of the major consumers of feed production, accounting for nearly 52% of the available feed.
Implementation of new business strategies –
Prominent industry players like Royal DSM, Kemin Industries, Phibro Animal Health Corporation, Novus International, Evonik, Cargill, and Adisseo are focusing on adopting multiple organic as well as inorganic growth strategies like industrial capacity expansions, strategic alliances, and new product launches to expand their market presence.
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Taking June 2020 for instance, DSM revealed that it has acquired the Erber Group’s specialty animal health and nutrition businesses, Romer Labs and Biomin. With this purchase, DSM will be able to expand its lineup of higher value-add specialty solutions and leverage on Romer Labs’ full-service labs in the USA, Singapore, Austria, and the UK for future product development.
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Related Report from Other Source: North America Specialty Animal Feed Additives Market to hit $286 million by 2026, Says Global Market Insights, Inc.
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