The global feed premixes market is estimated to be valued at USD 12,325.2 million by 2023 and is expected to register a CAGR of 3.55% during the forecast period.
The poultry segment dominated the global feed premixes market, by livestock, and is projected to reach USD 4,869.4 million by 2023 owing to the rising demand for poultry products such as eggs and meat. However, the aquaculture segment is projected to be the fastest-growing segment during the forecast period.
Asia-Pacific dominated the market, accounting for the largest share of the market in 2017, and the regional market is expected to register a CAGR of 3.78% during the review period. The European market was the second largest in 2017. The market is projected to reach USD 3,250.6 million by the end of 2023, with Germany being the leading market.
The global Feed Premixes Market Value has been segmented on the basis of ingredient type, livestock, and region. Based on ingredient type, the market has been divided into vitamins, minerals, amino acids, lipids, and others. The vitamins segment held the majority market share in 2017. However, the lipids segment is anticipated to be the fastest growing, followed by the amino acids segment. Lipids are a rich source of energy and help enhance metabolism, which is driving the growth of the segment.
Geographically, the global feed premixes market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Asia-Pacific was the largest market for feed premixes in 2017 and is expected to remain dominant during the review period. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. Increasing livestock farming practices for swine, poultry, and ruminants is a major factor driving the growth of the feed premixes market in Europe. Germany accounted for the largest market share of 12.29% in 2017 and the country-level market is projected to register a CAGR of 4.13% during the forecast period.
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Key Findings of the Study
- The global feed premixes market is projected to reach over USD 12,325.2 million by 2023 at a 3.55% CAGR during the review period of 2018 to 2023.
- Asia-Pacific accounted for the largest market share with China being the major contributor to the growth of the market.
- The aquaculture segment is projected to register the highest CAGR of 3.93% during the forecast period owing to increasing consumption of fish and the rising use of algae as an alternative fuel source.
- Key manufacturers are adopting geographic expansion and corporate alliances to increase the distribution of feed premixes.
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