MARKET REPORT FEED & ADDITIVE MAGAZINE May 2024 87 certain preservatives due to their potential hazards. Developing products in compliance with these regulations is considered to be one of the biggest challenges for companies working in feed preservatives. Other limiting factors include concerns over the potential impact of preservatives on animal health; increasing competition among key players, which may act as a barrier for new entries into the market. The market is expected to become more competitive in the coming years as many players compete for market share. MARKET SITUATION BY ANIMAL SPECIES In terms of animal species, the poultry segment is expected to witness significant growth in the coming years. As the global demand for poultry products such as chicken meat and eggs continues to grow, the need for high quality and safe poultry feed is increasing. Animal feed preservatives, including antioxidants, mould inhibitors, and antimicrobial agents, are essential to maintain the freshness and nutritional integrity of poultry feed throughout production and supply chain. The poultry industry's emphasis on efficiency and productivity has led to greater adoption of preservatives to prevent feed spoilage and contamination. Moreover, intensification of poultry farming practices, especially in emerging economies, is contributing to the demand for improved feed preservation methods. The other key segment in feed preservatives is the cattle segment. According to research companies, the cattle segment will continue to hold a significant market share in the global feed preservatives market in the upcoming period. MARKET DEVELOPMENT ON REGIONAL BASIS North America stands out as the dominant region in the animal feed preservatives market due to its high livestock population, developed livestock industry, presence of major feed preservative manufacturers, high sophistication in the feed additive sector and stringent regulatory standards. Especially the United States and Canada have an important role in shaping the market. The North American livestock sector, which includes poultry, swine and cattle farming, is an extensive and highly industrialised sector, resulting in a significant demand for high quality and preserved animal feed. One of the key factors contributing to North America's dominance in the animal feed preservatives market is the region's commitment to feed safety and quality standards. Strict regulations enforced by agencies such as the U.S. Food and Drug Administration
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