MARKET REPORT 76 FEED & ADDITIVE MAGAZINE November 2024 Although research companies provide different data, they indicate that the global feed vitamins market is set for significant growth. Based on this data, it is possible to estimate that the average market size will be USD 2.5 billion in 2024, the market will grow at a CAGR of approximately 4.6% during the period 2024-2030, and the market size will exceed USD 3.3 billion in 2030. FACTORS DRIVING MARKET GROWTH The global feed vitamins market is poised to achieve significant growth owing to the convergence of different factors influencing the livestock industry. According to analysts, the major factors supporting the growth of the feed vitamins market are: - Rising Global Population, Economic Growth, and Demand for Animal Protein The continuously rising global population, economic growth and increasing disposable income are increasing the demand for animal-based protein sources such as meat, milk and eggs. In order for the livestock sector to meet this increasing demand, production must be efficient and sustainable, which necessitates the use of high-quality feed additives. - Increased Consumer Awareness on Food Safety and Quality Consumers are becoming increasingly aware of food safety and quality standards. This has led to increased demand for animal food products produced using safe and sustainable practices. Feed additives, including vitamins, play a crucial role in ensuring the health and welfare of farm animals, ultimately affecting the quality of the final product. - New Legislation and Food Safety Standards Governments around the world are adopting stricter legislation on the use of feed additives to ensure food safety and environmental protection. These regulations are increasing compliance costs while encouraging innovation and the development of new, more effective feed additives. In addition, food safety standards are increasingly emphasizing the importance of animal nutrition and health. This encourages manufacturers to include high quality vitamins in feed formulations. - Advancements in Production Technology Technological advancements are leading to the development of more effective and efficient vitamin formulations. These advancements include the development of encapsulated vitamins, slow-release formulations and targeted delivery systems. These innovations enable livestock to better absorb and utilize vitamins, leading to healthier and more productive outcomes. - Increased Focus on Animal Health and Welfare The livestock industry is increasingly prioritizing animal health and welfare. This increases the usage of feed additives such as vitamins as they help to improve animal health, reduce disease rates and increase overall productivity. - Impact of Disease Outbreaks Disease outbreaks in livestock have highlighted the need for strong health management practices to strengthen immune systems and prevent disease. This health management includes the use of feed vitamins. This situation increases the demand for feed vitamins as a preventive measure. - Expansion of Livestock Production in Developing Regions The expansion of livestock farming in developing regions, particularly in Asia-Pacific, is a major driver
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