Market Trends of Asia-Pacific Feed Antioxidants Industry
This section covers the major market trends shaping the APAC Feed Antioxidants Market according to our research experts:
Increase in Animal Farming Drives the Market
Animal farming is becoming very popular as the demand is rising to full fill the dietary requirements of the growing population. Animal farming includes cattle, swine, poultry, birds, etc for milk, meat and eggs. The rise in the number of animals stimulates the demand for feed antioxidants positively. The number of cattle in Asia in 2018 is 454 million, which is 6 million more than the previous year. Such a drastic increase in farm animals which requires huge amounts of compound feed for their growth rises the demand for feed antioxidants.
China Dominates the Market
China is one of the largest producer and consumer of feed antioxidants in the world.Demand for meet from the increasing population is the key market driver in China. Poultry feed takes up a significant share of the antioxidants, and the next big share is comprised of dairy and beef feed antioxidants. Leading players in China have focused on research and development of antioxidants to capitalize on the growth trend. Two main types of feed antioxidants are used in China, ethoxyquin and compound antioxidants. The lingering effects of United States-China trade war could possibly offset the plummeting trend of commercial feed additives prices in the country, particularly owing to the shortage in the supply of feed raw material. However, the growing animal meat demand is the region is likely to keep the market trend positive during the forecast period.
