Compound Feed Market Research Future Insights
According to market research future insights analysis, the global compound feed market is expected to register a CAGR of ~ 4.85% from 2022 to 2030 and hold a value of over ~USD 709.65 billion by 2030.
Global population development, an increase in the prevalence of animal diseases, and increased livestock numbers, particularly in developing nations, will be the main drivers of compound feed industry expansion. Other significant drivers of the compound feed market growth include the increasing demand for high-quality meat and dairy products around the world, the rate of industrialization, and the increased focus on improvements in production methods. The government's increasing efforts to support the agricultural sector, the emphasis on adopting high-quality animal feed, and the exploding trend of organised livestock farming in developing nations will further open up lucrative and rewarding growth opportunities for the compound feed market. However, the growth of the compound feed business will be significantly hampered by the small-scale farmers' lack of expertise and awareness in developing nations. Additionally, the absence of necessary infrastructure and technical capabilities, particularly in less developed areas, may impede the compound feed market's expansion rate. The government's strict rules on the production of compound feed and fluctuations in the price of raw materials would slow the market's expansion.
Key Players
Some of the compound feed key market players are Cargill, Inc (US), ADM (US), ForFarmers (the Netherlands), Godrej Agrovet, Ltd (India), Hueber Feeds, LLC (US), Nor Feed (France), ARASCO (Saudi Arabia), JAPFA (Indonesia), Charoen Pokphand Foods (Thailand), New Hope Group (US), Land O' Lakes (US), Nutreco N.V (the Netherlands), Weston Milling Animal Group (Australia), Feed One Co. (Japan), Kent Nutrition Group (US), Elanco Animal Health (US), De Hues Animal Nutrition (the Netherlands), Muyuan Foodstuff Co., Ltd (China), Alltech, Inc (US) and Guangdong Haid Group (China).
Market Segmentation
The global compound feed market overview has been segmented into ingredients, source, form, and livestock.
Based on ingredients, the market has been segmented into cereals, cakes, meals, by-products, and supplements. The cereals category accounted for the largest share of the market in 2021. Due to their availability and superior nutritional profile, cereals are consumed in higher quantities when compared to other components. The three main sources of feed grains are wheat, corn, and rice in developed and developing nations. Oats, millet, sorghum, and barley are some other feed grains that livestock eat. On the other hand, the cakes and meals category is anticipated to grow at a significant rate. Soybean meal, cottonseed meal, and canola meal are cakes and meals frequently used in feed formulation. In animal diets, oilseed meals are a significant source of protein.
Based on the source, the market has been segmented into plant-based and animal-based. In 2021, the animal-based category accounted for the largest revenue share in the compound feed market. The main animal-based components in the compound feed are fish meal, fish oil, bone and bone meal, minerals, vitamins, and enzymes. Despite being a good source of protein and fat for feed, they are more expensive and scarcer than food from plants.
Based on the form, the market has been segmented into mash, pellet, crumble, and other forms. In 2021, the pellet category accounted for the largest revenue share in the compound feed market. The most popular type of compound feed, pellets, is in high demand because of its advantages. Because it is simple to give animals, the pelleted form encourages early feed uptake and decreases wastage.
Based on livestock, the market has been segmented into poultry, ruminants, swine, aquaculture, and other livestock. The poultry category accounted for the largest share of the market in 2021. Growing demand for chicken and turkey will propel the expansion of this segment in the future if there is an increase in the breeding of poultry animals across numerous nations. Since poultry is an excellent source of economical protein, the industry is anticipated to expand in the upcoming years. There is a higher demand for the poultry market because eating white meat has health benefits compared to eating red meat.
Regional Analysis
Asia Pacific dominated the compound feed market in 2021. The market in this area is anticipated to expand well due to rising human incomes and demand for meat consumption. Compound feed is consumed at its highest level in numerous Asia-Pacific nations.
North America is expected to register lucrative growth in the compound feed market. The compound feed market size will expand strongly during the forecast period due to rising demand in North America for both cattle and poultry. The compound feed market share in developed countries is anticipated to grow strongly in the coming years as meat production rises due to a rise in consumer demand for these goods.
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