Feed Premix Market to Be Worth $12.2 Billion by 2028 – Exclusive Report by Meticulous Research® with COVID-19 Impact Analysis
Redding, California, Sept. 08, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “Feed Premix Market by Type (Combination Premixes, Vitamin Premix, Mineral Premix, Amino Acid Premix, Nucleotide Premix, Nutraceutical Premix), Form (Powder and Liquid), Application (Ruminant Feed, Swine Feed, Aqua Feed) — Global Forecasts to 2028’, published by Meticulous Research®, the feed premixes market is expected to grow at a CAGR of 3.7% from 2021 to 2028 to reach $12.2 billion by 2028.
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Raw materials dose not provide vitamins in sufficient quantities to meet an animal’s requirements. Therefore, feed premixes that mostly comprise of vitamins and minerals are essential for optimizing growth, zootechnical performance, and reproduction of fish and shrimps. These premixes provide the necessary micro-ingredients for animals in the best welfare conditions.
The growth of this market is backed by the 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. Moreover, developing countries provide significant opportunities in this market. However, the regulatory structure and intervention, and technical problems during storage and handling procedures obstruct the growth of this market to some extent.
The Impact of COVID-19 on the Feed Premixes Market
The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and to avoid its associated consequences, governments across the globe announced partial or complete lockdowns, majorly impacting many manufacturing and service industries, including feed premixes.
The outbreak of COVID-19 is a moving target, but all signs point to an ongoing negative global economic outlook. The increased demand for animal feed across the globe is highly hampered by the COVID-19 pandemic, which has resulted in supply chain disruption restricting the product trade. The most immediate threat to “business as usual” in the feed premixes industry lies with supply chain disruptions. While some geographies are recovering from the impact of this virus, down-chain suppliers in key sectors are still struggling to meet demand. This quickly became evident with micro-ingredients, such as vitamins and minerals, e.g., the current shortage of feed-grade L-threonine. The closure of factories and ports further strained supplies.
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China, a major supplier of feed premixes, caused disruptions for global feed producers. Moreover, the supply of containers and vessels was also affected along with the transport of certain micro-ingredients due to China’s logistics issues. The Indian Government ordered the partial closure of its international ports, further disrupting feed premixes supply chain. Also, countries across regions are coping with the impacts of COVID-19, which is expected to hinder the feed premixes market to some extent in the next few years. This scenario has lowered the demand for feed premixes.
Increasing need for compound animal feed to drive the demand for feed premixes
Animals continue to make important contributions to the global food supply. As a result, animal feeds have become an increasingly critical component of the integrated food chain. Meeting consumer demand for more meat, milk, eggs, and other livestock products is dependent to a major extent on the availability of regular supplies of appropriate, cost-effective, and safe animal feeds. Thus, the significant increase in global demand for livestock products requires increasing amounts of feed supplies, sources, and alternatives.
World population growth is another important reason to consider alternative, cost-effective, and convenient sources for manufacturing animal feed. In livestock diets, appropriate dietary concentration is one of the most expensive components of feed formulation. Feedstuffs and ingredients, such as vitamins, minerals, amino acids, antibiotics, and colorants, are blended in different proportions to yield the appropriate compound feed for the various animal species. As a result, feed premixes have gained renewed interest in the animal feed industry due to their concentrated energy source and feed efficiency.
The growing requirement for safe and nutrition-rich animal feed has influenced manufacturers to improve their quality and safety while retaining their cost-effectiveness. The use of feed premixes in animal feed shows beneficial animal performance, growth, productivity, and various benefits. According to the International Feed Industry Federation (IFIF), world compound feed production has reached 1 billion tons annually. The growth in production rate, particularly in the developing countries, was higher than in the developed countries.
Moreover, the United Nations Food and Agriculture Organization (FAO) estimates that, by 2050, the demand for food will grow by 60% and that between 2010 and 2050, production of meat is projected to rise by nearly 70%, aquaculture by 90%, and dairy by 55%, creating a huge demand for animal feed. Further, quality-ensured compound feed is a major concern in ensuring food safety along the entire livestock and aquaculture production and supply chain. To cater to the demand for quality meat with increasing meat consumption globally, animal breeders are focusing on boosting animal health and their nutritious diet. Premixes perform the essential role of improving feed nutritional value and performance of animals while preventing them from disorders.
