Latin America Specialty Feed Additives Market was worth USD 1.27 billion in 2021 and estimated to be growing at a CAGR of 5.2%, to reach USD 1.63 billion by 2026.
Specialty Feed Additives facilitate the provision of nutrition to farm animals, which cannot be gained through regular meals. They enhance the digestive system of the animals and are provided in the form of palatable food materials.Specialty feed additives is a vital market to the society as it enhances the quality of meat and other animal products thus adding nutrition to the human life as well. The recent period has seen a significant rise in the importance paid to the specialty feed additives for the livestock.
Drivers and Restraints of Latin America Specialty Feed Additives Market:
The growth of the Latin America Specialty Feed Additives Market is mainly driven by factors such as growing export of livestock and increase in disposable income. However, factors such as lack of awareness and high raw materials cost act as major constraints and are preventing the growth of the market in this region.
Latin America Specialty Feed Additives Market - By Type of feed:
The Acidifiers segment leads the market on the basis of type of feed and is also projected to witness a higher growth rate during the forecast period.
Latin America Specialty Feed Additives Market - By Livestock:
Under this segment, feed additives for the poultry segment are leading the market currently.
Latin America Specialty Feed Additives Market - By Form of feed:
The dry feed is further classified as Pellets and Powders. The Liquid Feed additives market is expected to have a higher CAGR among the feed additives based on form of feed.
Latin America Specialty Feed Additives Market - By Function:
The Market is Geographically divided into:
The increased innovation in the agricultural division has increased the demand for Specialty Feed Additives Market. Brazil and Argentina are major markets in this region are are expected to show significant growth in coming years and Poultry industry has the maximum market share followed by Ruminant market
This market is disjointed with numerous big and developing players operating in the business. The major companies dominating the Specialty Feed Additives Market in this region are Btech (Brazil), Cargill Inc., ADM co. and BASF.
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