Chicago, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global feed premix market size is estimated to be valued at USD 24.3 billion in 2021 and is projected to reach a value of USD 32.9 billion by 2026, growing at a CAGR of 6.2% during the forecast period. Factors such as increasing meat consumption across the globe, mass production of meat, and rising demand for quality meat stimulate the growth of the feed premixes market across the globe. The positive growth rate of the market has been enhanced by the R&D for natural ingredients.
Some recent trends influencing the feed premix market are:
- Growing demand for animal protein: The increasing demand for animal protein is driving the growth of the feed premix market, as it is necessary to maintain the health and productivity of livestock.
- Focus on animal nutrition: There is a growing awareness among livestock producers about the importance of animal nutrition in improving their health and productivity, which is driving the demand for high-quality feed premixes.
- Adoption of precision livestock farming: Precision livestock farming involves the use of advanced technologies, such as sensors and big data analytics, to monitor and manage livestock health and productivity. This trend is driving the demand for customized feed premixes that can be tailored to meet the specific nutritional needs of individual animals.
- Increasing use of specialty feed ingredients: There is a growing trend towards the use of specialty feed ingredients, such as probiotics, prebiotics, and enzymes, to improve animal health and productivity. This trend is driving the demand for feed premixes that incorporate these ingredients.
- Regulatory requirements: Governments around the world are implementing strict regulations related to animal feed safety and quality, which is driving the demand for high-quality feed premixes that meet these requirements.
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Feed premixes are added to livestock feed as they improve the feed quality, prevent diseases, and improve feed utilization, thereby improving livestock performance and health. They also increase the yield and quality of food obtained from the livestock. Growth in the consumption of livestock-based products, growth in feed production, standardization of meat products owing to disease outbreaks, and implementation of innovative animal husbandry practices to improve meat quality have led to the increased consumption of feed premix.
Feed premixes are mixed with additives and grains such as corn, soybean, sorghum, oats, and barley. This blend of grains, additives, and other various raw materials is known as ‘compound feed’ for animals. These blends are formulated according to the specific requirements of the target animal. There has been a tremendous increase in the demand for feed premix to improve livestock health. Solutions based on each livestock species have been growing owing to the rising trend among breeders to maintain a healthy herd population.
By region, the feed premix market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Rest of the World (RoW). The growth of the feed premix market is primarily triggered by huge demand from the Asia Pacific region and the growing demand for processed food products.
Feed premixes provide the necessary nutrition to animals to help them grow and develop. The Asia Pacific region accounted for the largest share of the feed premixes market in 2020. This market is also projected to grow at the highest CAGR of 6.8% during the forecast period. Increased awareness among consumers about quality meat and increased meat consumption across the globe are expected to provide more scope for market expansion. The increasing consumption of quality livestock-based products has subsequently led to the increasing demand for feed and the increased awareness about the importance of quality feed among livestock producers and feed buyers.
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The Latin American market is projected to grow at a CAGR of 6.1% from 2021 to 2026. The demand for feed premix has been augmented by the practice of selective breeding in South America. The key players in this market have been developing a range of innovative products to target specific animal needs. Thus, feed premixes are gaining traction in the market and acceptance among customers. Key participants in the feed premixes market include Nutreco N.V. (Netherlands), Koninklijke DSM N.V. (Netherlands), Cargill, Inc. (US), ADM (US).
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