The global feed preservatives market size is estimated to be valued at USD 4.8 billion in 2022 and is projected to reach USD 6.7 billion by 2027, recording a CAGR of 6.7% during the forecast period in terms of value. The demand for feed preservatives have been further fuelled by unpredictable crop harvest patterns over the years, which has increased the need for feed storage.
Key players in this market include BASF SE (Germany), Cargill, Inc. (US), Nutreco N.V. (Netherlands), Alltech, Inc. (US), Perstorp Holding AB (Sweden), Novus International, Inc. (US), DSM N.V. (Netherlands), Kemin Industries (US), Impextraco NV (Belgium) and Eastman Chemical Company (US).
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The key players are focusing heavily upon improving their market shares, while their newer start-ups are being established rapidly in the market. The feed preservatives market can be classified as a consolidated market as the top seven players account for more than 50% market share, at present at the global level. There are numerous local players in the form of existing and emerging companies in several countries, particularly in Asian markets.
Cargill, Inc. (US) is engaged in the manufacturing and marketing food ingredients, risk management, agricultural products, financial and industrial products, and services worldwide. The company covers 75 businesses under its four major categories: food ingredients & application, animal nutrition & protein, origination & processing, and industrial & financial services and operates in 67 countries around the globe through its subsidiaries and affiliates. The company offers a range of feed antioxidants and premixes under its Promote product line.
BASF SE (Germany) is one of the largest chemical producers on a global scale. The company operates in six business segments: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The company offers feed acidifiers which find extensive applications in feed and silage preservation. The company also has a wide geographical reach spanning across 80 countries in all the major regions namely., North America, South America, Asia Pacific, Middle East and Africa.
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The Asia Pacific region is one of the fastest-growing regions in terms of meat consumption and production. The developing economies such as China, Japan, and Malaysia, are contributing to the growing demand. High demand for meat and animal by-products, issues related to livestock infection, and other macro-economics changes such as food habits, increase in per-capita income, and rise in population are some of the factors fueling the demand for feed preservatives in the region.