Asia-Pacific Feed Vitamins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Feed Vitamins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific feed vitamin market is projected to register a CAGR of 1.9% over the forecast period. The market growth is majorly impacted by the industrialization of the livestock industry, expansion of animal meat market, and livestock disease outbreak fuelling additives market. Feed vitamin market is projected to grow along with the changing demographics, increasing preference for animal-sourced protein. By animal type, the poultry segment is projected to record higher growth. According to the Organisation for Economic Co-operation and Development pork is the highest consumed meat in 2019. The per capita consumption was 29.3 kg followed by poultry meat accounted for 12.1 Kg. However, due to declining pork production and rising prices resulted in a shift in preference towards poultry meat. The companies like BASF SE, Advanced Animal Nutrition Pty Ltd., Kemin Industries Inc., and China Vitamins LLC. are the major players in the feed vitamin market.

Key Market TrendsGrowing Compound Feed Production

Industrial-scale livestock production makes optimum use of high-quality feed to improve efficiencies in the production process, improve feed conversion ratios, and enhance animal muscle mass and protein content. Aquaculture expanded steadily in the Asia-Pacific region over the past few years, contributing to 40% of the global fishery production, such that the export-oriented industry in the region has spurred a positive demand for aquafeed and related additives. According to Alltech Global Feed Survey 2019 Vietnam, India, and Indonesia combined produced an additional 8.2 million metric tons of aquafeed, while China alone contributed 16.5 million metric tons to the global aquafeed production during the year. The massive shift in the production of specialty aids such as vitamins, to local bases in China, have stabilized their respective prices for growers in the neighboring Asian countries. This enables even a small-scale farmer to afford and invest in it. Thus, indicating the growth of the studied market in the region.

China Dominates the Market

Owing to the changing demographics, consumption of animal-sourced protein in growing in the country. According to ITC Trade, China is the largest importer of meat with a share of 14.3% in 2019. Meat import in 2019 was USD 18,835,596 thousand as against USD 10,259,495 thousand in 2016. According to the United States Department of Agriculture, chicken meat production in China will reach 15.8 million metric tons by 2020 recording a 14% increase in production. Chicken and other animal meat consumption in China is recording growth as a result of a decline in pork production and increasing pork prices in the country. The expanding livestock meat production further results in an increased demand for feed and feed additives​. Growing meat production demands a higher amount of feed. This, in turn, drives the market for feed vitamins in the market.

Competitive Landscape

In the Asia-Pacific feed vitamin market, companies are not only competing on the basis of product quality and promotion but are also focused on their strategic moves to hold larger market shares. Companies are investing heavily to develop new products and collaborating and acquiring other companies. This factor is expected to increase its market shares and strengthen R&D activities. Companies like BASF SE, Advanced Animal Nutrition Pty Ltd. Kemin Industries Inc. China Vitamins LLC are the major players in the feed vitamin market. In Aug 2019, Royal DSM, global science-based company, made a joint venture with Nenter & Co., Inc., a china based medical intermediates, fine chemical, and feed additives manufacturing company, which will include all Nenter’s production and related products for vitamin E. This will increase the production capacity.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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