CHAPTER ONE: INTRODUCTION ............................................................................ 1 BACKGROUND .................................................................................................. 1 REASONS FOR DOING THE STUDY AND INTENDED AUDIENCE .......... 2 SCOPE OF REPORT .......................................................................................... 3 FIGURE A COMPOUND FEED INGREDIENTS REVIEWED IN THIS REPORT ............................................................................................................... 3 METHODOLOGY ............................................................................................... 3 INFORMATION SOURCES ............................................................................... 4 AUTHOR’S CREDENTIALS .............................................................................. 4 RELATED BCC REPORTS ................................................................................ 5 BCC ONLINE SERVICES .................................................................................. 5 DISCLAIMER ..................................................................................................... 5 CHAPTER TWO: SUMMARY ...................................................................................... 6 SUMMARY .......................................................................................................... 6 SUMMARY (CONTINUED) .................................................................... 7 SUMMARY TABLE GLOBAL MARKET FOR FEED ADDITIVE PRODUCTS, THROUGH 2017 ($ MILLIONS)................................................. 8 SUMMARY FIGURE MARKET VALUE OF FEED ADDITIVES BY REGION, 2010 (%) ............................................................................................... 9 CHAPTER THREE: OVERVIEW .............................................................................. 10 GENERAL ......................................................................................................... 10 FEED CONVERSION AND FEEDING EFFICIENCY ........................ 11 INTERACTION OF FACTORS DRIVING THE DEMAND FOR MEAT AND THUS FOR COMPOUND FEED ................................ 11 FIGURE 1 INTERACTION BETWEEN MAJOR FACTORS DRIVING THE DEMAND FOR MEAT ............................................................................. 12 DEVELOPMENT OF MEAT PRODUCTION AND OF ANIMALDERIVED PRODUCTS .................................................................... 13 Cattle Meat .................................................................................. 13 TABLE 1 STRUCTURE AND DEVELOPMENT OF GLOBAL BEEF AND VEAL PRODUCTION, THROUGH 2010 (MILLION TONS)................ 13 Pork Meat..................................................................................... 14 TABLE 2 STRUCTURE AND DEVELOPMENT OF GLOBAL PORK MEAT PRODUCTION, THROUGH 2010 (MILLION TONS) ........................ 14 Poultry Meat ................................................................................ 14 TABLE 3 STRUCTURE AND DEVELOPMENT OF GLOBAL CHICKEN MEAT PRODUCTION, THROUGH 2010 (MILLION TONS) ........................ 15 TABLE 4 STRUCTURE AND DEVELOPMENT OF GLOBAL TURKEY PRODUCTION, THROUGH 2010 (MILLION TONS) .................................... 15 Cow’s Milk .................................................................................... 16 TABLE 5 STRUCTURE AND DEVELOPMENT OF GLOBAL COW MILK PRODUCTION, THROUGH 2010 (MILLION TONS) .................................... 16

Eggs .............................................................................................. 16 TABLE 6 STRUCTURE AND DEVELOPMENT OF GLOBAL EGG PRODUCTION, THROUGH 2010 (MILLION TONS) .................................... 17 Aquaculture ................................................................................. 17 TABLE 7 STRUCTURE AND DEVELOPMENT OF GLOBAL AQUACULTURE PRODUCTION BY TYPE, THROUGH 2010 (MILLION TONS) .............................................................................................. 18 TABLE 8 STRUCTURE AND DEVELOPMENT OF GLOBAL AQUACULTURE PRODUCTION, THROUGH 2010 (MILLION TONS)....... 18 Other Meat ................................................................................... 18 MEAT CONSUMPTION PER CAPITA AND INFLUENCING FACTORS .......................................................................................... 