The global Probiotics in Animal Feed Market is likely to benefit from the increasing awareness regarding animal health welfare. According to a report published by Fortune Business Insights, titled “Probiotics in Animal Feed Market: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 3.56 Bn in 2018. Fortune Business Insights has predicted that the market will reach US$ 6.24 Bn by 2026, thereby exhibiting a CAGR of 7.30%.
The benefits of probiotics in animal nutrition has created a high demand for these products across the world. The growing emphasis on animal health and welfare and increasing trend of commercial livestock farming has led to availability of new products in the market place. The growing focus on research and development in probiotics to substitute antibiotic growth promoter feed additives has led to increasing popularity of probiotics in animal feed. The use of probiotics in poultry farming and breeding is expected to enhance the productivity and performance of feed products. The report states that rising uptake of probiotics over various domains will aid the growth of the global Probiotics in Animal Feed Market in the forthcoming years.
Increasing Applications in Poultry Farming to Enable Growth
The rising uptake of probiotics in poultry farming has resulted primarily from the increasing demand for the enhanced nutritional health of inbred animals. Rising adoption of a healthy lifestyle has created the demand for clean-label meat and other poultry products. Fortune Business Insights has predicted that probiotics will find increasing applications in poultry farming in the coming years. In 2019, Biomin launched the Poultrystar Hatchery Geldrop aimed at nutritional enrichment of day old chicks. The water solubility of the product helped overcome the food delivery barrier and this property added to the demand for this product across the world. Fortune Business Insights tracks product launches, similar to Biomin’s latest Geldrop and gauges the impact of such products on the global market.
‘Moderately Consolidated’ Market – Strong Prominence of Key Global Giants
The global Probiotics in Animal Feed Market is consolidated in nature, as few companies account for a large market share. High-cost factor associated with R&D for development of probiotic strains for commercial use limits the entry of market players in the industry. In recent years, existing companies have been putting in more efforts in research and development of existing products, and in doing so they aim to strengthen their market presence. Among the several strategies adopted by leading companies, Fortune Business Insights has identified one key strategy that has made a positive impact on the global market. In order to further strengthen the consolidation of industry, companies are looking to shift their focus on emerging markets and to gain a competitive edge over their regional and private-label counterparts. The report focuses on company activities and business strategies similar to the aforementioned factors and gauges their impact on the global market
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