Poultry Feed

Poultry Feed Market Outlook

The global poultry feed market is anticipated to reach approximately USD 500 billion by 2035, growing at a compound annual growth rate (CAGR) of about 5% during the forecast period from 2025 to 2035. This growth is primarily driven by the escalating demand for poultry meat and eggs globally, attributed to the rising population and income levels. Furthermore, the increasing adoption of advanced animal nutrition practices, along with growing awareness regarding the health benefits of poultry products, is fueling the market growth. The trend toward protein-rich diets in developing regions is also contributing significantly to the overall demand for poultry feed. Additionally, innovations in feed formulations aimed at enhancing feed efficiency and promoting animal growth are expected to bolster the market further.

Growth Factor of the Market

Several factors are propelling the growth of the poultry feed market, prominently the heightened consumer demand for quality protein sources, particularly in developing countries. The global trend towards urbanization is leading to rising disposable incomes, thus allowing more consumers to afford poultry meat and eggs which are often considered nutritious and cost-effective protein sources. The increasing focus on meat quality and safety has also led producers to invest in high-quality feed formulations that enhance the nutritional value of poultry products. Additionally, the rising demand for organic and natural poultry products has prompted feed manufacturers to introduce innovative feed types that cater to these consumer preferences. Finally, advancements in feed technology and the rise of nutraceuticals and feed additives that promote better health and growth in poultry are further encouraging market expansion.

Key Highlights of the Market

• The global poultry feed market is projected to reach USD 500 billion by 2035.
• Growth is driven by rising protein demand and population increase.
• The market is increasingly influenced by advancements in feed technology.
• Organic poultry feed is witnessing a surge in demand.
• Asia Pacific holds a significant market share owing to high poultry consumption rates.

By Product Type

Complete Feed:

Complete feed is a well-balanced mix that includes all necessary nutrients, vitamins, and minerals required for the growth and health of poultry. This segment is experiencing substantial demand as it provides a convenient solution for farmers by eliminating the need for additional feed supplements. Complete feeds are formulated to meet specific dietary needs of various poultry species, ensuring optimum growth, reproduction, and overall health. The increasing emphasis on feed efficiency and livestock productivity is further driving the adoption of complete feeds globally. As livestock producers focus on maximizing output while minimizing costs, the complete feed segment is expected to witness accelerated growth in the upcoming years.

Concentrates:

Concentrates are feed products that contain a high proportion of energy and protein and are designed to be mixed with other feed ingredients. This product type is crucial for poultry farmers as it enhances the nutritional value of the overall feed while allowing for flexibility in formulation according to specific dietary requirements. The growing trend towards personalized nutrition for poultry is expected to fuel the concentrates market, as farmers seek to optimize feed based on their specific production goals. Additionally, increased awareness about the importance of nutrient balance in poultry diets is propelling demand for this segment, further contributing to its projected growth over the forecast period.

Additives:

Feed additives play a vital role in enhancing the growth performance, feed utilization, and health of poultry. This segment includes a variety of substances such as vitamins, minerals, enzymes, probiotics, and more. The rising focus on improving animal health and productivity through nutritional supplements is driving the demand for feed additives. Furthermore, as consumers become more health-conscious and demand antibiotic-free poultry products, the adoption of natural and organic additives is on the rise. This shift is compelling manufacturers to innovate and offer a range of additives that not only promote growth but also enhance feed efficiency and overall sustainability in poultry production.

Premixes:

Premixes are formulated combinations of vitamins, minerals, and other nutrients that are blended with base feed ingredients. They are essential for ensuring that poultry receives a balanced diet tailored to their specific developmental needs. The premix market is gaining traction as producers aim to enhance poultry health and productivity through precise nutrient specifications. As awareness regarding animal nutrition increases, more poultry farmers are integrating premixes into their feeding programs. The ongoing trend towards high-quality poultry products and better growth performance is expected to drive demand for this segment, making it a significant contributor to the overall poultry feed market.

