Calf Milk Replacer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

The global calf milk replacer market is set to witness substantial expansion over the coming decade, according to the latest market outlook spanning from 2024 to 2031. With a projected value-based compound annual growth rate (CAGR) of 7.0%, the market is anticipated to soar from US$ 5.4 Billion to approximately US$ 8.5 Billion by 2031.

Key Trends Driving Market Growth

Rising Demand for Ready-to-consume Animal Nutrition Products: The increasing population of calves coupled with a growing demand for whole milk in the dairy industry is fueling the need for ready-to-consume calf milk replacers. These products, formulated with high-quality ingredients, ensure optimal development of calves from an early stage. With features like easy mixing and compatibility with automated feeding systems, the market for calf milk replacers is poised for substantial growth.
Increasing Adoption of Non-Medicated Nutritional Products: Dairy farmers are increasingly opting for non-medicated calf milk replacers to ensure animal welfare and productivity without the use of medications. Non-medicated variants offer cost-effectiveness and help alleviate animal stress, thereby promoting better health and development among calves.
Promotional Strategies by Key Players: Leading players in the calf milk replacer market are focusing on enhancing brand visibility through strategic advertising and promotion across various platforms. The proliferation of online sales channels has facilitated easier access to products and heightened awareness regarding animal nutrition, driving market demand.
Lack of Awareness among End Users: Despite the benefits of calf milk replacers, a lack of awareness persists among farmers, particularly in tropical regions. Challenges such as unpredictable product availability and variable product quality hinder market growth in these regions.

Regional Insights

Dominance of Europe and North America: Established markets like Europe and North America are set to dominate the global calf milk replacer market, jointly accounting for over 50% of the total value share in 2023. Europe, in particular, is expected to lead with a 32% share, driven by government mandates aimed at enhancing early-stage animal health.
High Potential in the Asian Market: The Asian market presents significant growth opportunities for calf milk replacers, fueled by factors such as rapid urbanization, improved economic conditions, and heightened awareness of nutritional values. With expected value CAGRs exceeding 7% in South Asia and 8% in East Asia, tier-1 companies are increasingly targeting this lucrative market.

Category-wise Insights

Segmental Revenue Breakdown: Dairy-based milk replacers are projected to witness steady growth, driven by consumer preference for dairy-derived proteins and fats. Non-medicated variants are expected to dominate with over 86% market share in 2023, owing to their cost-effectiveness and ease of availability.
Form-wise Analysis: Powdered calf milk replacers are anticipated to hold the highest market value share of 95% in 2023, attributed to their longer shelf life and convenient usage.

Competitive Analysis

Major players in the global calf milk replacer market are adopting strategies to offer value-added products focused on calf health and welfare. Additionally, there is a trend towards strategic acquisitions aimed at expanding global presence and market share.

With these key trends and insights shaping the market landscape, the global calf milk replacer market is poised for substantial growth in the coming years, offering promising opportunities for stakeholders across the industry.

Key companies profiled:

Archer Daniels Midland Company
Cargill, Incorporated
Land O'Lakes, INC
BIOMIN Holding GmbH
BEWITAL agri GmbH & Co.
LACTALIS GROUP
FrieslandCampina N.V.
VanDrie Group
Calva Products, LLC.
Liprovit BV
Sprayfo
CHS Inc.
Hubbard Feeds Inc.
ProCalf
The Calf Company

Calf Milk Replacer Industry Research by Category

By Type:

Medicated
Non-Medicated

By Source:

Powder
Liquid

By Form:

Dairy-based
Non-Dairy based

By Region:

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

1. Executive Summary

1.1. Global Calf Milk Replacer Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Production Output and Trade Statistics, 2018 - 2023

3.1. Global Calf Milk Replacer Production Output, by Region, Value (US$ Bn) and Volume (Million Units), 2018 - 2023
- 3.1.1. North America
- 3.1.2. Europe
- 3.1.3. Asia Pacific
- 3.1.4. Latin America
- 3.1.5. Middle East and Africa

4. Price Analysis, 2018 - 2023

4.1. Global Average Price Analysis, by Type, US$ Per Unit, 2018 - 2023
4.2. Prominent Factor Affecting Calf Milk Replacer Prices
4.3. Global Average Price Analysis, by Region, US$ Per Unit

