The global compound feed market is expected to experience brisk growth due to an increase in animal based food product consumption across the world over the forecast period. Change in customer dietary habits towards meat and dairy products quality is estimated to contribute to compound feed market growth over the next eight-year period.
Compound food plays a significant role in the food chain for livestock. It helps safeguard food supply and quality along with the whole livestock & aquaculture production and the supply chain. Such feed is produced to deliver adequate nutrients to the domestic animals and livestock with the aim to improve their health. There are several advantages related to compound feed product usage which include high meat product quality, food nutritional quality, and cost-effective nutrition enhancement. Moreover, it enhances the feed quality which has several benefits on animal health.
The increase in animal based food consumption across the globe in the recent past is expected to fuel the demand for this industry over the next eight-year period. The demand for dairy products is another factor that is estimated to contribute towards the industry growth. With the rise in meat consumption around the globe, the industry is expected to witness a huge demand for better quality meat. Numerous livestock diseases outbreak in recent years is presumed to force further the meat and dairy product vendors to use this product and additives for livestock quality and health assurance. Due to industrialization and enhanced processed meat equipment, meat production is anticipated to increase. Compound feed market is projected to witness brisk growth to meet this demand and ensure better quality meat
Stringent government rules and regulations related to domestic animal husbandry are presumed to have a negative impact on the industry across the globe in the near future. Regulatory norms restrict industry vendors and thus lead to slow feed production. Accelerating raw material cost is presumed to further hinder the growth over the next eight-year period. Rising awareness towards meat and dairy products quality in Asia Pacific region owing to factors such as rising population and increasing disposable income is anticipated to open new opportunities for the industry participants.
The compound feed market is classified as the compound feed products which include cattle, poultry, aqua, swine, and pet food. Among this swine feed is expected to have the major market share owing to the rise in pork production over the forecast period. Key additive types include additives, amino acids, feed acidifiers, vitamins, enzymes, antioxidants minerals, colorants, and yeasts. In recent past amino acids accounted for the highest market share in the feed additive sector. After amino types, vitamins held the second highest market share. This trend is estimated to be the same in the near future with the highest industry growth for amino acid followed by vitamins in the compound feed market.
Key regional markets include North America, Europe, Central & South America, Middle East & Africa, and Asia Pacific. Developed regions such as Europe dominated the global market owing to the high demand for meat products in the recent past followed by North America. These regional markets are expected to show a similar trend over the forecast period. Europe accounted for the maximum revenue share in the global industry due to the constant research and development initiatives along with the need for better quality animal based product. Emerging economies including Asia Pacific and Central & South America are expected to experience positive growth owing to the rise in meat and dairy product consumption. Emerging economies such as India and China are estimated to witness positive growth over the next eight year period and lead the regional market. Innovation and development aimed at providing quality product are anticipated to further enhance the growth in this region in the near future.
The industry is highly cost intensive and is characterized by high raw materials cost. Suppliers are investing on research and development initiatives to generate co-products which give them a competitive advantage over other vendors and to provide economic benefits to the compound feed industry. The industry is presumed to witness several mergers and acquisitions in the near future, with companies taking strong measures to gain market share and to deliver diversified products. Prominent industry participants include Nutreco N.V, Cargill, Smithfield, BIOMIN Holding GmbH, Novus International Inc., Addcon Group GmbH, Adisseo France S.A.S, Tyson, Kemin Industries Inc., BASF SE, DSM and Elanco Animal Health Inc.
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Restrictions on manufacturing activities due to the advent of the COVID-19 pandemic shall cause a slump in the supply of feed, as well as its additives. The current stagnation in supply is, in turn, detrimental against the backdrop of ever-increasing demand for essential food products such as dairy and meat. The report will account for Covid19 as a key market contributor.