19 FIGURE 2 STRUCTURE OF MEAT AND AQUACULTURE PRODUCTION BY REGION, 2010 (MILLION TONS) ................................. 19 FIGURE 2 (CONTINUED) .................................................................................... 20 FIGURE 3 STRUCTURE OF PRODUCTION OF ANIMAL-DERIVED PRODUCTS BY REGION, 2010 (MILLION TONS) ...................................... 20 FIGURE 3 (CONTINUED) .................................................................................... 21 TABLE 9 DEVELOPMENT OF WORLD POPULATION, THROUGH 2010 (BILLIONS) ........................................................................................................ 21 TABLE 10 DEVELOPMENT OF GROSS DOMESTIC PRODUCT (GDP) PER CAPITA, THROUGH 2010 ($1.000 PER CAPITA, CONSTANT, 2000) ................................................................................................................... 22 TABLE 11 ESTIMATES OF INCOME ELASTICITY VALUES FOR MEAT, EGGS AND MILK, 2000−2010 ............................................................ 23 INTERNATIONAL TRADE OF MEAT ................................................. 24 TABLE 12 NET TRADE OF SOME TYPES OF MEAT, 2010 (MILLION TONS) ................................................................................................................. 25 DEVELOPMENT OF GLOBAL COMPOUND FEED PRODUCTION .................................................................................. 25 Volume Developments ................................................................. 25 FIGURE 4 DEVELOPMENT AND STRUCTURE OF GLOBAL COMPOUND FEED USE 1985−2010 (MILLION TONS) .............................. 26 FIGURE 4 (CONTINUED) .................................................................................... 27 FIGURE 5 STRUCTURE OF WORLD COMPOUND FEED USE BY TYPE OF FARM ANIMAL, 2010 (PERCENT OF TOTAL) ........................... 28 Composition of Compound Feed.................................................. 29 FIGURE 6 TYPICAL COMPOSITION OF COMPOUND FEED FOR FARM ANIMALS (PERCENT OF TOTAL) ...................................................... 30 Composition of … (Continued) ......................................... 31 FIGURE 7 TYPICAL COMPOSITION OF COMPOUND FEED FOR FISH AND SHRIMP (PERCENT OF TOTAL) ................................................ 32 Future Development of Compound Feed Use............................. 32

FIGURE 8 DEVELOPMENT AND STRUCTURE OF GLOBAL COMPOUND FEED USE, 2010 AND 2017 (MILLION TONS) .................... 33 FIGURE 8 (CONTINUED) .................................................................................... 34 DEVELOPMENTS IN THE GLOBAL CEREAL MARKETS RELEVANT FOR FEEDING............................................................ 34 Wheat ........................................................................................... 34 FIGURE 9 DEVELOPMENT OF GLOBAL WHEAT PRODUCTION, 2000−2010 (MILLION TONS) .......................................................................... 35 FIGURE 9 (CONTINUED) .................................................................................... 36 TABLE 13 STRUCTURE OF GLOBAL WHEAT CONSUMPTION, THROUGH 2010 (MILLION TONS) ................................................................ 37 TABLE 14 DEVELOPMENT OF STOCK-TO-UTILIZATION RATIO FOR WHEAT, 2000−2010........................................................................................... 37 FIGURE 10 DEVELOPMENT OF WHEAT PRICES, 2000−2010 ($/TON) ...... 38 TABLE 15 DEVELOPMENT OF WHEAT PRODUCTION AND CONSUMPTION, 2010 AND 2017 (MILLION TONS) .................................. 39 Corn .............................................................................................. 39 FIGURE 11 DEVELOPMENT OF GLOBAL CORN PRODUCTION, 2000−2010 (MILLION TONS) .......................................................................... 40 FIGURE 11 (CONTINUED) .................................................................................. 41 TABLE 16 STRUCTURE OF GLOBAL CORN CONSUMPTION, THROUGH 2010 (MILLION TONS) ................................................................ 41 TABLE 17 DEVELOPMENT OF STOCK TO UTILIZATION RATIO FOR CORN, 2000−2010 (%) ..................................................................................... 42 FIGURE 12 DEVELOPMENT OF CORN PRICES, 2000−2010 ($/TON) ......... 43 TABLE 18 STRUCTURE OF GLOBAL CORN CONSUMPTION, 2010 AND 2017 (MILLION TONS) ............................................................................ 