The global algae-based animal feed and ingredients market is expected to grow at a CAGR of more than 8% during the period 2018-2022, according to a new market research study by Technavio
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Technavio has published a new market research report on the global algae-based animal feed and ingredients market from 2018-2022. (Graphic: Business Wire)
The report presents a comprehensive research of the global algae-based animal feed and ingredientsmarket by product (feed and feed ingredient) and by application (poultry, swine, ruminant, and aquaculture). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: health benefits associated with algae-based animal feed and ingredients
Algae-based animal feed and ingredients have a major role in preventing the growth and acid resistance of Escherichia coli (E. coli) in livestock. Also, the increased demand for good quality algae-based animal feed and ingredients is attributed to their perceived health benefits and the fact that they are rich sources of protein, fiber content, omega-3 fatty acids, and others. Algae-based animal feed and ingredients reduce the risk of metabolic disorders and acidosis. Apart from this, they also reduce the chances of hoof injuries and infections in bovine farm animals. Other benefits of adopting algae-based animal feed and ingredients include lower cost of veterinary care, better livestock produce, significantly improved income over feed cost, and increased longevity of livestock.
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Market trend: growing demand for feed enzymes
With the increase in the demand for meat, seafood, and dairy products, the producers are purchasing feed, which has added growth promoters and performance-enhancing ingredients to increase their livestock production and productivity. The feed enzymes market is gaining importance because it helps in better feed conversion by the livestock, improves the rate of biochemical reactions and feed quality, and contributes to the animal welfare. These enzymes are added to the stock feed meant for pig, poultry, cattle, and aquaculture to improve their production efficiency.
According to a senior analyst at Technavio for retail goods and services research, "The increasing concern associated with livestock disease outbreaks is one of the key factors, which is driving the demand for animal feed enzymes. Also, owing to the increasing cost of natural feed products, consumers are prompted to shift their concentration toward adopting animal feed enzymes."
Market challenge: challenges while ensuring safe and healthy feed
The major market manufacturers are facing a challenge in maintaining healthy and safe animal feed products. Safety of animal feed is vital in maintaining animal health and safety of animal source foods. Animal safety can be ensured through the enforcement of stringent regulations limiting the amount of farmer mixes to animal feed. Manufacturers need to follow the regulations laid out by governments and are responsible for producing safe animal feed.
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