A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Animal Feed Supplement Market is projected to grow at a CAGR of 13% until 2028. The significant growth of the India Animal Feed Supplement Market is attributed to the growing livestock production along with the growing demand for nutritious animal feed. Also, the rapidly increasing population of the country, rising disposable income of consumers, and growing end-use industries are supporting the market growth. Moreover, the rising awareness of animal health, and organic animal produce, are also expected to further aid the growth of the Indian Animal Feed Supplements Market during the forecast years. Furthermore, India Animal Feed Supplement Market is one of the most booming markets that grow continuously owing to the fast advantages and integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the high-cost associated with raw materials like corn, soy, wheat, and other grains for the production of animal feed supplements acts as a major restraining factor for the growth of the India Animal Feed Supplement Market. In addition, the expensive nature, price, and supply volatility of these raw materials are encouraging industry players to switch to sustainable and lower-cost ingredients for livestock production. The India Animal Feed Supplement industry is focusing on improving feed efficiency by improving the feed conversion rates for all major livestock and farmed fish species. Moreover, some of the schemes like E-Pashu Haat, Livestock Insurance Scheme, Rashtriya Gokul Mission, and National Livestock Mission are acting in favor of the India Animal Feed Supplement Market. Furthermore, increasing health awareness has increased the demand for quality meat and milk. Also, the recent disease outbreaks in livestock lead to a rise in demand for feed supplements to improve animal health. Additionally, animal feed production is expected to expand more poultry animals, in comparison to the current production rate. This is because of the high demand for animal protein majorly poultry and eggs due to their high nutritional value and for maintaining well-being. Therefore, the India Animal Feed Supplement Market is anticipated to proliferate during the forecast period (2022-2028).
Based on livestock, the India Animal Feed Supplement Market is categorized into Ruminants, Poultry, Swine, Aquatic Animals, and Others. The poultry animal segment holds the largest market share owing to the rising consumption of poultry. Also, expanding the production of poultry due to rising demand for poultry in hotels and restaurants supports the feed supplement market. Based on the source, India Animal Feed Supplement Market is segmented into Natural and Synthetic. The synthetic segment dominates the market owing to the easy availability of raw materials, low production costs, and strong established market than the natural segment. Moreover, the natural segment is expected to hold the largest share in the upcoming years owing to the rising trend toward a sustainable environment which leads to an increase in the production of natural animal feed supplements.
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Based on the form, the India Animal Feed Supplement Market is segmented into Dry, Liquid, and Other. The dry form is easy to mix with feed and is available in mash forms which is the best solution in mixing techniques. This is expected to support the growth of the India Animal Feed Supplement Market during the forecast period. However, the market is negatively impacted by the unprecedented COVID-19 pandemic. This is due to the disruption in the supply chains of raw materials and halt in production. Also, a significant decrease in meat and poultry consumption owing to the closure of hotels and restaurants declines the demand for animal feed. However, a strong market recovery is anticipated owing to the increasing demand for meat, poultry, and dairy-based products due to increased health awareness during the pandemic. This will aid to fuel the India Animal Feed Supplement Market during the forecast period (2022-2028).
The leading market players in the India Animal Feed Supplement Market are Vinayak Ingredients India Pvt. Ltd., ADM Agro Industries India Pvt Ltd, BASF India Ltd., Cargill India Pvt. Ltd., Evonik India Private Limited, Kemin Industries South Asia Pvt Ltd, Zoetis India Ltd., Sumitomo Chemical India, DSM India Private Limited, Nutreco-West Coast Group and other prominent players. The market is highly consolidated and competitive with the presence of some major market players as well as various regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
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