Feed Premixes Market Overview
Feed Premixes Market Size was valued at USD 7.2 billion in 2022. The Feed Premixes market industry is projected to grow from USD 8.28432 Billion in 2023 to USD 19.222199 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.06% during the forecast period (2023–2030). The rise in demand for and consumption of livestock-derived products and the increased use of feed additives for the growth and development of farm animals are the key market drivers enhancing the market growth.
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The demand for feed premixes is increasing among feed manufacturers across the globe owing to increasing concerns for animal health. The high consumption of livestock products such as meat, leather, fur, milk, and eggs is encouraging farmers to include high nutrition in animal diets. The increasing importance of adequate nutrition in animal diets resulting in high-quality yield is fueling the demand for feed premixes globally.
Asia-Pacific is expected to be the largest market for feed premixes and the regional feed premixes market is projected to register the highest CAGR of 5.6% during the forecast period. China is one of the leading markets in the region, accounting for the largest projected market share during the review period. However, the Indian market is expected to exhibit the highest growth rate of 4.30% during the forecast period. Advancements in the feed industry have escalated the production of feed premixes. High poultry farming and the growing popularity of feed premixes due to their nutritional benefits are likely to enhance the sales of feed premixes in the region. Feed premix manufacturers are introducing new formulations to capture a greater market share in the region.
Some of the key players in the global feed premixes market are: Cargill, Incorporated (US), Archer Daniels Midland Company (US), Nutreco N.V. (Netherlands), Koninklijke DSM N.V. (Netherlands), Koninklijke De Heus B.V. (Netherlands), Land O’lakes, Inc. (US), ForFarmers N.V. (Netherlands), Dansk Landbrugs Grovvareselskab a.m.b.a. (Denmark), Phibro Animal Health Corporation (US), and AB Agri Ltd (UK).
Europe held a prominent share of the global feed premixes market outlook in 2020. Germany, France, Spain, and Russia are the major contributors to the growth of the European feed premixes market. Rising production and farming of pig and horses and increasing demand for industrial livestock for products such as milk, leather, and meat are driving the sales of feed premixes in the region.
North America is also expected to account for a significant share of the global feed premixes market and the regional market is projected to grow at a moderate pace during the forecast period. Innovation and expansion of product portfolios by feed premix manufacturers and the high production of poultry feed are directly accelerating the growth of the feed premixes market in the region. The US is expected to maintain its dominance of the regional market during the review period. However, the Canadian market is projected to register the highest CAGR during the forecast period.
South America accounted for the largest share of the market in the rest of the world in 2020 and the regional market is expected to register a CAGR of 3.30% during the forecast period.
The global feed premixes market has also been segmented by ingredient type, livestock, and region.
By ingredient type, the global feed premixes market has been classified as vitamins, minerals, amino acids, lipids, and others. The vitamins segment accounted for the majority market share in 2020, whereas the lipids segment is expected to be the fastest growing during the forecast period. The global feed premixes market has also been segregated, based on livestock, into poultry, ruminants, swine, aquaculture, and others. The poultry segment dominated the market in 2020 however, the aquaculture segment is projected to register the highest growth rate during the review period.
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