The animal feed processing market is estimated at US$?21.61 billion in 2018 and is projected to reach US$?26.62 Billion by 2023.
This is according to a new report from MarketsandMarkets. The report claims that the feed processing sector is expected to grow at a CAGR of 4.3% during the forecast period. The market is driven by factors such as the rising awareness of feed nutrition and health, technological advancements in the equipment industry, customised services, and increase in the demand for feed around the world.
In 2017, the Asia Pacific led the global market for feed processing. The market for feed processing in the Asia Pacific region is projected to be the largest, globally; one of the factors for this is the increase in economic growth and rapid urbanisation. The IMF World Economic Outlook estimated that the 2 economic giants of the Asia Pacific region – China and Japan – were the world’s second and third largest economies in 2017, respectively.
Based on type, the feed processing market has been segmented into:
The pelleting segment accounted for the largest share in 2017. It is one of the crucial and important processes in feed processing, to mould feed material into the shape of a pellet. The pellet mills segment dominated the pelleting equipment market, owing to the high demand for pellet feed among consumers.
The poultry segment is estimated to account for the largest share of the global feed processing market in 2017. The poultry industry is the largest and the fastest-growing sector in terms of animal production. The growing concerns about animal health and in the rising awareness of the benefits of feed additives in feedstuffs have led to tremendous growth of the animal feed market. Manufacturers are making significant investments in developing innovative feed equipment technologies for the production of various forms of high quality animal feed.
The automatic segment accounted for the largest share of the global feed processing market in 2017. Animal feed manufacturers are increasingly using automated systems to control complete production lines. The benefits of automation systems include increased production rate, inventory tracking, increased operator efficiency, and high-speed process monitoring.