The Latin America market, with a growth rate of almost XX%, is expected to reach USD XX billion in 2022, from USD 70.1 billion as per the records of 2016. The total production in 2016 was around 157.4 million tons, which is around 15% of the global compound feed volume.
LATIN AMERICA COMPOUND FEED MAKET: REGIONAL MAPPING
In 2016, Brazil was the largest market and the volume of animal compound feed produced was around 68.8 million tons. Mexico witnessed the highest growth in tonnage, and now accounts for almost 20% of the Latin America feed volume. However, Mexico feed production value is still half than that of Brazil. The feed prices are 20% higher for swine and 40% higher in Brazil, when compared to the United States. However, in March 2017, the feed prices decelerated. This can be attributed to the average cost of production falling for swine and poultry by 4.3% and 4.4%, respectively. Mexico recorded an increase in ruminant feed production in 2016. The increased consumption of broiler meat and eggs in Columbia has accelerated the poultry feed compound market in the country.
NEW OPPORTUNITIES IN THE FORM OF ORGANIC FEED AND MEALWORM FEED
Increasing consumption of meat and rising consumer awareness, with regards to the benefits of organic food, have increased the demand for organic feed. While the demand for organic feed is growing, there are not enough organic crops to meet this demand growth. Conventional feed, a minute proportion of vitamins, hormones, and other additives along with ingredients, increases the yield and minimizes the livestock production cost. However, the increasing quality-conscious consumers are demanding environmentally safe and chemical residue-free meat & products, milk & products. The market for organic feed is expected to grow, with the continuous expansion of organic meat and poultry market.
A group of scientists and researchers, in Brazil, examined the use of mealworms for diets of the farmed fish and shrimp, as a substitute for fishmeal protein. Growth in the fish and shrimp farming has pressurized the supply of fishmeal, rendering it as an expensive ingredient. Hence, a considerable interest has been generated, among producers, to find an alternative dietary protein that could be used in aquaculture.
NOTABLE MARKET DEVELOPMENTS
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