Others:

This category encompasses various alternative feed products that do not fit into the standard classifications, such as specialty feeds designed for niche markets or specific poultry breeds. These products are often developed to cater to unique customer requirements or to address specific health concerns within the poultry sector. As the market evolves, the demand for customized feed solutions is likely to grow, providing an opportunity for innovative feed manufacturers to develop specialized products that meet the diverse needs of poultry producers. The “Others” segment thus presents a growing market potential as industry players seek to differentiate their offerings and enhance product value.

By Application

Broilers:

The broiler segment dominates the poultry feed market, accounting for a significant share due to the high demand for broiler meat worldwide. Broilers are raised specifically for meat production, and the feed requirements for this rapidly growing segment are crucial for ensuring optimal growth rates and meat quality. As consumers increasingly seek affordable protein sources, the broiler industry continues to expand, thereby driving the demand for specifically formulated broiler feeds. Innovative feed formulations that promote rapid growth while maintaining food safety standards are a focal point for feed manufacturers, contributing to the consistent growth of this segment.

Layers:

The layers segment, focused on producing eggs, is a vital part of the poultry feed market as well. The nutritional needs of layer hens are distinct, requiring specialized diets rich in calcium, protein, and vitamins to ensure high egg production and quality. As egg consumption continues to rise globally, driven by health trends favoring protein-rich diets, the demand for layer feeds is expected to grow. Additionally, advancements in feed technology aimed at improving egg yield and nutritional value of eggs are becoming popular, leading to an increase in layer feed consumption among poultry farmers.

Turkeys:

The turkey segment is witnessing considerable growth, driven primarily by the rising popularity of turkey meat as a healthier alternative to red meat. Turkeys require specific nutritional formulations to thrive and grow efficiently, which has led to the development of specialized feeds for their production. The increasing adoption of turkey farming practices, particularly in North America and Europe, is further enhancing the market for turkey-specific feeds. With growing consumer awareness regarding the health benefits of turkey meat, producers are looking to optimize their feeding strategies to enhance growth rates, making this segment a significant contributor to the overall poultry feed market.

Breeders:

Breeder feeds are tailored for the reproductive phase of poultry, focusing on enhancing fertility, egg quality, and overall reproductive performance. This segment is critical for ensuring the sustainability and productivity of poultry operations, as it directly impacts hatchability rates and the quality of offspring. With rising investments in breeding programs and the focus on producing high-quality poultry stock, the demand for breeder feeds is escalating. As producers become more knowledgeable about the specific nutritional needs of breeding birds, this segment is expected to experience notable growth, underscoring its significance within the poultry feed market.

Others:

The “Others” category encompasses various applications that do not fit the standard classifications. This may include niche markets such as organic poultry production or specific dietary requirements based on the varying needs of different poultry breeds. The increasing demand for diverse poultry products has led to a growing need for customized feed formulations designed to meet these unique requirements. As consumer preferences continue to evolve, the development of specialized feeds that cater to specific applications presents a robust opportunity for innovation and growth within the poultry feed sector.

By Distribution Channel

Feed Mills:

Feed mills are a primary distribution channel for poultry feed, serving as production facilities that manufacture large volumes of feed products. This segment plays a crucial role in ensuring a steady supply of feed to poultry farmers, who rely on these mills for high-quality, nutritionally balanced feed. The efficiency of feed mills in producing customized feed formulations is driving their growth as they adapt to the changing demands of the poultry industry. With advancements in technology enabling better quality control and production efficiency, feed mills are poised to maintain a significant share of the poultry feed distribution market.

Farms:

Farms represent an essential distribution channel, particularly for larger poultry operations that produce their own feed. Many poultry farms have adopted integrated systems that allow them to manage feed production in-house, tailoring it to their specific needs and reducing costs. This trend is growing as farmers seek to improve their profitability and control the quality of feed being provided to their flocks. The in-house production of feed also allows for greater flexibility in formulation and rapid adjustments based on changing nutritional requirements, making farms a crucial player in the poultry feed distribution landscape.

