Compound Feed Market Overview
The Global Compound Feed Market is predicted to exhibit 4.02% CAGR from 2018 to 2023 (forecast period) to reach a value of USD 539.9 billion by 2023. The global compound feed market will be observing a brisk growth pattern in the coming years, on account of the increase in animal-based food product consumption across the globe. The evolving customer dietary habits about meat and dairy products quality is set to contribute massively to the compound feed market growth from 2018 to 2023. Moreover, there are numerous advantages associated with compound feed, including high meat product quality, cost-effective nutrition enhancement as well as food nutritional quality. Plus, it helps improve the feed quality which benefits animal’s health substantially.
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High consumption of meat by consumers can spark the need for compound feeds which contains essential nutrients and enforces a strong diet. Preference of protein-based foods such as meat, milk, seafood, and eggs are predicted to encourage farmers to improve their animal husbandry practices and adopt compound feeds in the diets of animals.
Stringent rules pertaining to testing of animal feeds can act as a growth restraint. In addition, fluctuating prices of raw materials such as wheat, barley, and others are likely to hamper market growth.
Compound Feed Market Competitive Analysis:
Charoen Pokphand Foods PCL (Thailand), Cargill Inc. (U.S.), Archer Daniels Midland (ADM) Company (U.S.), Land ‘O Lakes Inc. (U.S.), ForFarmers NV (The Netherlands), PT Japfa Comfeed Indonesia Tk (Indonesia), New Hope Group (China), COFCO (China), Nutreco NV (The Netherlands), Neovia Group (France), United Animal Health Inc. (U.S.)
Expansions, acquisitions, and agreements are corporate strategies of these players to expand their reach. For instance, Cargill, Inc., acquired Mulpuri Foods & Feeds in January 2018 to increase their portfolio of fish feeds and cater to the domestic fishery industry.
Compound Feed Market Segmentation Analysis:
The Compound Feed Market is segmented by ingredient, supplement, and distribution channel.
By Ingredient, cereals held close to 37.44% share in 2017. The segment can exhibit 3.48% CAGR to accumulate USD 195.9 million by 2023. This can be attributed to abundance of raw materials such as corn and sorghum required to produce cereals. Oilseed meals held close to 28.32% share in 2017. It can exhibit a stellar CAGR of 4.45% to accrue close to USD 156.7 million by 2023. Studies promoting the use of oilseed meals owing to the presence of glucosinolate is expected to boost the segment growth.
By Supplement, amino acids held close to 23.91% share in 2017, followed by antioxidants (16.83%), acidifiers (11.83%). Amino acids can exhibit 5.31% CAGR to accrue close to USD 18.5 billion by 2023. Preference of protein-based foods can be credited to the high growth of the segment. But enzymes can exhibit the second highest CAGR of 5% to generate close to USD 8.4 billion.
By Livestock, poultry held a major share of 39.01% in 2017 followed by 24.17% share of swine. Poultry can exhibit 4.15% CAGR during the assessment period to accrue close to USD 212.2 billion by 2023. But aquaculture can exhibit the highest CAGR of 4.38% to reach a value of USD 65.7 billion by 2023.
Compound Feed Market Regional Analysis:
Region-wise, the compound feed market includes North America, South America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). APAC held close to 38.69% share in 2017, followed by Europe (24.98%), North America (21.34%), South America (11.78%), and RoW (3.21%).
North America can exhibit 3.80% CAGR to accrue close to USD 113.8 million by 2023. This can be credited to presence of numerous feed mills in the U.S. and Mexico. Rising demand for seafood coupled with high requirement for compound feeds to cater to the diets of broilers can augur well for the market.
Europe can exhibit 4.07% CAGR to accrue close to USD 135.2 million by 2023. Countries such as France, Germany, Spain, and Russia are likely to propel market demand due to presence of top compound feed producers. The use of supplements for livestock farming is expected to boost the regional compound feed market. But the ban on antibiotics can hamper the market growth.
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APAC can exhibit 4.21% CAGR to accumulate close to USD 211.2 million by 2023. High rate of meat consumption is likely to trigger the demand for compound feeds. This can be buttressed by global consumption of pork in China and Japan. In addition, focus on swine and fish production is likely to boost regional market growth.
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