Compound Feed Market Overview
compound feed market size was valued at USD
500.9 Billion in 2022. The compound feed industry is projected to grow from USD
525.19 Billion in 2023 to USD 767.12 Billion by 2032, exhibiting a compound
annual growth rate (CAGR) of 4.85% during the forecast period (2023–2032).
Growth Drivers and Key Restraints
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 2022 to 2030.
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.
Apart from this, the surging animal-based food
consumption around the world in the recent past is expected to augment the
demand for the industry. Not just this but the ever-rising demand for dairy
products will also result in tremendous industry growth in the years to come.
With the growing meat consumption observed around the world, the compound feed
industry will note massive demand for better quality meat. Also, the livestock
diseases outbreak in the past couple of years will prompt various meat and
dairy product vendors to make use of the product as well as additives for
livestock quality along with health assurance. However, the fluctuating prices
of raw materials like barley and wheat could leave a negative impact on the
growth of the market. On the plus side, rapid industrialization coupled with
enhanced processed meat equipment, there will be a striking surge in meat
production. This factor will most likely shape the positive outlook for the
compound feed market soon.
Market Opportunities
Rising Popularity of Organic Feed
Organic feed refers to a type of feed which is
produced using the methods that have been outlined as per the standards of
organic farming. Simply put, organic means that the ingredients in the feed
cannot be genetically modified, cannot be fertilized with chemical fertilizers
or treated with fungicides, pesticides, and insecticides.
Thus, owing to these reasons, there has been a
sharp rise in the popularity of organic feed, which has given way to growing
trend of vertical integration (contract farming), leaving a major impact on the
compound feed market growth at a global level. Moreover, growing expenditure
for advertising organic feed products is expected to assist the industries in creating
opportunities, thereby expanding the market share for compound feed market.
Market Segmentation
For compound feed
market outlook is segmented based on ingredients,
supplements, and livestock.
Ingredient-wise, the market is considered for
cereals, cereal by-products, oilseed meal, oils, molasses, supplements, and
others. Among these, cereals accounted for roughly 37.44% market share in 2020,
with it expected to register a CAGR of 3.48% and reach the valuation of USD
195.9 million by 2030. The primary reason behind the strong growth of the
segment can be the abundance of raw materials like corn and sorghum that are
required for producing cereals. Furthermore, oilseed meals accounted for almost
28.32% of the market share in 2017, with the expected growth at a CAGR of 4.45%
and attaining the valuation of USD 156.7 million by 2030. Various studies being
conducted that promote the use of oilseed meals on account of the presence of
glucosinolate will help the segment grow at a rapid pace. As oilseed meals have
been found to eliminate cancer cells, the demand will most likely surge among
farmers in the coming years. In addition, in 2020, supplements held
approximately 13.28% share, and will depict the highest CAGR of 4.71%, whilst
reaching the valuation of close to USD 74.6 million by 2030. The strong growth
trajectory is the outcome of the steady inclusion of compound feeds in
livestock diet that improve their overall well-being.
The compound feed market, supplement-wise, is
fragmented into vitamins, antibiotics, antioxidants, amino acids, enzymes,
acidifiers, and others. Out of these, amino acids accounted for close to 23.91%
of the total share in 2020, trailed by antioxidants (16.83%), and acidifiers
(11.83%). Amino acids will be exhibiting a growth rate of 5.31%, garnering
close to USD 18.5 billion by 2030. Growing preference for protein-based foods
is leading to the striking growth of the segment. However, enzymes will
showcase the second-highest CAGR of 5%, accruing close USD 8.4 billion by the
end of the forecast period. Growing awareness about the benefits of enzymes
such as ease in digestion as well as well-being of animals will help in
facilitating the growth of the segment in the near future. whereas,
antioxidants have the potential of depicting a CAGR of 4.25%, set to reach the
valuation of USD 12.2 billion by 2030.
Based on the livestock, the market caters to
ruminants, aquaculture, poultry, swine, and others. Out of all these, poultry
governed a substantial share of 39.01% in 2020, with swine just behind holding
24.17% of the total share. Also, poultry will exhibit a CAGR of 4.15% during
the review period, with the predictions of it garnering almost USD 212.2
billion by 2030. But it is the segment of aquaculture that will be surging at
the highest CAGR of 4.38% and will be estimated at USD 65.7 billion by 2030.
Regional Analysis
The regional analysis of the global compound
feed market has been done in South America, Europe, North America, Asia Pacific
(APAC), as well as the Rest-of-the-World (RoW).
The report states that APAC accounted for
approximately 38.69% share in 2020, with Europe behind it accruing 24.98% of
the share, North America (21.34%), South America (11.78%), and at last, RoW
with 3.21% of the total market share.
The compound feed market in North America will
showcase a lucrative growth pattern at a growth rate of 3.80%. The regional
market will be attaining the valuation of close to USD 113.8 million by 2030,
as a result of the presence of a number of feed mills in the United States
(U.S.) and Mexico. Plus, the surging demand for seafood paired with the high
requirement for compound feeds that cater to the diets of broilers will benefit
the market to a large extent.
The Europe market is set to register a CAGR of
4.07% and will be worth the value of USD 135.2 million by 2030 among all the
regions. Countries like Spain, France, Russia and Germany are backing up the
lavish growth of the region, owing to the presence of top compound feed
producers. Additionally, the growing use of supplements for livestock farming
will give a significant push to the growth of the regional compound feed
market.
Asia Pacific, on the other hand, will clock in
a CAGR of 4.21%, with the estimated value to be around USD 211.2 million by
2030. The region notes a high rate of meat consumption, which will most likely
give way to the rise in demand for compound feeds. Moreover, the growing focus
on swine and fish production will turn the regional market into a profitable
venture in the forthcoming years.
Lastly, South America is touted to be a strong
contender, exhibiting a CAGR of 3.88% and on its way to achieve the valuation
of USD 63.1 million by 2030. Whereas, RoW will be registering a CAGR of 3.26%
CAGR and will be estimated at USD 16.6 million by 2030.
Top Vendors
The top vendors in the global compound feed
market are United Animal Health Inc. (U.S.), Land 'O Lakes Inc. (U.S.), Nutreco
NV (The Netherlands), Weston Milling Animal Nutrition (Australia), COFCO
(China), Neovia Group (France), Feedone Co., Ltd. (Japan), Cargill Inc. (U.S.),
New Hope Group (China), Charoen Pokphand Foods PCL (Thailand), ForFarmers NV
(The Netherlands), Archer Daniels Midland (ADM) Company (U.S.), PT Japfa
Comfeed Indonesia Tk (Indonesia), among others.
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Industry Update
March 2020 - Paris-based Ÿnsect, an agtech
startup, has developed a type of protein by breeding various insects, followed
by their transformation into premium protein for pet food, organic plant
fertilizers as well as fish feed. The company will be building the world's
largest insect farm in Amiens Metropole, Northern France, in addition to the
expansion in international markets, targeting the North American market.
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