Online Retail:

The online retail segment for poultry feed is emerging as a significant distribution channel, driven by the increasing digitalization of the agricultural sector and changing purchasing behaviors among consumers. Farmers are increasingly utilizing e-commerce platforms to purchase feed, taking advantage of the convenience, variety, and often competitive pricing offered through online channels. Retailers are also expanding their online presence to reach a broader customer base, providing tailored recommendations based on specific poultry needs. This trend is expected to continue growing as technology enhances logistics and supply chain management, making online retail an attractive option for poultry feed purchases.

Veterinary Pharmacies:

Veterinary pharmacies are gaining prominence as a distribution channel for poultry feed, particularly for specialized products that fulfill specific health or dietary needs. These pharmacies often carry a range of feed formulations that are tailored for therapeutic use or for enhancing the overall health of poultry. As awareness of animal health and welfare continues to rise, farmers are increasingly turning to veterinary pharmacies for their feed needs. This segment not only supports the nutritional aspects of poultry farming but also plays a critical role in promoting responsible feeding practices, particularly in the context of disease prevention and management.

Others:

The "Others" category encompasses various alternative distribution channels that do not fall into the standard segments. This may include farmer cooperatives, agricultural supply stores, or direct sales from manufacturers to consumers. These alternative channels are often used to cater to specific customer segments, such as small-scale farmers or those seeking organic or specialty feeds. As the poultry feed market continues to evolve, the importance of these alternative distribution channels is likely to grow, providing diverse options for farmers and enhancing their access to quality feed products.

By Ingredient Type

Corn:

Corn is one of the primary ingredients used in poultry feed due to its high energy content and availability. It serves as a major carbohydrate source, providing the necessary caloric intake to support growth and development in poultry. The increasing reliance on corn in poultry diets is driven by its cost-effectiveness and its ability to enhance feed efficiency. However, fluctuations in corn prices due to climatic conditions and market demand can impact the overall poultry feed market. The ongoing innovations in corn cultivation and grain processing techniques are expected to sustain its prominence as a key ingredient in poultry feed formulations.

Soybean Meal:

Soybean meal is another essential ingredient in poultry nutrition, primarily valued for its high protein content. It is an excellent source of essential amino acids that are crucial for poultry growth, development, and overall health. The increasing demand for high-quality protein sources within the poultry industry is driving the consumption of soybean meal. Furthermore, as poultry producers focus on enhancing the nutritional profile of their feed, soybean meal's role as a protein supplement is becoming increasingly significant. The growth in soybean production and advancements in processing methods are likely to maintain its status as a vital ingredient in the poultry feed market.

Fishmeal:

Fishmeal is an important source of protein and omega-3 fatty acids in poultry feed, often utilized for its nutritional benefits and ability to enhance growth performance. Its inclusion in feed formulations can improve feed conversion rates and bolster the immune system of poultry. The demand for fishmeal is influenced by its availability and sustainability, as overfishing concerns can impact supply. Nevertheless, the rising awareness of the health benefits associated with omega-3 fatty acids is driving interest in fishmeal as a feed ingredient. Efforts to develop sustainable fishing practices and fishmeal alternatives are likely to shape the future of this ingredient within the poultry feed market.

Wheat:

Wheat is used in poultry feed primarily as a source of energy and dietary fiber. Its inclusion helps improve the overall digestibility of the feed and supports healthy gut function in poultry. The use of wheat in feed formulations is particularly prominent in regions where it is readily available, and it often serves as a substitute for corn or other grains in certain diets. The increasing demand for high-fiber feeds in poultry production systems is driving the incorporation of wheat into feed formulations. As the agricultural landscape evolves with innovations in crop production, the significance of wheat in the poultry feed market is expected to continue growing.

Others:

The "Others" category comprises various alternative ingredients that do not fit into the standard classifications, such as by-products from other agricultural processes, legumes, or specialized supplements aimed at enhancing poultry health and nutrition. These ingredients are increasingly recognized for their potential benefits in poultry diets, offering nutritional diversity and cost-effective feeding solutions. The growing interest in alternative protein sources and the emphasis on sustainability within the poultry industry are fostering innovations that explore the use of these unconventional ingredients. As consumer preferences evolve, the potential for these alternative ingredients to shape the poultry feed market is becoming more pronounced.

