Meat production and consumption have increased rapidly over the years due to increased disposable income of consumers and the health benefits offered by meat.
— Allied Market Research
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, March 26, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Feed Premix Market,” The feed premix market size was valued at $5.1 billion in 2021 and is estimated to reach $11.4 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031. North America was the highest revenue contributor, accounting for $1,983.0 million in 2021, and is estimated to reach $3,999.3 million by 2031, with a CAGR of 7.7%.
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In addition, meat is a rich source of proteins, important vitamins, and various other nutrients, such as iron, zinc, B12, and B6. It has been observed that meat consumption in developing economies is higher than the developed regions. The economic growth, changes in lifestyle, population growth, and other structural changes are driving the livestock revolution, hence supplementing the overall growth of the feed premix market.
However, government intervention in the usage of feed premix in every country is expected to restrain the market growth. The premix types used in animal feed are banned in some countries. As a result, the feed manufacturers carry out formula adjustments and make changes in feed processing, which is a time-consuming process. Thus, the implementation of stringent regulations hampers the market growth. Moreover, fluctuations in raw material prices are also expected to limit market growth.
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The feed premix market is segmented into livestock, type, form, and region. Depending on livestock the market is divided into swine, ruminants, poultry, aquatic animals, and others. On the basis of type, the market is segregated into vitamins, minerals, amino acids, and antibiotics. On the basis of form, the market is bifurcated into organic and conventional. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for more than 35% share of the total revenue in 2021, followed by Europe and Asia-Pacific.
The report focuses on the feed premix market growth prospects, restraints, and Feed Premix Market Opportunity. The study provides Porter’s five forces analysis to understand the impact of various factors such as the competitive intensity of competitors, the bargaining power of suppliers, the threat of substitutes, the threat of new entrants, and the bargaining power of buyers of the feed premix market.
The players operating in the global feed premix market have adopted various developmental strategies to increase their Feed Premix Market Share, gain profitability, and remain competitive in the market. The key players included in the Feed Premix Market Analysis are, DSM, BASF SE, Cargill, Incorporated, Nutreco N.V., InVivo Group, Jubilant Life Sciences, Koninklijke Coöperatie Agrifirm U.A., Phibro Animal Health Corporation, Archer Daniels Midland Company, Agrofeed, and Novus international.
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Key findings of the study
➤On the basis of livestock, the poultry segment has the major Feed Premix Market Size in 2021 with a market share of more than 45%. However, the aquatic animal segment is attributed to be the fastest-growing segment during the Feed Premix Market Forecast period.
➤On the basis of type, the vitamin segment dominated the feed Premix Industry in the year 2021 with a market share of more than 55%. However, the minerals segment is likely to be the fastest-growing segment during the forecast period with a CAGR of 10.8%.
➤On the basis of source, the conventional segment dominated the global market in the year 2021 with a market share of more than 80%. However, the organic segment is likely to be the fastest-growing segment during the forecast period with a CAGR of 9.9%.
➤Region-wise, North America was the highest revenue contributor and is estimated to reach $ 3.9 billion by 2031. Whereas, the Asia-Pacific region is likely to be the fastest-growing region during the forecast period.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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