Global Direct-fed Microbials Market Forecast 2019-2028
The global direct-fed microbials market is projected to grow with a CAGR of 7.27%, during the forecast years of 2019 to 2028. The market growth is attributed to the rising meat and milk consumption, an increase in animal health concerns, and diverse use in animal product management.
Direct-fed microbial or probiotics are characterized by live microorganisms that are advantageous for gut health. They are integrated into the diet of animals to promote their development and growth. The probiotics also boost animals’ immune system, and prevent the growth of pathogens in their gut. Moreover, the use of direct-fed microbials is replacing the use of antibiotics to enhance performance as well as the health of livestock animals. Their administration also plays a significant role in cost reduction, improving feed digestibility, and nutrient absorption.
According to the United Nation’s Food and Agriculture Organization (FAO), over 6 billion people across the world consume milk and milk products. Conversely, global meat production has tripled over the last four decades, with developed countries like the United States and the United Kingdom consuming nearly 80kg of meat per person, annually. Thus, due to the rising demand for milk and meat, there is an inherent need to increase production. As a result, the rise in meat and milk consumption will subsequently promote the use of probiotics, and augment market growth.
The geographical segmentation of the global direct-fed microbials market includes the Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific is set to record the highest CAGR by 2028. The population in the Asia Pacific is exponentially increasing and is expected to rise over 5 billion, by 2050. Thus, the upsurge in population is estimated to bolster the demand for milk and meat production, fueling the need for direct-fed microbials. Moreover, as per the Organization for Economic Co-operation and Development, Australia holds a prominent share of 6%, of the total global milk production.
Since the global market is dominated by competitors that account for the majority of revenue share, the industrial rivalry is predicted to remain high over the forecast period. Prominent players operating in the market include, Bio-Vet, Nutraferma, Cargill Inc, Kemin Industries Inc, Archer Daniels Midland Company, etc.
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