5. Global Calf Milk Replacer Market Outlook, 2018 - 2031

5.1. Global Calf Milk Replacer Market Outlook, by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Medicated
  - 5.1.1.2. Non-Medicated
5.2. Global Calf Milk Replacer Market Outlook, by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Powder
  - 5.2.1.2. Liquid
5.3. Global Calf Milk Replacer Market Outlook, by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Dairy-based
  - 5.3.1.2. Non-Dairy based
5.4. Global Calf Milk Replacer Market Outlook, by Region, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 5.4.1. Key Highlights
  - 5.4.1.1. North America
  - 5.4.1.2. Europe
  - 5.4.1.3. Asia Pacific
  - 5.4.1.4. Latin America
  - 5.4.1.5. Middle East & Africa

6. North America Calf Milk Replacer Market Outlook, 2018 - 2031

6.1. North America Calf Milk Replacer Market Outlook, by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Medicated
  - 6.1.1.2. Non-Medicated
6.2. North America Calf Milk Replacer Market Outlook, by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Powder
  - 6.2.1.2. Liquid
6.3. North America Calf Milk Replacer Market Outlook, by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. Dairy-based
  - 6.3.1.2. Non-Dairy based
- 6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. North America Calf Milk Replacer Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 6.4.1. Key Highlights
  - 6.4.1.1. U.S. Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 6.4.1.2. U.S. Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 6.4.1.3. U.S. Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 6.4.1.4. Canada Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 6.4.1.5. Canada Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 6.4.1.6. Canada Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Calf Milk Replacer Market Outlook, 2018 - 2031

7.1. Europe Calf Milk Replacer Market Outlook, by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Medicated
  - 7.1.1.2. Non-Medicated
7.2. Europe Calf Milk Replacer Market Outlook, by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Powder
  - 7.2.1.2. Liquid
7.3. Europe Calf Milk Replacer Market Outlook, by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Dairy-based
  - 7.3.1.2. Non-Dairy based
- 7.3.2. Attractiveness Analysis
7.4. Europe Calf Milk Replacer Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 7.4.1. Key Highlights
  - 7.4.1.1. Germany Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.2. Germany Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.3. Germany Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.4. U.K. Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.5. U.K. Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.6. U.K. Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.7. France Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.8. France Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.9. France Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.10. Italy Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.11. Italy Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.12. Italy Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.13. Turkey Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.14. Turkey Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.15. Turkey Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.16. Russia Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.17. Russia Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.18. Russia Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.19. Rest of Europe Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.20. Rest of Europe Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 7.4.1.21. Rest of Europe Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Calf Milk Replacer Market Outlook, 2018 - 2031

8.1. Asia Pacific Calf Milk Replacer Market Outlook, by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Medicated
  - 8.1.1.2. Non-Medicated
8.2. Asia Pacific Calf Milk Replacer Market Outlook, by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Powder
  - 8.2.1.2. Liquid
8.3. Asia Pacific Calf Milk Replacer Market Outlook, by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. Dairy-based
  - 8.3.1.2. Non-Dairy based
- 8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Asia Pacific Calf Milk Replacer Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 8.4.1. Key Highlights
  - 8.4.1.1. China Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.2. China Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.3. China Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.4. Japan Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.5. Japan Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.6. Japan Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.7. South Korea Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.8. South Korea Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.9. South Korea Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.10. India Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.11. India Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.12. India Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.13. Southeast Asia Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.14. Southeast Asia Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.15. Southeast Asia Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.16. Rest of Asia Pacific Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.17. Rest of Asia Pacific Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 8.4.1.18. Rest of Asia Pacific Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Calf Milk Replacer Market Outlook, 2018 - 2031

9.1. Latin America Calf Milk Replacer Market Outlook, by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 9.1.1. Key Highlights
  - 9.1.1.1. Medicated
  - 9.1.1.2. Non-Medicated
9.2. Latin America Calf Milk Replacer Market Outlook, by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
9.3. Latin America Calf Milk Replacer Market Outlook, by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 9.3.1. Key Highlights
  - 9.3.1.1. Dairy-based
  - 9.3.1.2. Non-Dairy based
- 9.3.2. BPS Analysis/Market Attractiveness Analysis
9.4. Latin America Calf Milk Replacer Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 9.4.1. Key Highlights
  - 9.4.1.1. Brazil Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.2. Brazil Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.3. Brazil Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.4. Mexico Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.5. Mexico Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.6. Mexico Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.7. Argentina Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.8. Argentina Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.9. Argentina Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.10. Rest of Latin America Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.11. Rest of Latin America Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 9.4.1.12. Rest of Latin America Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 9.4.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Calf Milk Replacer Market Outlook, 2018 - 2031

