Opportunities for New Market Entrants in Milk Replacers Market
The global milk replacers market has been segmented on the basis of type, livestock, source, form, and region. The milk replacers market is projected to grow at a CAGR of 7.59% from 2017, to reach USD 3.54 billion by 2022. The key driving factors of the milk replacers market include rise in prices of milk, increase in awareness regarding the cost-benefit and nutritional aspects of milk replacers, and adoption of precision nutrition techniques.
Key players identified in the market for the milk replacers include Cargill (U.S.), Archer Daniels Midland Company (U.S.), CHS Inc. (U.S.), Land O’ Lakes (U.S.), and Lactalis Group (France); while other major players include Glanbia, Plc (Ireland), VanDrie Group (Netherlands), FrieslandCampina (Netherlands), Nutreco N.V. (Netherlands), Alltech (U.S.), Nukamel B.V. (Netherlands), and Bewital agri GmbH & Company KG (Germany). With a focus on market entry and further growth, in terms of geographic footprint and overall market share, there have been instances of inorganic growth attempts in the recent past.
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Investments and acquisitions were the key strategies adopted by industry players, in order to achieve growth in the milk replacers market. In recent years, the companies strived to expand their businesses through organic growth; this helped the companies to boost their product portfolios, advance distributional reach, and achieve market consolidation. Cargill (U.S.) and Nutreco N.V. (Netherlands) are some of the leading players that adopted these strategies to develop their feed supplement businesses. Through the strategy of expansions, key companies have been expanding their market presence in regions of high potential growth for the milk replacers market such as the Latin American and Asia-Pacific regions.
Cargill (U.S.)
Cargill (U.S.) is an important supplier of milk replacers. The company adopted the organic growth strategy by expanding its R&D and production facilities. In January 2016, Cargill set up a new animal nutrition technology application center in Izmir, Turkey. This center was used to demonstrate customers the performance of milk replacers in the local environment. The company has focused majorly in the Middle Eastern & African market in recent years for growth opportunities.
Nutreco N.V. (Netherlands)
Nutreco N.V. (Netherlands) is also one of the major players in the global milk replacers market. The company has a strong product portfolio in the milk replacers segment. It has an efficient R&D team and a wide geographic presence. The company expanded its product portfolio and geographic reach through new product launches, expansions, collaborations, partnerships, as well as joint ventures and acquisitions. For instance, in January 2016, the company acquired Micronutrients (U.S.) to strengthen its product portfolio.
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