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Stringent Regulatory Paradigms and Consumer Awareness Regarding Animal Feed and Pet Food Quality will Fuel Demand and Boost Innovation
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Animal feed or pet food additives are defined as nutritional ingredients that improve the quality and digestibility of the feed and the performance of the animals. The rising demand for high-quality meat products presents a significant opportunity for feed ingredient manufacturers. This study primarily focuses on assessing the growth opportunities for the animal and pet nutrition ingredients market across six broad ingredient categories: amino acids, vitamins/carotenoids, enzymes, organic acids, organic trace minerals, probiotics, prebiotics, and omega-3 fatty acids. Rising population, increase in per capita income, and growing demand for high-quality meat are some of the Mega Trends expected to influence the demand for feed additives in the developing regions. Increased awareness on the benefits of including additives in animal feed and rising demand for improving yield at reduced cost are the key factors propelling market growth. Furthermore, changing regulatory norms in some of the key geographies on the use of antibiotics as growth promoters in animal feed are expected to create an opportunity for antibiotic alternatives. With respect to the pet food industry, growth in the demand for functional ingredients and the rising trend of using premium pet food products are expected to drive the demand for additives. Amino acid is currently the key ingredient dominating the animal feed and pet food ingredients market, and this trend will continue in the future. Growing environmental concerns regarding the use of crude protein in animal feed are a key driver propelling the demand for limiting amino acids in both developed and developing countries. Feed enzyme is another category that is gaining momentum globally. Feed enzymes are primarily used to improve the digestibility of animal feed. Growing awareness among livestock farmers on the advantages of incorporating enzymes is a key driver of growth in this segment. With antibiotic growth promoters phasing out, demand for alternatives, such as organic acids, probiotics, and prebiotics, is expected to create an opportunity for manufacturers in this space. The demand for probiotics and prebiotics in the pet food industry is also expected to soar due to rising concerns among pet owners regarding the health of their pets. Europe is expected to witness moderate growth over the forecast period with majority of growth coming from poultry, swine and aquaculture sectors. Though, there is a rising shift towards vegetarianism and veganism, demand of processed meat in the region is expected to witness an upward trend thus driving the demand of feed ingredients. Aquaculture sector, on the other hand, is expected to offer higher growth opportunity for functional ingredients owing to changing consumer preference. Growth in the demand for additives in the pet food sector is primarily driven by the demand for funtional ingredients such as probiotics, prebiotics and omega fatty acids. The competitive space is highly fragmented with a number of global and regional participants, and Chinese manufacturers offering strong competition.Author: Smriti Sharma
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