MARKET REPORT FEED & ADDITIVE MAGAZINE November 2023 89 According to this report, South America animal feed market is expected to grow at a CAGR of 2.70%, from an estimated value of US$ 32.18 billion in 2021 to US$ 38.77 billion in 2028. Another report is the Latin America Compound Feed Market report published by Market Data Forecast. According to Market Data Forecast analysts, who included Mexican data in their report, unlike the other report, Latin America compound feed market was worth US$ 52.02 billion in 2021 and estimated to be growing at a CAGR of 1.90%, to reach US$ 57.15 billion by 2026. MARKET DRIVERS & RESTRICTIONS Increased demand for meat and other end-products is driving South American animal feed market growth. According to report of Research and Markets, the demand for beef has been a significant driver for the animal feed market in South America. The region is home to some of the world's largest beef producers, with Brazil, Argentina, and Uruguay being the top three beef exporters globally. In recent years, beef consumption in South America has been increasing steadily, driven by population growth, rising incomes, and changing dietary habits. This increased demand for beef has led to a surge in livestock production, which, in turn, has driven up the need for animal feed. There are also some factors challenging the market, especially animal diseases. Market Data Forecast summarises these in its report as follows: Different regulatory structures, volatile economies, and increasing cost of operations are the major hindrances for the market in this region. And, an increase in the cost of raw materials is also a key challenge for the companies in the market. SOUTH AMERICA FEED MILL INDUSTRY South America is the fourth largest region in the world in terms of the presence of feed mills. According to 2022 data, 4,806 of the 28,156 feed mills in the world are located in this region. This number was announced as 4.765 for the previous year. In other words, between 2021 and 2022, it is seen that 41 new factories started operating. References: 1. 2023 Alltech Agri-Food Outlook, https://www. alltech.com/agri-food-outlook 2. Research and Markets, South America Animal Feed Market - Forecasts from 2023 to 2028, June 2023, https://www.researchandmarkets.com/ reports/5602550/south-america-animal-feed-market-forecasts 3. Market Data Forecast, Latin America Compound Feed Market, March 2023, https://www.marketdataforecast.com/market-reports/latin-america-compound-feed-market 4. Business Market Insights, South America Animal Feed Market, September 2020, https://www. businessmarketinsights.com/reports/south-america-animal-feed-market • Agrobueyca • Agrosuper S.A. • Alibem • Aurora Alimentos • Avidesa • BRF S.A. • Cooperativa Agroindustrial • Corporación Multi Inversiones • Copacol • El Calvario • Empresas Guadalupe • Frigorífico Soychú SA • Gena Agropecuaria • Goncalves Tortola S.A. • Granja Faria • Granja Mantiqueira • Grupo La Caridad • Grupo Pilar S.A. • GTFoods Group • Industrias Bachoco • Italcol S.A. • JBS S.A. • Lar Cooperativa AgroIndustrial • Marfrig Global Foods • Proteína Animal (PROAN) • Redondos SA • San Fernando • Sollio Cooperative Group Some of the major players:
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