Transparency Market Research forecasts the global feed acid market to exhibit a CAGR of 6.30% between 2013 and 2019. At this pace, the market’s valuation is expected to reach US$1,779.3 mn by the end of 2019, from US$1,162.3 mn in 2012.
The rising incidence of chronic ailments and increasing epidemic outbreaks worldwide have compelled governments to focus on animal health more than ever. Because feed acids intrinsically improve the animal food quality, their use in countering epidemic outbreaks has surged significantly in the last few years. Feed acid offers immense health benefits in animal body. For instance, it provides capability to kill pathogenic microorganisms, which are responsible for causing diseases, thereby deterring growth in the livestock. Furthermore, it helps in improving response to antibiotic treatments and reducing diarrhea, thus maintaining a microbial balance in digestive system.
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Considering the purposes they serve, the demand for food acids both as ingredients and finished products has surged globally. On account of their importance in maintaining and improving animal health, they have become an integral part in daily consumption needs of animals, primarily as feed to guard animals against feed deterioration. In addition, consumers preferring the extrinsic qualities of meat has increased in number, which is aiding the overall growth of the global feed acid market.
Demand for Amino Acids Forecast to Rise in Coming Years
By type, the global feed acid market can be segmented into amino acids, antibiotics, vitamins, feed enzymes, antioxidants, and others. Of these, the demand for amino acids is increasing at a fast pace owing to its increasing use in animal feed additives. However, during the course of the forecast period, the growth witnessed in the enzyme segment is expected to scale higher. Thus with the increasing prevalence of nutritional deficiencies in animals, the demand from the aforementioned segments is expected to rise.
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Asia Pacific to Exhibit Fastest CAGR during Forecast Period
North America, Asia Pacific, Europe, and Rest of the World constitute the key regional segments in the global feed acid market. Among these regions, North America and Europe held lead with a cumulative share of 60% in the overall market in 2012. Use of antibiotics is largely banned in both these regions, on account of which the demand for feed acids has escalated. However, during the course of the forecast period, opportunities around Asia Pacific is likely to get more lucrative. The Asia Pacific feed acid market is likely to exhibit the fastest CAGR of 6.6% between 2013 and 2019. The rising demand for meat and dairy product in the region is expected to help the market gain increased traction in the region. Besides this, growth witnessed in nations such as India, China, and Japan is expected to be considerably high.