Feed Premix Market up to 2030 - Business Prospects and Growth Projections

Increase in Livestock Production Drives Feed Premix Market Growth

According to our latest market study on "Feed Premix Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Type and Application," the feed premix market size is projected to grow from US$ 11,732.50 million in 2022 to US$ 17,101.04 million by 2030. The market is expected to record a CAGR of 4.8% from 2022 to 2030. The report highlights key factors driving the market and prominent players along with their developments in the market.

Feed premixes' use as a single ingredient over multiple ingredients, increasing demand for compound animal feed, and increased awareness regarding the safety of meat products are the key factors boosting the demand for feed premixes. These premixes are mixed in feed materials to enhance the nutritional quality of animal feed and to provide essential micronutrients to animals. Owing to these properties, the demand for feed premixes is increasing across the globe and further expected to drive the market growth in the forecast period.

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The feed premix market across the globe is significantly growing with the rising production of industrial livestock. Production has undergone a significant transformation owing to the increasing demand for meat-based products and dairy products. Animal protein accounts for 16% of energy and 34% of the protein in human diets. Livestock production also accounts for ~19% of the value of food production and 30% of the global value of agriculture. The demand for livestock products is driven by changing lifestyles and food preferences, increasing urbanization, growing income, and the rapidly rising world population. With burgeoning livestock demand, the consumption of protein-rich meat products is surging. According to the Food and Agriculture Organization (FAO), worldwide meat protein consumption is predicted to increase by 14% by 2030. Additionally, world milk production is expected to rise by 1.6% annually between 2020 and 2029 and reach 997 million metric tons in 2029, according to a report by the Organization for Economic Co-operation and Development (OECD) and FAO. Thus, growing consumption of livestock products, such as meat, and increasing milk production have encouraged manufacturers to focus on providing good quality and nutrient-rich feed for livestock. This drives the demand for feed premix as an additive among feed manufacturers. Thus, with the surging demand, the production of healthy livestock is increasing across the globe, further driving the feed premix market.

Danish Agro AMBA, Agrifirm Group BV, Nutreco NV, Archer-Daniels-Midland Co, Cargill Inc, Koninklijke DSM NV, Dansk Landbrugs Grovvareselskab amba, NuSana BV, De Heus Voeders BV, and Kemin Industries Inc are among the major players operating in the global feed premix market. Market players focus on developing high-quality products to fulfill the varied requirements of end users. Moreover, these key players adopt strategic development initiatives, such as product development, collaboration, and partnerships, to expand their market presence. For instance, in 2021, Cargill opened one of the world's largest premix and animal nutrition facilities in Ohio, US. The build represents a US$ 50 million investment from the company. It is a 220,000-square-foot facility with advanced technologies. Such initiatives by key market players are aids to the market growth.

The report includes the segmentation of the feed premix market as follows:

Based on type, the feed premix market is segmented into vitamins, minerals, amino acids, antibiotics, antioxidants, blends, and others. Based on form, the market is bifurcated into dry and liquid. By livestock, the market is segmented into poultry, ruminants, swine, aquaculture, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The feed premix market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The feed premix market in South & Central America is subsegmented into Brazil, Argentina, and the Rest of South & Central America.

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This release was published on openPR.