The market was valued at USD 1.8 billion in 2016 and is expected to reach USD XX billion by 2022. The forecasted CAGR of the market is at 3.1%.
The increasing cost of raw materials has led to the inflation of feed prices in the last five years. This has led to an increase in expenditure on feed. The increase in feed cost and disruptions in the continuous supply of raw materials such as cereals and oilseeds have created the demand for compound feed. Growth in consumption of compound feed is expected to drive the market for feed premixes as they reduce the input cost and also improve the efficiency of the feed.
The major reason for the growth in ruminant feed premix industry is the increase in consumption of processed cattle meat. The rising cost of cattle meat has led to increased production as more farmers are adopting intensive production system.
The consumption of feed premix is expected to grow at the fastest CAGR in the Asia-Pacific and South American region due to a surge in industrial production of meat in these regions. China, Brazil, and Argentina are the major players in these regions.
Key Industry Players
The leaders in the global ruminant feed premixes include:
Key Deliverables in the Study