The fortification of feed premixes has been linked to an improvement in animal health and welfare. Consequently, it is emerging as a cost-effective means of improving animal productivity for sustainable and viable food security. This increases the demand for feed premixes from animal feed manufacturers, thereby driving the growth of the global feed premixes market.
Key Findings in the Feed Premix Market Study:
To provide efficient analysis, Meticulous Research® has segmented this market based on type (combination premixes, vitamin premixes, mineral premixes, amino acids premixes, nucleotide premixes, fiber premixes, nutraceutical premixes, and other premixes), form (powder and liquid), application (poultry feed, ruminant feed, swine feed, aquafeed, and other feed applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
Based on type, the feed premixes market is segmented into combination, vitamin, mineral, amino acids, nucleotide, fiber, nutraceutical, and other premixes. The combination premixes segment is estimated to account for the largest share of the feed premixes market in 2021. The large share of this segment is mainly attributed to the rising consumption of compound feed, growing demand for vitamin and mineral-enriched foods, and increasing consumer awareness regarding pet nutrition. However, it is also expected to witness significant growth, as it is a cost-effective solution, supplying multiple nutrients to animals.
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Based on form, the feed premixes market is segmented into powder and liquid. The powder segment is estimated to account for the largest share of the feed premixes market in 2021. The large share of this segment is mainly attributed to its advantages over liquid forms, such as better homogeneity, ease of handling, simple transport economics, and better stability of a premix. The powder segment is also expected to grow at the highest CAGR during the forecast period.
Based on application, the feed premixes market is segmented into poultry feed, ruminant feed, swine feed, aquafeed, and other feed applications. The poultry feed segment is estimated to account for the largest share of the feed premixes market in 2021. The large share of this segment is mainly attributed to the large demand for poultry feed due to rising poultry meat consumption and poultry farming, especially in developing regions, such as Asia-Pacific and South America. However, the aquafeed segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing focus on balanced commercial diets that promote optimal fish growth and health, increasing global demand for fish and fish products, and rising growth of the aquaculture industry.
Geographically, the Asia-Pacific region is estimated to account for the largest share of the feed premixes market in 2021. The large share of this region is primarily attributed to the growing compound animal feed industry, growing economy, increasing demand for pet food supplementation in emerging and developing countries including India, China, Indonesia, and Thailand, and rising investments from major players in the region. China is expected to dominate the Asia-Pacific market through 2028, mainly due to the changing consumption pattern, increasing awareness level amongst feed customers, industrialization of the livestock sector, incidences of counterfeit meat and other products, and the ban on antibiotics as growth promoters.
The key players operating in the feed premixes market are Koninklijke DSM N.V. (Netherlands), BASF SE (Germany), Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Nutreco N.V. (Netherlands), InVivo Group (France), Jubilant Pharmova Limited (India), Koninklijke Coöperatie Agrifirm U.A. (Netherlands), Dansk Landbrugs Grovvareselskab a.m.b.a. (Denmark), Phibro Animal Health Corporation (U.S.), Purina Animal Nutrition LLC (U.S.), Burkmann Industries Inc. (U.S.), Danish Agro a.m.b.a. (Denmark), and De Heus Voeders B.V. (Netherlands).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/feed-premix-market-4083
Scope of the Report
Feed Premix Market, by Type
- Combination Premixes
- Vitamin Premixes
- Mineral Premixes
- Amino Acid Premixes
- Nucleotide Premixes
- Fiber Premixes
- Nutraceutical Premixes
- Other Premixes
Feed Premix Market, by Form
Feed Premix Market, by Application
- Poultry Feed
- Ruminant Feed
- Swine Feed
- Aqua Feed
- Other Animal Feed
Feed Premix Market, by Geography
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- North America
- Rest of Europe (RoE)
- Latin America
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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