Provimi eyes Latin American and Asian markets for growth
Global animal nutrition company Provimi has announced a number of initiatives to maximize growth from Latin America and Asia which are viewed to be markets of the future.
Provimi Animal Nutrition India Pvt Ltd, which is now a 100% take over company, has gone in for a corporate restructuring to create three dedicated divisions: 'Vetcare' for animal health, 'Provimi' for animal nutrition and 'Citura' for trading.
The company has also chalked out an inorganic growth plan where it will look at acquiring mid and large sized animal health companies.
100 million euros
"We are upbeat on the opportunities in Latin America (Brazil, Mexico, Columbia) and Asia. One of the key focus areas will be to supply medicated feed additive feed 'Halquinol' to these markets. In order to further expand our presence and capability, we are scouting for buyouts for which 100 million euros has been set-aside," Gijs Scholman, Group vice-president of Provimi said at a press meeting.
“There is an increased global research effort under the Feed Solutions initiative where we would look at local innovation to develop products. As part of this global strategy, the focus would be on poultry which is currently the fastest growing segment worldwide, he added.
According to Dr Sandeep Karkhanis, MD & CEO of Provimi India, while consolidating their expertise on the animal healthcare front, they will provide additional focus on animal nutrition.
“From India, we will gear up to develop three to five products in this space. With modern manufacturing plants for animal care products, India is being sought-after for contract manufacture. The economies of scale and expertise will drive this business,” said Dr Karkhanis.
The size of the Indian animal healthcare market is estimated at $440 million and animal nutrition is around $880 million.
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