MARKET REPORT 62 FEED & ADDITIVE MAGAZINE January 2024 Another research company that points to data more in line with VMR and FMR is Acumen Research and Consulting. According to Acumen's report, the global feed amino acids market size was realised at USD 7.1 billion in 2022. The company forecasts that the market will grow at a CAGR of 5.7% between 2023 and 2032 and reach a size of USD 12.4 billion in 2032. The report prepared by Global Market Insights also reveals that the current size of the market is USD 7.4 billion in 2022. Forecasting that the market will grow at a CAGR of 5.5%, the company predicts that the average size will be USD 12.7 billion in 2032. Except for the report prepared by Market Research Future, the market size estimates in the reports recently updated by the other 4 research companies seem to be quite consistent. An average calculation based on the estimated data in these four consistent reports shows that the global feed amino acids market will have a size of USD 7.26 billion in 2023, grow at a CAGR of 5.65% between 2023 and 2032 and reach a size of USD 11.89 billion in 2032. FACTORS SUPPORTING MARKET DEVELOPMENT With the exponential increase in human population and disposable income worldwide, increasing consumer demand for animal proteins, especially meat products, is one of the most important factors supporting the development of the market. This demand leads to an increase in livestock breeding activities and consequently feed demand. In addition, the importance of amino acids, especially essential amino acids that cannot be synthesised by animals, for animal health and performance supports their use in feed formulations and contributes to the growth of the market. Increasing awareness In terms of animal type, the aquaculture segment is projected to gain significant growth momentum in the feed amino acids market. This growth is attributed to the increasing demand for fish and other seafood, especially in the Asia-Pacific region. However, in aquaculture, one of the fastest growing sectors in the food industry, the utilisation of feed amino acids, including lysine, methionine and tryptophan, is essential for the growth and development of fish and other aquatic species.
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