India's animal feed industry is expected to double in size, to $30 billion in 5 years, with poultry, cattle and aqua feed sectors as major growth drivers, reports The Financial Express.
India's animal feed industry, which is currently at $15 billion, is poised to double and touch $30 billion in the next five years to cater to the growing protein requirements of the country, a report published by Indian Yes Bank says.
The per capita meat and milk consumption is growing, especially in China and India, and is projected to remain high in the European Union, North America, Brazil and Russia. With changing income levels and more people eating fish, meat and chicken, there will be a higher requirement of processed dairy, aqua and poultry products, which in turn will result in higher feed requirement, the report says.
Compound feed consumption volumes increases to 28 million tonnes
With multinational companies eyeing the lucrative Indian markets, the animal feed industry in India will have to increase their capacities keeping in mind the quality issues to leverage on the growing demand for compound feed. India's feed industry is growing at a compound annual growth rate (CAGR) of 8% with poultry, cattle and aqua feed sectors emerging as major growth drivers. According to estimates by leading industry sources, the demand for animal protein and dairy products in India will increase the compound feed consumption volumes to 28 million tonnes by 2017-18.
Soy meal and corn prime consumables
In India, at present, cattle accounts for 7.5 million tonnes, aqua industry consumes 1 metric tonne (mt) while the poultry industry consumes around 13 mt of the feed, with soy meal and corn being the prime consumables. In volume terms, at present, an estimated 22 mt of feed is required in the country. Policy measures also need to be taken to improve milk productivity of cattle which stands at 5-10 litres against 15-20 litres globally. Good feed is one of the ways of achieving this.
The feed sector in India is at an inflection point with the emergence of modern dairies ranging from 50 animals to upwards of 500 animals, increasing exports of aqua product.
Source: The Financial Express