The animal feed business has expanded significantly over the years as a result of increased concerns about animal nutrition. Feeds frequently vary from one another because various animal varieties have distinct nutritional demands. One of the most crucial elements for an animal’s overall health is nutritional feed. The worldwide feed technology market is therefore anticipated to expand quickly between 2022 and 2029.
Feed technology is the application of physical, chemical, biochemical, biological, and engineering methods to enhance the nutritional utilisation of feed and fodder. Depending on the technology, the animals receive varied nutritional advantages; some are digestive, others are nutritional enzymes, and some encourage development.
Market Dynamics of Global Feed Technology Market
- The market for feed technology is expanding as people become more aware of its potential for sustainable animal production. The growing understanding of animal nutrition is also anticipated to lead to an expansion of the feed technology industry. The upgrading of the livestock industry, rising levels of disposable income, rising consumption of phytogenics in livestock feed to enhance feed lusciousness and livestock performance, as well as increased consumption of meat and other livestock-based products, are all factors that are propelling market growth. Additionally, as a result of COVID-19, feed producers and manufacturers are learning more about how to deal with the situation, which is predicted to increase demand for feed technology and speed up the industry’s expansion.
- The availability of cost-effective feed for ruminants, poultry, swine, and other animals as well as the prevalence of improved meat quality and improved animal health to raise the consumption of animal-based food products, increasing demand for naturally produced feed and feed additives, and provision of these feeds will likely drive the growth of the feed technology market during the forecast period.
- The feed technology market is anticipated to grow as a result of the rising need for feed components in the pharmaceutical sector to synthesise intermediates in the development of active pharmaceutical ingredients (API) for efficient medicines. Similar to how starch to glucose in food and beverage firms, removal of lipids and oil stains in the detergent sector, generation of bioethanol for biofuels, and increased bleaching qualities in the paper and pulp industries are predicted to boost feed technology demand in the upcoming years.
Let’s Examine Feed Technology Market
- The feed technology market, which was valued at USD 1.80 billion in 2017, is anticipated to reach USD 2.13 billion by 2029, rising at a CAGR of 9.40% throughout the projected period, according to Data Bridge Market Research.
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- Livestock farmers are increasingly using cutting-edge animal feeding strategies to suit the rising demand for milk and dairy products of greater quality and quantity. This is anticipated to increase demand for technology and solutions for livestock monitoring.
- Since more sophisticated technology for livestock monitoring is now accessible, industrialised countries are predicted to continue to make up a higher portion of demand than emerging nations. The markets for livestock monitoring in developing nations are anticipated to expand more quickly than those in developed nations, though, due to the growing adoption of advanced technologies.
Covid 19 Impact on Feed Technology Market
- The COVID-19 situation is anticipated to be advantageous for the feed technology business. This is a result of rising consumer attention on home maintenance and indoor food consumption, as well as rising demand for enzymes in nutritional and immunity-boosting goods. However, the enterprises today face obstacles brought on by sporadic supply chain activity and ambiguous market conditions brought on by trade restrictions and lockdowns.
- A rise in the demand for enzymes in the food and beverage and pharmaceutical sectors is anticipated to offset this negative impact.
- The overall impact is anticipated to be favourable for important industry participants due to the increased knowledge of preventive health, nutritional solutions, and formulations that promote immune health during the pandemic period.
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