IMARC Group, a leading market research company, has recently releases report titled “Feed Premix Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the feed premix industry. The global market size reached US$ 20.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2024-2032.
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Factors Affecting the Growth of the Feed Premix Industry:
The increasing emphasis on maintaining optimal animal health represents one of the crucial factors impelling the market growth. Livestock farmers and producers are becoming aware about the importance of balanced nutrition in enhancing the health, productivity, and overall well-being of animals. This is resulting in the development of feed premixes, which include a blend of vitamins, minerals, and other nutritional additives for ensuring a comprehensive diet for the animals. This balanced nutrition is crucial not only for the growth and development of livestock but also for boosting their immunity, enhancing reproductive health, and reducing the risk of diseases.
The rising need for high-quality animal products, such as meat, milk, and eggs, is another significant driver of the market. This is underpinned by growing populations, rising income levels, and changing dietary preferences towards protein-rich diets. High-quality animal products are often linked to the quality of feed consumed by the livestock. These premixes enhance the nutritional value of animal feed, leading to better quality produce. The growing awareness about the relationship between animal feed and the quality of animal products is leading to the adoption of better-quality feed premixes.
The evolution of animal husbandry practices, driven by technological advancements and increased efficiency needs, is bolstering the market growth. Modern farming techniques emphasize the importance of precision nutrition, where the exact nutrient requirements of different animal species and breeds are meticulously catered to. This precision is largely achievable using feed premixes, which can be tailored to specific nutritional needs. Additionally, the integration of technology in animal husbandry, including data analytics and artificial intelligence (AI), allows for more efficient and effective use of feed premixes, optimizing animal growth and health. This integration not only improves livestock productivity but also supports sustainable farming practices.
Key Players Operating in Global Feed Premix Industry: