What will the value of the compound feed market be by 2022?
The compound feed market, in terms of value, is estimated at USD 428.09 Billion in 2017 and is projected to reach USD 530.92 Billion by 2022, at a CAGR of 4.4 % from 2017.
This is according to a new report from MarketsandMarkets.
In 2016, on the basis of ingredients, the cereals segment accounted for the largest share, in terms of both value and volume. Cereals are the major source of energy and are used in a higher quantity to fulfil the energy requirements of livestock. High energy diets majorly consisting of cereals and the increasing demand for high energy diets to enhance the performance of the livestock have resulted in the growth in the demand for cereals.
Poultry feed is fastest growing
In 2016, the poultry segment accounted for the largest share of the compound feed market, in terms of value, and is projected to grow at the highest CAGR from 2017 to 2022. There is an increasing demand for white meat across the globe as the demand for a high protein diet is increasing. This has led to an increase in the production of poultry, which has ultimately fuelled the demand for poultry feed. Also, the increasing commercialization of poultry in the developing countries has driven the consumption of compound feed.
Asia Pacific: Largest share
Asia Pacific is one of the largest producers of livestock and animal-based products in the world, with China being a major producer. Growing production, as well as the consumption of livestock and livestock-based products in this region, has enabled livestock producers to utilise compound feed. The major drivers in this region are growth in the regional population, rise in disposable incomes, and rapid urbanisation, especially in China, India, and Japan, and continuous modernisation in the feed industry. Apart from this, the increasing feed production and huge potential for the aquaculture segment have boosted the scope of compound feed in the region.
To comment, login here
Or register to be able to comment.