44 Barley ........................................................................................... 44 FIGURE 13 DEVELOPMENT OF GLOBAL BARLEY PRODUCTION, 2000−2010 (MILLION TONS) .......................................................................... 45 FIGURE 13 (CONTINUED) .................................................................................. 46 TABLE 19 STRUCTURE OF GLOBAL BARLEY CONSUMPTION, THROUGH 2010 (MILLION TONS) ................................................................ 46 TABLE 20 DEVELOPMENT OF STOCK-TO-UTILIZATION RATIO FOR BARLEY, 2000−2010 ........................................................................................ 47 FIGURE 14 DEVELOPMENT OF BARLEY PRICES, 2000−2010 ($/TON) .............................................................................................................. 47 FIGURE 14 (CONTINUED) .................................................................................. 48 TABLE 21 STRUCTURE OF GLOBAL BARLEY CONSUMPTION, 2010 AND 2017 (MILLION TONS) ............................................................................ 48 PROTEIN PRODUCTS AND OIL CAKES ........................................... 49 Dried Distillers Grains and Solids (DDGS) ................................ 49 TABLE 22 TYPICAL NUTRIENT CONTENT OF DDGS DERIVED FROM CORN ..................................................................................................... 49

FIGURE 15 DEVELOPMENT OF GLOBAL DDGS PRODUCTION, 2000−2010 (MILLION TONS) .......................................................................... 50 TABLE 23 REGIONAL STRUCTURE OF GLOBAL DDGS PRODUCTION, THROUGH 2010 (MILLION TONS) .................................... 51 FIGURE 16 DEVELOPMENT OF DDGS PRICES, 2000−2010 ($/TON) ......... 51 FIGURE 16 (CONTINUED) .................................................................................. 52 Vegetable Oil Cakes .................................................................... 52 TABLE 24 TYPICAL PROTEIN CAKE CONTENT BY OILSEED (%) .............. 53 FIGURE 17 GLOBAL DEVELOPMENT OF OILCAKE PRODUCTION, 2000−2010 (MILLION TONS) .......................................................................... 54 FIGURE 17 (CONTINUED) .................................................................................. 55 Soybean Cake .................................................................... 55 TABLE 25 GLOBAL DEVELOPMENT OF SOYBEAN PRODUCTION, THROUGH 2010 (MILLION TONS) ............................................................... 56 TABLE 26 GLOBAL DEVELOPMENT OF SOYBEAN CAKE PRODUCTION THROUGH 2010 (MILLION TONS) ..................................... 56 TABLE 27 DEVELOPMENT OF SOYBEAN AND SOYBEAN CAKE PRICES THROUGH 2010 ($/TON) ................................................................ 57 Other Oilcakes .................................................................. 58 FIGURE 18 STRUCTURE OF OILSEED CAKE PRODUCTION BY TYPE AND REGION, 2010 (MILLION TONS) ............................................... 58 FIGURE 18 (CONTINUED) ................................................................................... 59 TABLE 28 DEVELOPMENT OF GLOBAL RAPESEED CAKE PRODUCTION, THROUGH 2010 (MILLION TONS) .................................... 59 Fishmeal ............................................................................ 60 TABLE 29 DEVELOPMENT OF GLOBAL FISHMEAL PRODUCTION THROUGH 2010 (MILLION TONS) ............................................................... 61 TABLE 30 DEVELOPMENT OF FISHMEAL PRICES, THROUGH 2010 ($/TON) .............................................................................................................. 61 CHAPTER FOUR: TRENDS IN MAJOR FEED ADDITIVES ................................. 62 OVERVIEW AND REASONS FOR SELECTING REFERENCED PRODUCTS ................................................................................................. 62 YEAST PRODUCTS ......................................................................................... 62 FIGURE 19 CATEGORIZATION OF YEAST USED IN FEEDING ................... 63 FEED YEAST AS A BY-PRODUCT OF INDUSTRIAL PROCESSES ..................................................................................... 63 TABLE 31 CONSUMPTION OF YEAST DERIVED AS BY-PRODUCTS FROM INDUSTRIAL PROCESSES FOR FEEDING, 2010 (MILLION METRIC TONS) ................................................................................................. 64 TABLE 32 CONSUMPTION OF YEAST DERIVED AS BY-PRODUCT FROM INDUSTRIAL PROCESSES, BY REGION, 2010 (MILLION TONS) ................................................................................................................. 65 TABLE 33 MARKET VALUE OF YEAST DERIVED AS A BY-PRODUCT OF INDUSTRIAL PROCESSES, BY REGION, 2010 ($ MILLIONS) ........... 65

