Market Trends of South America Feed Mycotoxin Detoxifiers Industry
This section covers the major market trends shaping the South America Feed Mycotoxin Detoxifiers Market according to our research experts:
Increased Consumption of Meat Products
The demand for the higher value and quality foods, such as meat, eggs, and milk, is increasing when compared to plant-originated foods, such as cereals, owing to the rising demand for greater food varieties and protein intake. These changes in consumption, together with sizeable population growth, have led to large increases in the total demand for animal products in many developing countries. Furthermore, this trend is expected to continue in the coming years. Improved incomes bring about changes in the dietary preferences of the population, which has led to increased per capita consumption of meat and seafood. With greater awareness among the population regarding the importance of protein-rich diets, an increase in the consumption of animal protein sources is expected. This is expected to fuel the growth of feed additives market through usage in compound feed in the industry. Farmers are relying on feed to obtain high performance and quick weight gain in animals over a short period of time. To satisfy the demand for the meat processing industry, livestock farmers need to produce high-quality and hygienic meat, which is a big challenge. The expansion of the meat products industry has created an opportunity for compound feed to spur the market, as these feeds boost immunity and enhance the performance of animals, by stabilizing the rumen environment.
Increased Compound Feed Production
According to the AllTech feed survey in the year 2019, South America has approximately 3,715 mills with an annual production capacity of 120.2 million Metric Tons. The rising demand for animal products and processed meat has created an opportunity for feed manufacturers to enhance animal productivity. An increase in demand for various animal products, such as milk, dairy products, meat products, eggs, and other non-food items, has led to the growth in the usage of feed additives, thereby, boosting the growth of compound feed additives like mycotoxin detoxifiers for quality animal feed in the compound feed market. Due to the changes in dietary habits and increased disposable incomes, developing countries are consuming large quantities of meat at much lower levels of the gross domestic product than in industrialized countries. This has led to higher production of compound feed, which is, in turn, driving the market for feed additives like mycotoxin detoxifiers in this region.
