By 2028, the compound feed market is expected to develop at a compound annual growth rate (CAGR) of 4.3% to reach $668.3 billion globally. In 2023, the market size was estimated to be $541.2 billion globally. The world’s population is on a steady incline, and with it comes a greater demand for food, including meat, dairy, and poultry products. This increasing need has propelled the compound feed market into a crucial role, ensuring that livestock receive the essential nutrients required for optimal growth and productivity.
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Meeting the Nutritional Needs of Livestock
Compound feed plays a pivotal role in livestock nutrition by optimizing nutrient utilization and improving feed conversion efficiency. As living standards improve in developing countries, meat consumption rises, further driving the demand for compound feed. Livestock such as poultry, pigs, and cattle benefit significantly from compound feed, which allows for precise control over nutrient composition, ensuring animals get the necessary nutrients for their development.
Dominance of Cereals in Compound Feed
In 2023, the cereals segment accounted for the largest share of the compound feed market in terms of value. Cereals, rich in carbohydrates, provide essential energy to animals, along with varying levels of protein, fiber, and minerals. Widely grown and accessible in many regions, cereals like corn and wheat are cost-effective and nutritionally valuable, making them a staple in compound feed formulations.
Poultry Leads the Livestock Segment
Poultry, especially chicken, is among the most widely consumed meats globally. The demand for poultry products such as meat and eggs remains consistently high due to their affordability, versatility, and nutritional benefits. In 2023, poultry dominated the livestock segment of the compound feed industry. According to the OECD, poultry meat consumption in 2022 reached an impressive 32 kg per capita, significantly higher than other meats. This high demand directly drives the need for efficient poultry compound feed.
Popularity of Mash Feed
Among various forms of compound feed, mash feed holds the largest market share. Mash feed, consisting of finely ground ingredients mixed to a uniform texture, is easier for animals to consume and digest. This form is particularly beneficial for young animals or those with delicate digestive systems, like poultry chicks or piglets. The increased surface area of ingredients in mash feed enhances nutrient absorption, leading to better growth rates and overall animal performance.
Sustainability with Plant-Based Feed
The plant-based source segment led the compound feed market in 2023. Plant-based animal feed is perceived as more sustainable and environmentally friendly compared to traditional feed containing animal by-products. Utilizing crops like soybeans, corn, and wheat, plant-based feed supports more controlled and sustainable agriculture. It also reduces the risk of diseases associated with animal-based feed, contributing to the health and safety of livestock.
Asia Pacific: A Booming Market
In 2023, the Asia Pacific region emerged as the largest and fastest-growing market for compound feed. Home to around 60% of the global population, countries like China and India have seen continuous population growth, leading to a surge in demand for animal-derived products. Rising incomes and evolving dietary preferences are driving greater consumption of animal protein, thereby expanding the livestock and poultry sectors and increasing the demand for compound feed.
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Key Players in the Market
Several major companies are at the forefront of the compound feed market, including Cargill, Inc. (US), ADM (US), Charoen Pokphand Foods (Thailand), New Hope Group (China), Land O’Lakes (US), Nutreco N.V (Netherlands), Alltech, Inc. (US), Guangdong Haid Group Co., Ltd (China), Weston Milling Group (Australia), and Feed One Co. (Japan). These key players are instrumental in meeting the growing global demand for high-quality compound feed.
As the world continues to grow and develop, the compound feed market growth remains integral to supporting the livestock industry, ensuring that animals receive the nutrition they need to thrive and meet the escalating demand for animal-derived food products.