ACTIVE (LIVE) YEAST ......................................................................... 66 FIGURE 20 DEVELOPMENT OF LIVE FEED YEAST CONSUMPTION, 1994−2010 (THOUSAND METRIC TONS) ...................................................... 66 TABLE 34 CONSUMPTION OF LIVE YEAST BY REGION, 2010 (THOUSAND METRIC TONS) ......................................................................... 67 FIGURE 21 STRUCTURE OF LIVE FEED YEAST MARKET VALUE BY REGION, 2010 (%) ....................................................................................... 67 FIGURE 21 (CONTINUED) .................................................................................. 68 MINERAL YEASTS AND PROTEINATES .......................................... 68 TABLE 35 TYPICAL PROFILE OF SELECTED METAL YEASTS ................... 69 TABLE 36 CONSUMPTION OF MINERAL YEAST BY TYPE, 2010 (THOUSAND METRIC TONS) ......................................................................... 69 TABLE 37 STRUCTURE OF MINERAL YEAST CONSUMPTION BY REGION, 2010 (THOUSAND METRIC TONS) ............................................... 70 FIGURE 22 STRUCTURE OF MINERAL YEAST MARKET VALUE ($170 MILLION) BY REGION, 2010 (%) ........................................................ 71 PRODUCTS FROM THE DECOMPOSITION OF YEAST CELLS ............................................................................................... 71 TABLE 38 TYPICAL PROFILE OF COMMERCIAL PRODUCTS CONTAINING MANNAN OLIGOSACCHARIDES AND GLUCANS (%) ...... 72 TABLE 39 DEVELOPMENT OF MANNAN AND GLUCAN PRODUCT CONSUMPTION, THROUGH 2010 ................................................................. 73 TABLE 40 STRUCTURE OF MANNAN OLIGOSACCHARIDE CONSUMPTION BY REGION, 2010 (THOUSAND METRIC TONS) .......... 73 FIGURE 23 GLOBAL MARKET VALUE ($80 MILLION) OF MANNAN AND GLUCAN PRODUCTS BY REGION, 2010 (%) ....................................... 74 FUTURE DEVELOPMENT ................................................................... 74 FIGURE 24 DEVELOPMENT OF THE GLOBAL MARKET VALUE OF YEAST AND YEAST PRODUCTS, 2010 AND 2017 ($ MILLIONS) ............. 75 FIGURE 24 (CONTINUED) .................................................................................. 76 AMINO ACIDS .................................................................................................. 76 METHIONINE ....................................................................................... 76 FIGURE 25 DEVELOPMENT OF METHIONINE CONSUMPTION, 1980−2010 (THOUSAND METRIC TONS) ..................................................... 77 TABLE 41 STRUCTURE OF METHIONINE CONSUMPTION BY REGION, 2010 (THOUSAND METRIC TONS) ............................................... 78 FIGURE 26 STRUCTURE OF METHIONINE MARKET VALUE ($4,740 MILLION) BY REGION, 2010 (%) ................................................................... 78 FIGURE 26 (CONTINUED) .................................................................................. 79 LYSINE................................................................................................... 79 FIGURE 27 DEVELOPMENT OF LYSINE CONSUMPTION, 1990−2010 (THOUSAND METRIC TONS) ......................................................................... 80 TABLE 42 STRUCTURE OF LYSINE CONSUMPTION BY REGION, 2010 (THOUSAND METRIC TONS) ................................................................ 80

FIGURE 28 STRUCTURE OF LYSINE MARKET VALUE BY REGION, 2010 (%) ............................................................................................................. 81 L-THREONINE ...................................................................................... 81 FIGURE 29 DEVELOPMENT OF THREONINE CONSUMPTION, 1994−2010 (THOUSAND METRIC TONS) ..................................................... 82 TABLE 43 STRUCTURE OF THREONINE CONSUMPTION BY REGION, 2010 (THOUSAND METRIC TONS/%).......................................... 83 FIGURE 30 STRUCTURE OF THREONINE MARKET VALUE BY REGION, 2010 (%) ............................................................................................ 