Vietnam Animal Feed Additives Market is expected to reach USD 160.5 million by 2022, according to a new study by Grand View Research, Inc. Increasing per capita meat consumption is expected to be major factor driving Vietnam animal feed additives market over the next seven years. With increasing meat consumption, domestic market for animal feed has been experiencing significant growth since the last few years. Increasing requirements for high quality feed from animal farmers is expected to drive demand for feed additives such as feed enzymes, feed acidifiers, amino acids and antioxidants.
Antibiotics emerged as the leading product segment and accounted for over 36% of the total market revenue in 2014. Nascent domestic probiotics production coupled with animal farmer’s inclination towards antibiotics as growth promoters has been instrumental in its growth. Increasing incidences of microbial diseases among farm animals is expected to drive antibiotics demand over the forecast period. Funding initiatives to develop probiotics domestically is expected to challenge antibiotics consumption since most animal farmers prefer the latter owing to their easy availability and cheaper costs compared to antibiotics.
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Further key findings from the study suggest:
View Related Reports from Same Category by Grand View Research: http://www.grandviewresearch.com/industry/animal-feed-and-feed-additives
For the purpose of this study, Grand View Research has segmented the Vietnam animal feed additives market on the basis of product and application:
Vietnam Animal Feed Additives Product Outlook (Revenue, USD Million, 2012 – 2022)
Vietnam Animal Feed Additives Application Outlook (Revenue, USD Million, 2012 – 2022)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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