The animal healthcare market size will touch USD 84.9 billion by 2030, powering at a rate of 9.8% by the end of this decade. The industry is powered by the growing intake of meat and milk, increasing acceptance of companion animals, and increasing occurrence of food-borne zoonotic ailments.
Feed additives had about 25% share in 2022. The surge in the intake of the products, which are obtained from animals, accompanied by the increase in the production of feed, is the main factor powering the feed additives market growth.
Beef is an excessively consumed meat in the U.S., at an average of 67 pounds every person on a yearly basis. The requirement for animal-derived food products will grow by 60% by 2050, whereas the animal proteins production will grow by about 1.7% on a yearly basis between 2010-2050.
Hence, the requirement for feed additives will be high as a result of the increasing requirement for meat products, that are rich in nutrients, at a global level.
North America dominated the animal healthcare market, as stated by a market research institution, P&S Intelligence with around 35% share, in 2022. The need for feed additives is on the rise because of the growing intake of animal products.
The U.S. is the largest producer of beef in the world and comes second in terms of exporting the same. For supplying nutritive animal-sourced food, the requirement for feed additives is on the rise.
Due to the increasing consumption of milk and meat all over the world, the demand for animal healthcare will grow considerably all over the world.