By Region

The North American poultry feed market holds a substantial share, primarily due to the region's strong poultry production industry and high consumption rates of poultry products. The United States, as one of the largest producers of poultry, significantly influences the market dynamics through advanced farming practices and feed efficiency measures. The region is expected to witness a CAGR of approximately 4.5% over the forecast period, driven by ongoing investments in feed formulation technologies and a growing emphasis on sustainable poultry farming practices. Furthermore, the growing trend of protein consumption in the form of poultry meat is expected to bolster the market in North America.

In Europe, the poultry feed market is also expanding, fueled by rising consumer demand for high-quality poultry products and increasing investments in animal nutrition. The region is characterized by stringent regulations regarding feed safety and quality, which compel manufacturers to innovate and adhere to high standards. Countries such as Germany, France, and the United Kingdom are at the forefront of this growth, contributing significantly to the overall market. The competitive landscape is further intensified by the shift towards organic poultry feed, as consumers become more health-conscious. The European market is anticipated to grow steadily over the forecast period, driven by these evolving consumer preferences.

Opportunities

The poultry feed market offers a multitude of opportunities driven by evolving consumer preferences and technological advancements. One of the most significant opportunities lies in the growing demand for organic and natural poultry products, as consumers increasingly prioritize health and sustainability in their purchasing decisions. This shift is prompting feed manufacturers to innovate and develop organic feed formulations that cater to these preferences. Additionally, the rise in health-conscious consumers is pushing the industry to explore alternative protein sources and functional ingredients, which can enhance poultry nutrition and overall product quality. These evolving trends present ample opportunities for growth in the poultry feed market, as businesses seek to adapt and meet the changing demands of consumers.

Moreover, advancements in feed technology present considerable opportunities for enhancing feed efficiency and overall production performance in poultry farming. The integration of data analytics, precision feeding techniques, and advancements in feed preservation methods holds the potential to optimize feed formulations and reduce wastage. As poultry producers increasingly adopt these technologies, there will be a greater focus on improving the nutritional profiles of feeds, ultimately driving market growth. Furthermore, the expansion of distribution channels, particularly online retail platforms, creates additional avenues for feed manufacturers to reach customers and diversify their product offerings. This evolution in distribution strategies offers significant growth potential within the poultry feed market.

Threats

Despite its growth potential, the poultry feed market faces several threats that may hinder its expansion. One of the primary challenges is the volatility of feed ingredient prices, which can significantly impact profitability for feed manufacturers and poultry producers alike. Factors such as climatic conditions, geopolitical instability, and shifts in global supply chains can affect the availability and prices of essential ingredients like corn and soybean meal. This volatility can lead to increased operational costs for poultry producers, forcing them to reevaluate their feeding strategies and potentially compromising feed quality. Furthermore, the occurrence of diseases within poultry populations can influence feed demand, as producers may scale back on feeding practices in response to health crises.

Additionally, regulatory challenges concerning feed safety and quality can pose significant threats to market players. Compliance with stringent regulations and standards requires ongoing investments in technology and processes, which can strain the resources of smaller producers. The growing emphasis on sustainability and animal welfare is leading to increased scrutiny of feed ingredients and production practices, requiring businesses to adapt to these changing expectations rapidly. Failure to comply with these regulations may result in penalties and loss of market access, thereby threatening the viability of companies operating within the poultry feed sector.

Competitor Outlook

• Archer Daniels Midland Company
• Cargill, Inc.
• Nutreco N.V.
• Alltech, Inc.
• De Heus Animal Nutrition
• Land O'Lakes, Inc.
• ForFarmers N.V.
• BASF SE
• Evonik Industries AG
• CP Group
• ADM Animal Nutrition
• New Hope Liuhe Co., Ltd.
• Charoen Pokphand Foods PCL
• Ridley Corporation Ltd.
• Purina Animal Nutrition

The competitive landscape of the poultry feed market is characterized by a mix of established players and emerging companies striving to capture market share through innovation and strategic partnerships. Major companies in this sector are increasingly focusing on developing high-quality feed formulations that enhance poultry health and productivity. The competition is intensified by the growing emphasis on sustainability, leading many firms to invest in research and development for eco-friendly feed solutions. Additionally, collaborations between feed manufacturers and poultry producers are becoming more common, aimed at improving feed efficiency and addressing specific nutritional needs across different poultry types.

