Feed Vitamins Market: Segmented: By Type (Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, and Vitamin K), By Animal Type (Swine, Ruminants, Poultry, Aquatic, Animals, Others), By Formulation (Dry, Liquid, Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Feed Vitamins Market to surpass USD 20.2 billion by 2031 from USD 14.2 billion in 2021 at a CAGR of 3.6% in the coming years, i.e., 2021-31.
Vitamin feeds are supplements that are added to the animal diet to increase and balance their overall growth and development. Vitamin feeds have become very important for animals in the modern livestock industry. Livestock diet generally lacks vital vitamins which lead to diseases. Vitamin supplements fulfill the deficiencies in the livestock and result in increased production, fertility, and overall growth.
Global Feed Vitamins market is expected to project a notable CAGR of 3.6% in 2031.
The market is being driven by increasing awareness about the feed quality for overall growth and development of animals, rising livestock industry, and increased demand for good quality meat, eggs and other dairy products. The rise in diseases among livestock is further increasing the demand for vitamins.
Vitamin E and Vitamin A segments to grow with the highest CAGR during 2021-31
Global Feed Vitamins Market is classified on the basis of Type into Vitamin A,B, C, D, E and K. Vitamin E and Vitamin A segments currently dominate the global market and are expected to do so throughout the forecast period. Vitamin E is one of the most consumed products. Lack of Vitamin E causes diseases in birds and affects their key areas for the production of meat like breasts and legs. It is also good for healthy growth of pigs. Vitamin A is helpful in maintaining healthy reproduction. The deficiency of Vitamin A causes eye-related diseases. Vitamins are widely in demand for overall growth of livestock.
Poultry segment to grow with the highest CAGR during 2021-31
By Animal Type global Feed Vitamins Market is fragmented into Swine, Ruminants, Poultry, Aquatic, Animals, and Others. The rising global population has given rise to global demand for meat and eggs which has driven the need for more productive livestock. Also, growth in awareness about livestock health benefits has further created a demand for feed vitamins. Poultry segment held the greatest share of the feed vitamins market owing to the rising demand of low-cost products.
Awareness about health benefits of livestock
Owing to the many health benefits of Feed Vitamins, the demand for vitamins has grown significantly. Certain feed vitamins improve the overall health of the animal if given in adequate quantity. They are sometimes important for reducing the stress in young and growing livestock. Additionally, proper feed vitamin supplements prevent the livestock from harmful diseases and infections and it cures their deficiencies.
Increase in demand of animal-based products
Increased demand for white meat and other dairy products along with low production costs and low product prices will result in higher demand and consumption of feed vitamins. The rise in population of livestock is one of the major drivers of this industry. As more and more companies are engaged in the poultry sector, it has led to an increase in the demand for feed vitamins.
Lack of raw materials and rising prices of agricultural products
Rapidly growing global population and high demand for animal-based products have pressurized the industry for more production of feed vitamins for livestock. But procuring raw materials is a major challenge for feed manufacturers. The unavailability of low-cost substitutes and changing prices of agricultural products will hamper the growth of feed market. As most of the raw materials used for producing vitamins are obtained from natural sources, it will restrict the growth rate of this market.
The global Feed Vitamins market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia pacific region is highly dependent on agricultural and livestock practices and thus it contributes to a major part of the GDP. Increasing developments leading to awareness of quality diet for livestock has fueled the Feed market.
COVID-19 has negatively impacted the global market for Feed Vitamins. The industry has witnessed serious disruptions in manufacturing and supply-chain managements which has resulted into huge losses in the economy. The imposition of COVID-19 restrictions hampered the demand for animal-based products leading to a fall in Feed Vitamins which ultimately led to the shutdown of Feed Vitamin companies globally.
|Market size value in 2021||14.2 billion|
|Revenue forecast in 2031||20.2 billion|
|Growth Rate||CAGR of 3.6% from 2021 to 2031|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Animal Type, Formulation, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||S.A.S, Aland BASF SE, CSPC Pharmaceutical Group Ltd., Zhejiang Medicine Company Ltd., Pharmative LLC, North China Pharmaceutical Corporation, Archer Daniels Midland Company, Evonik industries, DSM N.V., and Other Prominent Players.|
Global Feed Vitamins was valued at 14.2 billion in 2021 at a CAGR of 3.6%.
Vitamin supplements fulfills the deficiencies in the livestock and results in increased production, fertility and overall growth.
Vitamin E and Vitamin A and poultry accounted for the largest Feed Vitamin market share.
Some of the key players operating in the Global Feed Vitamins Market are S.A.S, Aland BASF SE, CSPC Pharmaceutical Group Ltd., Zhejiang Medicine Company Ltd., Pharmative LLC, North China Pharmaceutical Corporation, Archer Daniels Midland Company, Evonik industries, DSM N.V., and Other Prominent Players.
Rapid Industrialization, increasing awareness about livestock health and rise in demand for animal based for products are the major factors driving the Feed Vitamins market.
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