The Europe animal nutrition market growth is anticipated to progress at a CAGR of 5.05% during the forecast period, 2021-2028. The key growth drivers are the increasing consumption of a protein-rich diet, a growing consumer base for animal-based products, and the high demand for quality meat at a low price.
Russia, Italy, Poland, Belgium, the United Kingdom, France, Germany, and Rest of Europe, are evaluated for the Europe animal nutrition market growth assessment. Germany has a growing population, which has led to rising demand for beef, chicken, and other meat products. As a result, there is a need for the normal growth process of livestock and increasing usage of animal nutrition. In addition, the increasing awareness and growing disposable income are beneficial to market growth.
Further, the awareness among the population regarding the significance of pet & farm animals’ health is high. This impacts the farm animal healthcare products segment, especially medicinal feed additives, parasiticides, and anti-infective agents. Moreover, the country is one of the biggest exporters of meat in the European Union. For instance, Bayer Animal Health manufactures almost 60% of its animal health products in Kiel, Germany.
According to the Russian Ministry of Agriculture, Russia is projected to witness moderate growth in beef, pork, and poultry production. However, poultry meat saw the highest production volume in 2018. Also, the poultry exports in 2020 reached almost $975 million in terms of value. Moreover, Russian manufacturers have a better understanding of consumer preferences and demands concerning pet food formulations. Such factors are estimated to contribute to market growth.
Some of the prominent market players include Elanco Animal Health, Evonik Industries, Balchem Corporation, Kemin Industries, BASF, etc.
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