Market Overview
The microbial strains used in animal feed for promoting animal growth, yield, productivity, immunity, and gut health are known as probiotics in animal feed. The most common microbial strains used as probiotics for livestock are bacteria, yeast, and fungi. The global probiotics in animal feed market is expected to garner a revenue of USD 6.5 Billion by 2024 and register a CAGR of 7.5% during the forecast period of 2019 to 2024. Manufactures are witnessing challenges in their growth in the global probiotics in animal feed market due to the rising initial investment, especially in research and development that is involved in the improvement of efficient and viable animal probiotic feed additives. However, prominent players active in the animal feed probiotics market are focusing on different growth strategies such as mergers & acquisitions, innovations, product launches, and joint ventures to overcome the challenges and attain larger market share.
Key Players
Some of the key players in the global probiotics in animal feed market are DuPont de Nemours, Inc. (US), Kerry Group (Ireland), Bluestar Adisseo Co., Ltd. (China), Evonik Industries AG (Germany), Land O'Lakes, Inc. (US), Pure Cultures (US), Alltech (US), Lallemand Inc. (Canada), Novus International, Inc. (US), Koninklijke DSM N.V. (Netherlands), Chr. Hansen Holding A/S (Denmark), Schouw & Co. (Denmark), Lesaffre (France), Unique Biotech (India), and Novozymes (Denmark).
Market Segmentation:
Based on source, the global probiotics in animal feed market has been segmented into bacteria and yeast and fungi. The bacteria segment has been further segregated into Streptococcus, Lactobacillus, Bifidobacterium, and others. The bacteria segment is projected to account for the larger revenue share and register the higher CAGR during the forecast period as bacterial probiotic strains are highly capable of increasing immunity, yield, productivity, and gut health in animals. Additionally, bacterial strains offer higher survival rate in animal gut as compared to yeast and fungi probiotic strains, owing to which bacteria is preferred as a probiotic in animal nutrition.
The global probiotics in animal feed market has been segregated, by form, into dry and liquid. The dry segment is expected to garner a larger revenue share of the global probiotics in animal feed market as the dry probiotics in animal feed offer low storage cost, ease in transportation, and higher shelf-life. The low or negligible moisture content in dry probiotics render them fit for use in animal feed as it helps in increasing shelf life of animal feed as well. Thus, the same segment is expected to register a higher growth rate during the forecast period of 2019 to 2024.
Based on livestock, the global probiotics in animal feed market has been segmented into swine, poultry, ruminants, aquaculture, and others. The poultry segment is expected to gain the largest revenue share of the global probiotics in animal feed market and is expected to maintain its dominance during the forecast period owing to the high demand for protein-rich products such as eggs and poultry meat. However, the aquaculture segment is projected to register the highest CAGR during the forecast period due to the increasing demand for animal-based dietary protein and rising focus on market players in developing products for complete growth and development of aquaculture animals.
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Regional Analysis
The global probiotics in animal feed market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to account for the largest market share and register the highest CAGR of the global probiotics in animal feed market due to the increasing consumption of poultry products in the region. Additionally, the growth of the region can be attributed to the presence of large number of livestock in the developing economies of Asia-Pacific including China, India, Bangladesh, Vietnam, and Indonesia.
Some of the strategies followed by the players operating in the market were innovations, product launches, mergers, acquisitions, and joint ventures.
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