83 FIGURE 30 (CONTINUED) .................................................................................. 84 TRYPTOPHAN ....................................................................................... 84 FIGURE 31 DEVELOPMENT OF TRYPTOPHAN CONSUMPTION, 1994−2010 (THOUSAND METRIC TONS) ..................................................... 84 FIGURE 31 (CONTINUED) .................................................................................. 85 TABLE 44 STRUCTURE OF TRYPTOPHAN CONSUMPTION BY REGION, 2010 (THOUSAND METRIC TONS) ............................................... 85 FIGURE 32 STRUCTURE OF TRYPTOPHAN MARKET VALUE BY REGION, 2010 (%) ............................................................................................ 86 FUTURE DEVELOPMENT ................................................................... 86 Future Development (Continued) ............................................... 87 FIGURE 33 DEVELOPMENT OF THE MARKET VALUE FOR AMINO ACIDS, 2010 AND 2017 ($ MILLIONS) ........................................................... 88 PIGMENTS AND COLORANTS ...................................................................... 89 ASTAXANTHIN ..................................................................................... 89 FIGURE 34 DEVELOPMENT OF ASTAXANTHIN CONSUMPTION FOR AQUACULTURE, 1992−2010 (METRIC TONS) ................................... 89 FIGURE 34 (CONTINUED) .................................................................................. 90 TABLE 45 STRUCTURE OF ASTAXANTHIN CONSUMPTION BY REGION, 2010 (METRIC TONS) ..................................................................... 90 FIGURE 35 STRUCTURE OF ASTAXANTHIN MARKET VALUE BY REGION, 2010 (%) ............................................................................................ 91 BETA-CAROTENE ................................................................................ 92 FIGURE 36 DEVELOPMENT OF BETA-CAROTENE CONSUMPTION FOR FEED 1992−2010 (METRIC TONS) ...................................................... 92 TABLE 46 STRUCTURE OF BETA-CAROTENE IN FEED BY REGION, 2010 (METRIC TONS)....................................................................................... 93 FIGURE 37 STRUCTURE OF BETA-CAROTENE MARKET VALUE BY REGION, 2010 (%) ............................................................................................ 93 FIGURE 37 (CONTINUED) .................................................................................. 94 CANTHAXANTHIN ............................................................................... 94 FIGURE 38 DEVELOPMENT OF CANTHAXANTHIN CONSUMPTION, 1992−2010 (METRIC TONS) ............................................................................ 95 TABLE 47 STRUCTURE OF CANTHAXANTHIN USE IN FEED BY REGION, 2010 (METRIC TONS/%) ................................................................ 96

FIGURE 39 STRUCTURE OF CANTHAXANTHIN MARKET VALUE BY REGION, 2010 (%) ............................................................................................ 96 FIGURE 39 (CONTINUED) .................................................................................. 97 PAPRIKA PRODUCTS (CAPSANTHIN) .............................................. 97 FIGURE 40 DEVELOPMENT OF CONSUMPTION OF PAPRIKA PRODUCTS FOR FEED, 1990−2010 (THOUSAND METRIC TONS) ......... 98 TABLE 48 STRUCTURE OF PAPRIKA PRODUCTS IN FEED BY REGION, 2010 (THOUSAND METRIC TONS/%).......................................... 98 FIGURE 41 STRUCTURE OF THE MARKET VALUE OF PAPRIKA PRODUCTS FOR FEED BY REGION, 2010 (%) ........................................... 99 LUTEIN .................................................................................................. 99 FIGURE 42 DEVELOPMENT OF GLOBAL LUTEIN CONSUMPTION IN FEED 1992−2010 (METRIC TONS) ......................................................... 100 TABLE 49 STRUCTURE OF LUTEIN CONSUMPTION IN FEED BY REGION, 2010 (METRIC TONS/%) .............................................................. 101 FIGURE 43 STRUCTURE OF THE MARKET VALUE OF LUTEIN BY REGION, 2010 (%) .......................................................................................... 101 FIGURE 43 (CONTINUED) ................................................................................ 102 BETA-APO-8-CAROTENOIC ACID ETHYL ESTER ........................ 