Key players such as Cargill, Inc. and Archer Daniels Midland Company are at the forefront of this competitive landscape, leveraging their extensive supply chains and research capabilities to provide tailored feed solutions. Cargill, for example, has been actively investing in advanced feed technologies and nutritional research, enabling them to deliver innovative products that cater to the evolving needs of poultry farmers. Similarly, ADM Animal Nutrition is recognized for its commitment to quality and sustainability, focusing on creating feed solutions that support animal well-being and productivity while minimizing environmental impact. These companies are also exploring mergers and acquisitions to enhance their market presence and broaden their product portfolios.

Emerging players like Alltech and De Heus Animal Nutrition are making their mark in the poultry feed market by offering specialized products that target niche segments. For instance, Alltech emphasizes the use of natural ingredients and fermentation technology to create value-added feed solutions that enhance poultry health and performance. Similarly, De Heus focuses on providing tailored feed solutions backed by scientific research, allowing them to cater to the specific needs of poultry producers. As the market continues to evolve, these companies are likely to play a significant role in shaping industry trends and driving innovation, ensuring a competitive yet dynamic poultry feed market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 BASF SE
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 CP Group
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Nutreco N.V.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Alltech, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Cargill, Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 ForFarmers N.V.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Land O'Lakes, Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 ADM Animal Nutrition
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Evonik Industries AG
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Purina Animal Nutrition
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Ridley Corporation Ltd.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 De Heus Animal Nutrition
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 New Hope Liuhe Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Charoen Pokphand Foods PCL
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Archer Daniels Midland Company
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Poultry Feed Market, By Application
    • 6.1.1 Broilers
    • 6.1.2 Layers
    • 6.1.3 Turkeys
    • 6.1.4 Breeders
    • 6.1.5 Others
  • 6.2 Poultry Feed Market, By Product Type
    • 6.2.1 Complete Feed
    • 6.2.2 Concentrates
    • 6.2.3 Additives
    • 6.2.4 Premixes
    • 6.2.5 Others
  • 6.3 Poultry Feed Market, By Ingredient Type
    • 6.3.1 Corn
    • 6.3.2 Soybean Meal
    • 6.3.3 Fishmeal
    • 6.3.4 Wheat
    • 6.3.5 Others
  • 6.4 Poultry Feed Market, By Distribution Channel
    • 6.4.1 Feed Mills
    • 6.4.2 Farms
    • 6.4.3 Online Retail
    • 6.4.4 Veterinary Pharmacies
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Poultry Feed Market by Region
  • 10.3 Asia Pacific - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 India
      • 10.3.1.2 China
      • 10.3.1.3 Japan
      • 10.3.1.4 South Korea
  • 10.4 Latin America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 Brazil
      • 10.4.1.2 Argentina
      • 10.4.1.3 Mexico
  • 10.5 North America - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 USA
      • 10.5.1.2 Canada
  • 10.6 Middle East & Africa - Market Analysis
    • 10.6.1 By Country
      • 10.6.1.1 Middle East
      • 10.6.1.2 Africa

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Poultry Feed market is categorized based on

By Product Type

• Complete Feed
• Concentrates
• Additives
• Premixes
• Others

By Application

• Broilers
• Layers
• Turkeys
• Breeders
• Others

By Distribution Channel

• Feed Mills
• Farms
• Online Retail
• Veterinary Pharmacies
• Others

By Ingredient Type

• Corn
• Soybean Meal
• Fishmeal
• Wheat
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Archer Daniels Midland Company
• Cargill, Inc.
• Nutreco N.V.
• Alltech, Inc.
• De Heus Animal Nutrition
• Land O'Lakes, Inc.
• ForFarmers N.V.
• BASF SE
• Evonik Industries AG
• CP Group
• ADM Animal Nutrition
• New Hope Liuhe Co., Ltd.
• Charoen Pokphand Foods PCL
• Ridley Corporation Ltd.
• Purina Animal Nutrition