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Feed Premix Market Trends and Projections for Sustainable Growth | 2024 To 2033 Key Players Advanced Animal Nutrition Pvt. Ltd., Archer Daniels Midland Company, BASF SE, BEC Feed Solutions PTY Ltd
Feed Premix Global Market Share
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According to The Business Research Company's, The feed premix market size has grown rapidly in recent years. It will grow from $21.7 billion in 2023 to $24.25 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to nutritional awareness, livestock health concerns, government regulations, population growth.
The feed premix market size is expected to see rapid growth in the next few years. It will grow to $36.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to urbanization, disease prevention, sustainable practices, research and development. Major trends in the forecast period include personalized nutrition, clean label products, digitalization in agriculture, alternative protein sources, climate-resilient formulations.
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Market Drivers and Trends:
The increase in the demand and consumption of livestock-based products is expected to propel the growth of the feed premix market. Livestock-based products comprise eggs, dairy products, and meat products. Adding feed premix to the livestock's diet helps in providing sufficient vitamins and minerals and enhances nutrition and better production of livestock-based products such as milk. An increase in the adoption and consumption of dairy and meat products is increasing the sales of livestock-based products which is driving the demand for feed premix. For instance, in August 2022, according to the United States Department of Agriculture (USDA), a US-based federal executive department, milk production in the 24 major states during July totaled 18.3 billion pounds, up 0.3% from July 2021. June revised production, at 18.1 billion pounds, was up slightly from June 2021. Therefore, the increase in the demand and consumption of livestock-based products is expected to propel the growth of the feed premix market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Advanced Animal Nutrition Pvt. Ltd., Archer Daniels Midland Company, BASF SE, BEC Feed Solutions PTY Ltd., Cargill Inc., Nutreco N. V., DLG Group, Charoen Pokphand Foods Public Company Limited, Alltech, Koninklijke DSM N. V., Land O'Lakes Inc., AB Agri Ltd., De Heus Beheer B. V., ForFarmers NV, Lallemand Animal Nutrition Inc., Biomin Holding GmbH, Vilofoss A/S, Kemin Industries Inc., Novus International Inc., Trouw Nutrition International B. V., Adisseo France SAS, Evonik Industries AG, Phibro Animal Health Corporation, Pancosma SA, Nutriad International NV, Huvepharma AD, Anpario plc, NutriQuest LLC, DuPont de Nemours Inc., J. D. Heiskell & Company Inc.
Feed Premix Market 2024 Key Insights:
• The feed premix market size is expected to see rapid growth in the next few years. It will grow to $36.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Demand For Livestock-Based Products Fuels Growth In The Feed Premix Market
• Innovative Feed Ingredients Revolutionize The Feed Premix Market
• Asia-Pacific was the largest region in the feed premix market in 2023
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