The increasing awareness of the role of fortified poultry vitamins in enhancing poultry health and productivity is a key driver propelling growth of the poultry vitamin market. Rising consumer demand for high-quality poultry products further amplifies the market’s momentum.
PORTLAND, Ore., Jan. 8, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Poultry Vitamin Market by Product Type (Chicken, Ducks, Turkey, and Others), Nature (Conventional, and Organic), and Vitamin Type (Retinol, Calciferol, Tocopherol, Phylloquinone, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032. According to the report, the poultry vitamin market was valued at $1.4 billion in 2022 and is estimated to reach $2.8 billion by 2032, exhibiting a CAGR of 7.6% from 2023 to 2032.
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Prime determinants of growth
The increase in awareness of the role of fortified poultry vitamins in enhancing poultry health and productivity is a key driver propelling growth in the poultry vitamin market. Rise in consumer demand for high-quality poultry products further boosts the market growth. However, a notable market restraint in the poultry vitamin industry stems from the fluctuating costs of raw materials and the subsequent impact on pricing. Poultry vitamin supplementation presents an opportunity for producers and feed manufacturers to meet this demand by developing and promoting fortified feeds that enhance the overall nutritional content of poultry products.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$1.4 billion |
|
Market Size in 2032 |
$2.8 billion |
|
CAGR |
7.6 % |
|
No. of Pages in Report |
300 |
|
Segments covered |
Product type, nature, vitamin type and region. |
|
Drivers |
• Increase in meat production and consumption • Standardization of meat products due to disease outbreaks |
|
Opportunities |
• Increase in utilization of antibiotics for poultry vitamin |
|
Restraints |
• Stringent regulations and international quality standards |
The chicken segment to maintain its leadership status throughout the forecast period
Based on product type, the chicken segment held the highest market share in 2022, accounting for more than four-fifths of the global poultry vitamin market revenue. Growing consumer awareness about the nutritional benefits of poultry products has fueled demand for specialized vitamins to enhance chicken health and productivity. The others segment is the fastest-growing segment and is projected to attain the highest CAGR of 10.1% from 2023 to 2032. Health-conscious consumers are driving demand for leaner and more nutritious options, fostering a shift towards specialty poultry breeds.
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The conventional segment to maintain its lead position throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2022, accounting for four-fifths of the global poultry vitamin market revenue. The conventional poultry vitamin segment holds the maximum market share due to the various benefits offered by convention farming to the farmers, such as ease, convenience, and safety of crops in farming. The organic segment is the fastest-growing segment and is projected to attain the highest CAGR of 8.7% from 2023 to 2032. An upsurge has been witnessed in the adoption and popularity of organic poultry vitamin in the past few years. The growing concerns regarding environment, sustainability, and healthy food are few factors that are expected to boost the demand for the organic poultry vitamin globally.
The others segment to maintain its lead position throughout the forecast period
Based on vitamin type, the others segment held the highest market share in 2022, accounting for more than one-fifth of the global poultry vitamin market revenue. Increased consumer awareness of the nutritional value of poultry products has fueled demand for specialized vitamin formulations. Companies are focusing on developing innovative vitamin supplements tailored to address specific health concerns in poultry, promoting overall well-being and disease resistance. However, the Phylloquinone segment is the fastest-growing segment and is projected to attain the highest CAGR of 9.8% from 2023 to 2032. Phylloquinone, a vital component in poultry nutrition, is witnessing key market trends reflective of the growing emphasis on animal health and product quality.
North America to maintain its dominance by 2032
The North America region held the highest market share in 2022, accounting for less than two-fifths of the global poultry vitamin market revenue, and is estimated to maintain its leadership status throughout the forecast period. In the North American poultry industry, a notable trend revolves around the increasing adoption of specialized vitamin supplements. As consumers prioritize healthier food options, poultry producers are focusing on enhancing the nutritional profile of poultry products. However, Asia-Pacific region is projected to attain the highest CAGR of 9.3% from 2023 to 2032. Producers are embracing sustainable practices, incorporating vitamins to enhance poultry health and productivity. Rise in disposable incomes and a growing middle class are fueling greater consumption of premium poultry products, further emphasizing the importance of vitamin fortification.
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Leading Market Players:
CUPPO TEE COMPANY LIMITED
POULTRY VITAMIN HOUSE COMPANY
BOBA BOX LIMITED
SUMO’S (M) SDN BHD
GONG CHA GLOBAL LTD
KF TEA FRANCHISING LLC
CHATIME GLOBAL LLC
TP TEA
TBAAR INC.
The report provides a detailed analysis of these key players in the global Poultry vitamin market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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