102 FIGURE 44 DEVELOPMENT OF CONSUMPTION OF BETA-APO-8CAROTENOIC ACID ETHYL ESTER IN FEED, 1992−2010 (METRIC TONS) ............................................................................................................... 103 TABLE 50 STRUCTURE OF BETA-APO-8-CAROTENOIC ACID ETHYL ESTER CONSUMPTION IN FEED, BY REGION, 2010 (METRIC TONS/%).......................................................................................................... 103 FIGURE 45 STRUCTURE OF APO-ESTER MARKET VALUE BY REGION, 2010 (%) .......................................................................................... 104 FUTURE DEVELOPMENTS .............................................................. 105 Future Developments (Continued) ........................................... 106 FIGURE 46 DEVELOPMENT OF THE MARKET VALUE FOR CAROTENOIDS AND PIGMENTS USED IN FEED IN YEARS 2010 AND 2017 ($ MILLIONS) ................................................................................ 107 MINERALS ..................................................................................................... 107 TABLE 51 MOST IMPORTANT FEED MINERALS AND THEIR METABOLIC FUNCTION .............................................................................. 108 TABLE 52 TYPICAL REQUIREMENTS OF MAJOR MINERALS FOR FARM ANIMALS (%) ....................................................................................... 109 PHOSPHATE ....................................................................................... 109 TABLE 53 GLOBAL USE OF PHOSPHATES, 2010 (35 MILLION TONS P2O5 EQUIVALENTS) ..................................................................................... 110 FIGURE 47 DEVELOPMENT OF THE USE OF FEED PHOSPHATES, 1992−2010 (MILLION METRIC TONS P2O5 EQUIVALENTS) ................. 111 TABLE 54 STRUCTURE OF FEED PHOSPHATE CONSUMPTION BY REGION, 2010 (MILLION METRIC TONS) .................................................. 111

FIGURE 48 STRUCTURE OF FEED PHOSPHATE MARKET VALUE BY REGION, 2010 (%) ........................................................................................... 112 FIGURE 48 (CONTINUED) ................................................................................ 113 VITAMINS ...................................................................................................... 113 FIGURE 49 CATEGORIZATION OF VITAMINS .............................................. 114 TABLE 55 VITAMIN REQUIREMENT BY TYPE OF ANIMAL ....................... 114 VITAMIN E .......................................................................................... 115 FIGURE 50 DEVELOPMENT OF VITAMIN E CONSUMPTION, 1990−2010 (THOUSAND METRIC TONS) ................................................... 116 FIGURE 50 (CONTINUED) ................................................................................ 117 TABLE 56 STRUCTURE OF VITAMIN E CONSUMPTION IN FEED BY REGION, 2010 (THOUSAND METRIC TONS) ............................................. 117 FIGURE 51 STRUCTURE OF VITAMIN E MARKET VALUE IN FEED BY REGION, 2010 (%) .................................................................................... 118 VITAMIN A .......................................................................................... 119 FIGURE 52 DEVELOPMENT OF VITAMIN A CONSUMPTION IN FEED, 1990−2010 (THOUSAND METRIC TONS) ....................................... 119 FIGURE 52 (CONTINUED) ................................................................................ 120 TABLE 57 STRUCTURE OF VITAMIN A CONSUMPTION IN FEED BY REGION, 2010 (METRIC TONS/%) .............................................................. 120 FIGURE 53 STRUCTURE OF VITAMIN A MARKET VALUE FOR FEED BY REGION 2010 (%) ..................................................................................... 121 NICOTINIC ACID ................................................................................ 122 FIGURE 54 DEVELOPMENT OF NICOTINIC ACID IN FEED, 1990−2010 (THOUSAND METRIC TONS) ................................................... 123 TABLE 58 STRUCTURE OF NICOTINIC ACID IN FEED BY REGION, 2010 (METRIC TONS/%) ............................................................................... 124 FIGURE 55 STRUCTURE OF NICOTINIC ACID MARKET VALUE FOR FEED BY REGION, 2010 (%) ........................................................................ 124 FIGURE 55 (CONTINUED) ................................................................................ 