10.1. Middle East & Africa Calf Milk Replacer Market Outlook, by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 10.1.1. Key Highlights
  - 10.1.1.1. Medicated
  - 10.1.1.2. Non-Medicated
10.2. Middle East & Africa Calf Milk Replacer Market Outlook, by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 10.2.1. Key Highlights
  - 10.2.1.1. Powder
  - 10.2.1.2. Liquid
10.3. Middle East & Africa Calf Milk Replacer Market Outlook, by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 10.3.1. Key Highlights
  - 10.3.1.1. Dairy-based
  - 10.3.1.2. Non-Dairy based
- 10.3.2. BPS Analysis/Market Attractiveness Analysis
10.4. Middle East & Africa Calf Milk Replacer Market Outlook, by Country, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 10.4.1. Key Highlights
  - 10.4.1.1. GCC Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.2. GCC Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.3. GCC Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.4. South Africa Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.5. South Africa Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.6. South Africa Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.7. Egypt Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.8. Egypt Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.9. Egypt Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.10. Nigeria Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.11. Nigeria Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.12. Nigeria Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.13. Rest of Middle East & Africa Calf Milk Replacer Market by Type, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.14. Rest of Middle East & Africa Calf Milk Replacer Market by Source, Value (US$ Bn) and Volume (Units), 2018 - 2031
  - 10.4.1.15. Rest of Middle East & Africa Calf Milk Replacer Market by Form, Value (US$ Bn) and Volume (Units), 2018 - 2031
- 10.4.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape

11.1. By End User vs by Source Heatmap
11.2. Company Market Share Analysis, 2023
11.3. Competitive Dashboard
11.4. Company Profiles
- 11.4.1. Archer Daniels Midland Company
  - 11.4.1.1. Company Overview
  - 11.4.1.2. Product Portfolio
  - 11.4.1.3. Financial Overview
  - 11.4.1.4. Business Strategies and Development
- 11.4.2. Cargill, Incorporated
  - 11.4.2.1. Company Overview
  - 11.4.2.2. Product Portfolio
  - 11.4.2.3. Financial Overview
  - 11.4.2.4. Business Strategies and Development
- 11.4.3. Land O'Lakes, INC
  - 11.4.3.1. Company Overview
  - 11.4.3.2. Product Portfolio
  - 11.4.3.3. Financial Overview
  - 11.4.3.4. Business Strategies and Development
- 11.4.4. BIOMIN Holding GmbH
  - 11.4.4.1. Company Overview
  - 11.4.4.2. Product Portfolio
  - 11.4.4.3. Financial Overview
  - 11.4.4.4. Business Strategies and Development
- 11.4.5. BEWITAL agri GmbH & Co.
  - 11.4.5.1. Company Overview
  - 11.4.5.2. Product Portfolio
  - 11.4.5.3. Financial Overview
  - 11.4.5.4. Business Strategies and Development
- 11.4.6. LACTALIS GROUP
  - 11.4.6.1. Company Overview
  - 11.4.6.2. Product Portfolio
  - 11.4.6.3. Financial Overview
  - 11.4.6.4. Business Strategies and Development
- 11.4.7. FrieslandCampina N.V.
  - 11.4.7.1. Company Overview
  - 11.4.7.2. Product Portfolio
  - 11.4.7.3. Financial Overview
  - 11.4.7.4. Business Strategies and Development
- 11.4.8. VanDrie Group
  - 11.4.8.1. Company Overview
  - 11.4.8.2. Product Portfolio
  - 11.4.8.3. Financial Overview
  - 11.4.8.4. Business Strategies and Development
- 11.4.9. Calva Products, LLC.
  - 11.4.9.1. Company Overview
  - 11.4.9.2. Product Portfolio
  - 11.4.9.3. Financial Overview
  - 11.4.9.4. Business Strategies and Development
- 11.4.10. Liprovit BV
  - 11.4.10.1. Company Overview
  - 11.4.10.2. Product Portfolio
  - 11.4.10.3. Financial Overview
  - 11.4.10.4. Business Strategies and Development
- 11.4.11. Sprayfo
  - 11.4.11.1. Company Overview
  - 11.4.11.2. Product Portfolio
  - 11.4.11.3. Financial Overview
  - 11.4.11.4. Business Strategies and Development
- 11.4.12. CHS Inc.
  - 11.4.12.1. Company Overview
  - 11.4.12.2. Product Portfolio
  - 11.4.12.3. Financial Overview
  - 11.4.12.4. Business Strategies and Development

12. Appendix

12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations