MARKET REPORT 74 FEED & ADDITIVE MAGAZINE April 2024 According to Verified Market Research's (VMR) report, which makes similar forecasts and projections as MRF, the global feed antioxidants market, which was valued at USD 358 million in 2020 (USD 400 million in 2023), will reach USD 483 million in 2028, growing at a CAGR of 3.8% during the forecast period 2021-2028. Another research company that points to very similar market values to VMR is Precision Business Insights. In its report, the company estimates the size of the global feed antioxidant market to be USD 400 million in 2023, growing at a CAGR of 4% between 2024 and 2030. In this case, it can be said that the market will reach a size of approximately USD 526 million in 2030. The report prepared by Research and Markets points to a higher market value. According to the research company's report on the feed antioxidants market, the market size is around USD 410 million in 2022. The report predicts that the market will grow at a CAGR of 5.6% in the coming years and reach USD 568 million in 2028. The report prepared by Straits Research also reveals that the current size of the market is USD 207 million in 2022. Unlike other companies, the research company, which reveals a much lower current market size, is much more assertive about growth expectations. Forecasting that the market will grow at a CAGR of 11.2%, the company predicts that the average size will be USD 539 million by 2031. Although the current market size and CAGR expectations of the 5 different research companies discussed above vary slightly, their estimates for the future size of the market are quite close. With an average calculation based on the data in these 5 reports, it is possible to estimate that the global feed antioxidants market had a size of USD 370 million in 2023, will grow at a CAGR of 5.7% between 2023 and 2030, and will reach approximately USD 546 million in 2030 with this growth rate. FACTORS SUPPORTING MARKET DEVELOPMENT The growth in the global feed antioxidants market is expected to be fuelled by factors such as the rising demand for animal food products such as meat, milk, and eggs, increasing awareness of animal health, increasing compound feed production, and the implementation of innovative animal husbandry practices to improve meat quality. Analysts point to slow but steady growth in the market despite climate change and the accompanying increased drought, as well as animal diseases, and predict that this growth will accelerate. Farmers are becoming more aware of the close link between animal health and performance and are paying closer attention to potential problems in feed and feed ingredients that could jeopardise animal health. This supports the use of ingredients in animal feeds that will build disease resistance, increase production efficiency and quality, reduce feed costs, and prevent waste. FACTORS LIMITING MARKET DEVELOPMENT The supply of raw materials, which include vitamins, minerals, and plant extracts and are integral to feed antioxidant production, is susceptible to
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