Spendable Income Influences Growth in the Global Animal Nutrition Market
Nutrition deficiencies can deteriorate livestock health and productivity. The expansion of breeding activities has doubled the number of animals resulting in overgrazing, erosion, reduced health and performance. This, in turn, created a scarcity of fodder to feed the animals. Sporadic availability of forage made it troublesome to acquire the rich quality of products and healthy meat for consumption. Nutrients like proteins, vitamins, minerals, amino acids help enhance the immune system, fertility rate, livestock production, pet healthcare, thus promoting demand for animal nutrition.
The global animal nutrition market is progressing with a growth trend at 6.10% between 2021 and 2028. The consumption of animal-based products, industrialization of livestock, and rising nutritional requirements of existing livestock are contributing factors to the market’s performance.
Surge in Disposable Income: A Driving Factor to the Market
Available spendable income plays a crucial role in carving the animal nutrition market. The demand for low-calorie, vegan food is replaced by protein-rich and nutrient-rich food. To fulfill the excessive requirement, the need for animal rearing, nutritional feed, animal farming and breeding expanded substantially. Animal nutrition is especially experiencing a significant upsurge as healthy animals offer a better return on investments and increase the count faster. These supplements are balanced accordingly to provide sufficient doses to animals based on the parameters of age, pregnancy, producing healthy newborns, etc.
With more income available at disposal, the purchasing power of people, especially from the middle class, has surged. The increasing participation of women in the labor force affixed additional income to a family. With escalating income, people can add variety to the food. Subject to this increase, the demand for healthy and vibrant quality of other animal-related products has also seen a hike. The ascending demand has influenced the development of new and better nutrients that can yield quick and prompt results without affecting the health of the animals.
The farmers and breeders are concentrating more on the quality and quantity of the livestock as fashion, automobile, and furniture industries fancy procuring raw materials from breeders to enhance the quality. In addition, the trend for pets is also expanding. Thus, an increase in the adoption rate has created a need for animal nutrition for pets to avoid infection and ensure better health.
The expansion of purchasing power accounted for an extensive increase of antibiotics for additional nourishments in animals for quick results. However, these antibiotics affect animals’ health adversely and create a negative impact on consumers. Many rules and regulations are updated to condemn the use of antibiotics in animal feed.
Companies are continuously investing in research and development activities to develop updated technology for supplying animal nutrition. These developments will assist in creating a proper balance between various nutrients and yield attractive results. Players like Agrium Inc., BASF SE, Church and Dwight.co., Elanco, etc., are making efforts to explore new horizons and create growth opportunities. Such efforts of tapping the untapped markets will further fuel the demand for the animal nutrition market globally.