The compound feed market is on an upward trajectory, with an estimated value of USD 541.2 billion in 2023, projected to reach USD 668.3 billion by 2028, boasting a compound annual growth rate (CAGR) of 4.3% during this period. The primary driving force behind this market’s growth is the steady increase in the world’s population, which correlates with higher demand for essential food products, including meat, dairy, and poultry. Compound feed has emerged as an efficient means of providing vital nutrients to livestock, enhancing their growth, and boosting productivity.
As living standards improve in many developing countries, the per capita meat consumption is on the rise. Livestock such as poultry, pigs, and cattle require compound feed to optimize their growth and production. This surge in meat consumption has, in turn, led to a growing demand for compound feed. Compound feed formulations are designed to maximize nutrient utilization and enhance feed conversion efficiency in livestock. They offer precise control over nutrient composition, ensuring that animals receive the essential elements required for their growth and development.
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The Asian Appetite: A Key Driver
The Asia Pacific region, encompassing nations like China and India, is home to 60% of the global population, totaling approximately 4.3 billion people. This densely populated region has witnessed continuous population growth, resulting in a surging demand for animal-derived products, including meat, milk, and eggs. Consequently, there is an increased need for compound feed to meet the growing requirements of the livestock and poultry production industry.
As incomes rise and dietary preferences evolve, there is a noticeable shift towards greater consumption of animal protein. This shift propels the expansion of the livestock and poultry sectors, further fueling the demand for compound feed in the Asia Pacific region.
Key Players in the Market
Major industry players contributing to the compound feed market’s growth include 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 companies play a pivotal role in meeting the growing global demand for compound feed solutions.
Cereals: The Dominant Ingredient
Cereals are integral to compound feed formulations due to their rich carbohydrate content, providing animals with vital energy. Moreover, they contain varying levels of protein, fiber, and essential minerals, making them an indispensable source of nutrients. Cereal crops like corn and wheat are widely cultivated and easily accessible in various parts of the world. Their abundant availability in large quantities makes cereals a cost-effective choice for inclusion in compound feed formulations, thereby dominating the ingredients segment.
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Poultry Compound Feed: Meeting High Demand
Poultry, particularly chicken, is one of the most widely consumed meats globally. Factors like affordability, versatility, and high nutritional value contribute to the consistently high demand for poultry products, such as meat and eggs. This burgeoning demand for poultry products drives the need for poultry compound feed. Poultry, especially chicken, stands out as one of the most popular meats globally, with a significant per capita consumption rate. According to the OECD, poultry meat consumption in 2022 reached 32 kg per capita, surpassing other meats such as sheep, beef, and pork.
In conclusion, the compound feed market’s growth is intrinsically linked to the world’s expanding population and its increasing appetite for meat, dairy, and poultry products. As the demand for these animal-derived products surges, the industry responds by providing nutrient-rich compound feed to enhance the growth and productivity of livestock, thereby meeting the world’s evolving dietary needs.