Compound Feed Market Size, Share and Forecast by 2028
Compound Feed Market Size, Share and Forecast by 2028
The global compound feed market size was USD 490.13 billion in 2020. The market is projected to grow from USD 510.42 billion in 2021 to USD 709.62 billion by 2028 at a CAGR of 4.82% in the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Compound Feed Market, 2021-2028.”
According to our expert analysts, animals are raised for a variety of purposes in different countries, including meat, milk, and eggs. Feed is a nutrient-dense mixture of plant and animal components fed to farm animals. Therefore, feed makers concentrate on providing balanced feed that meets the physiological needs of farm animals and supports their performance, allowing for safe and economically successful livestock production. Moreover, the global market is driven by increased animal output, rising meat and dairy product consumption, and a growing focus on animal health and nutrition.
COVID-19 Impacts:
Supply Chain Uncertainty to Affect Market Dynamics
The COVID-19 pandemic has impacted the rising demand for compound feed over the globe, causing supply chain disruption and limiting product movement. The spread of COVID-19 negatively impacted the livestock industry, particularly feed. Attributed to the sudden shutdown of manufacturing facilities and transportation restrictions, feed production has been hampered. Additionally, the establishment of border controls had an impact on the flow of feed from one country to another. The report further offers an estimated compound feed market growth, size as well as share.
Segments:
Ingredient, Form, Animal Type, and Region are Studied
Based on ingredient, the market is segmented into feed cereals, cakes & meals, animal by-products, and others.
On the basis of form, the market is segregated into solid and liquid.
On the basis of animal type, the market is fragmented into cattle, swine, poultry, aquaculture, and others.
Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
This report covers an analysis of the leading sectors and recent market trends. It systematically covers the impact of COVID-19 and the driving and restraining factors. The report's market estimates are based on secondary and primary research and skilled in-house reviews. The report examines the most recent developments and the most profitable sets. It keeps track of the essential players' strategies and regional trends. It allows readers to learn about the critical methods that promote market growth.
Drivers and Restraints:
Increasing Focus on Animal Health to Stimulate Growth
Livestock farmers in both developing and developed countries are putting a lot of effort into improving the health of farm animals since healthy animals contribute to hunger elimination, long-term food production, and healthy humans. Animal products, in addition to being a food source, are a source of revenue for many small farmers and animal owners in developing countries. Furthermore, animal feed quality and safety are critical variables in meeting domestic demand for safe and high-quality animal-derived foods. Animal nutrition is important in the livestock sector since it helps to produce nutrient-efficient livestock. It also promotes the safety and nutritional quality of animal products for human consumption by improving farm animal health and wellbeing.
Regional Insights:
Asia Pacific has the biggest compound feed market share, and it is likely to continue to be the leading feed consumer in the coming years. The dominance of the region is attributable to high animal production and high meat consumption as a result of greater revenues. The region's largest feed users are China, India, and Indonesia. The high wealth linked with the fast-growing economy and strong demand for meats, fish, and dairy products resulted in a significant increase in meat, fish, and dairy product consumption.
In terms of market share, North America and Europe are expected to trail Asia Pacific. The U.S. is the largest feed market in North America, with strong demand from poultry and livestock. The feed market in the country is driven by high meat production and demand, and significant animal production.
Competitive Landscape:
Companies Adopt Technologically Advanced Production Techniques to Improve Market Position
Leading firms are concentrating their efforts on purchasing feed mills and small manufacturing businesses to expand their businesses in both domestic and international markets. Some players have been acquiring or merging with foreign producers to extend their geographical reach. The main corporations concentrated on regional expansion and the establishment of a new plant to increase production capacity and product line. In addition, corporations are expanding the capacity of their current plants.
Industry Development:
- October 2019: Nutreco, a Dutch company, has agreed to buy Cargill's compound feed business in Portugal from the American corporation Cargill, Inc.
List of Key Players Mentioned in the Report:
- Charoen Pokphand Foods PCL – (Bangkok, Thailand)
- New Hope Group – (Chengdu, China)
- Cargill, Inc. – (Minnesota, U.S.)
- Land O’ Lakes – (Minnesota, U.S.)
- Guangdong HAID Group Co., Ltd – (Guangzhou, China)
- BRF – (Sao Paulo, Brazil)
- Tyson Foods, Inc – (Arkansas, U.S.)
- Nutreco – (Amersfoot, Netherlands)
- De Heus Animal Nutrition – (Ede, Netherlands)
- ForFarmers– (Lochem, Netherlands)