125 VITAMIN B2 (RIBOFLAVIN) ............................................................. 125 FIGURE 56 DEVELOPMENT OF VITAMIN B2 IN FEED, 1990-2010 (THOUSAND METRIC TONS) ....................................................................... 126 TABLE 59 STRUCTURE OF VITAMIN B2 CONSUMPTION IN FEED BY REGION, 2010 (METRIC TONS/%) ........................................................ 127 FIGURE 57 STRUCTURE OF VITAMIN B2 FOR FEED MARKET VALUE BY REGION, 2010 (%) ..................................................................... 127 FIGURE 57 (CONTINUED) ................................................................................ 128 OTHER VITAMINS OF RELEVANCE FOR FEEDING .............................. 128 OTHER VITAMINS OF RELEVANCE … (CONTINUED) .......................... 129 OTHER VITAMINS OF RELEVANCE … (CONTINUED) .......................... 130 TABLE 60 MARKET VALUE OF MINOR VITAMINS IN FEED, 2010 ($ MILLIONS) ...................................................................................................... 131 FUTURE DEVELOPMENTS ......................................................................... 131

FIGURE 58 DEVELOPMENT OF THE MARKET VALUE OF VITAMINS IN FEED, 2010 AND 2017 ($ MILLIONS) .................................................... 132 FEED ENZYMES ............................................................................................ 133 TABLE 61 CATEGORIZATION OF ENZYMES USED IN FEED .................... 134 FIGURE 59 DEVELOPMENT OF MARKET VALUE OF ENZYMES IN FEED, 1990−2010 ($ MILLIONS).................................................................. 135 FIGURE 59 (CONTINUED) ................................................................................ 136 FIGURE 60 MARKET VALUE OF ENZYMES IN FEED BY REGION, 2010 (%) ........................................................................................................... 136 FIGURE 60 (CONTINUED) ................................................................................ 137 FUTURE DEVELOPMENT ........................................................................... 137 FIGURE 61 DEVELOPMENT OF THE MARKET VALUE FOR ENZYMES IN FEED, 2010 AND 2017 ($ MILLIONS)................................. 138 CHAPTER FIVE: SUMMARY OF FEED ADDITIVE INDUSTRY STRUCTURE AND KEY COMPANIES INVOLVED........................................ 139 CHANGING INTERRELATIONSHIPS BETWEEN FACTORS DRIVING THE FEED MARKET .............................................................. 139 INDUSTRY STRUCTURE ............................................................................. 140 TABLE 62 STRUCTURE AND DEVELOPMENT OF GLOBAL MARKET VALUE OF FEED ADDITIVES, THROUGH 2017 ($ MILLION) ............... 140 TABLE 63 GLOBAL MARKET VALUE FOR FEED ADDITIVES BY REGION, 2010 ($ MILLIONS) ....................................................................... 141 TABLE 64 GLOBAL MARKET VALUE FOR FEED ADDITIVES BY REGION, 2017 ($ MILLIONS) ....................................................................... 141 CHAPTER SIX: COMPANIES AND THEIR GLOBAL POSITION IN THE FEED ADDITIVE MARKET................................................................................ 142 AMINO ACIDS ................................................................................................ 142 METHIONINE ..................................................................................... 142 FIGURE 62 MARKET SHARES OF METHIONINE PRODUCERS, 2010 (%) ..................................................................................................................... 143 LYSINE AND THREONINE ............................................................... 143 FIGURE 63 MARKET SHARES OF L-LYSINE PRODUCERS, 2010 (%)........ 144 FIGURE 64 MARKET SHARES OF L-THREONINE PRODUCERS, 2010 (%) ..................................................................................................................... 145 YEAST .................................................................................................. 145 ENZYMES ............................................................................................ 146 FIGURE 65 MARKET SHARES OF FEED ENZYME PRODUCERS, 2010 (%) ..................................................................................................................... 147 MINERALS (PHOSPHATES) .............................................................. 147 Minerals (Phosphates) (Continued) ......................................... 148