Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Poultry Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The poultry feed market is poised for steady growth, with a projected CAGR of 4.2% during the forecast period, according to the latest industry insights.
The COVID-19 pandemic initially led to disruptions in the poultry feed market, with shutdowns of poultry feed companies and logistics systems. As a result, livestock farmers faced shortages of feed. However, as lockdown restrictions eased and exemptions were granted, the market rebounded, driven by an increase in poultry meat consumption.
The major long-term factor fueling the poultry feed market is the rising demand for poultry meat products. With increasing industrial livestock production and a surge in demand for organic feed, the market is set for substantial growth. Poultry's specific nutrient requirements, such as 60% protein, 13% fat, and 3% calcium, are mainly met through poultry by-products and fish meal.
These by-products, accounting for approximately 50% of ruminants' live market weight and 30% of poultry, are rendered and ground to serve as a feed source for poultry. The global trend of poultry meat consumption saw an increase from 45,033 metric tons in 2018 to 45,938 metric tons in 2020 (OECD, 2021), indicating a surge in demand for poultry feed to meet specific nutrient needs.
Poultry Feed Market Trends: Increasing Demand for Poultry Meat Products
The poultry sector is experiencing rapid growth in meat consumption, making it one of the fastest-growing meat sectors globally. Boosting poultry productivity has become crucial to meet the demands of a growing population. However, high feed prices are impacting the poultry feed market as a restraint. The Asia-Pacific region leads the surge in global poultry meat production, with two-thirds of the increase coming from this region.
The US has also witnessed a rise in poultry meat consumption, as it is readily available and convenient for consumers. In China and India, the growing demand for livestock products, driven by rapid economic growth, is propelling per capita poultry meat consumption. These factors, combined with increased average income and steady economic growth, are influencing consumers to shift towards protein-rich diets, driving the demand for poultry meat and, consequently, poultry feed.
Asia-Pacific Dominates the Market
The Asia-Pacific region, particularly China and India, has experienced significant growth in the poultry sector over the past two decades. Intensive systems with high food conversion ratios have contributed to higher levels of poultry production in these countries. In 2019, India's commercial feed industry mainly catered to the poultry sector, accounting for around 70-75% of the total feed production, nearly 39 million metric tons. Poultry feed alone contributed to 24.9 million metric tons in the country.
The demand for poultry feed remains robust in emerging economies like China and India, driven by a growing poultry population. Additionally, two-thirds of the global poultry meat production originates in the Asia-Pacific region, reinforcing its dominant position in the market.
Poultry Feed Market Competitor Analysis
The poultry feed market exhibits a fragmented landscape, featuring various participants across different regions. Notable characteristics include a few large manufacturing companies alongside an unorganized market with several regional players holding smaller market shares. Leading companies are actively expanding their presence in domestic and international markets by acquiring feed mills and small manufacturing facilities.
A selection of companies mentioned in this report includes
- Charoen Pokphand Foods
- Cargill Inc.
- Alltech Inc.
- Archer Daniels Midland
- De Heus BV
- Land O Lakes Inc.
- ForFarmers
- Nutreco NV
- Kent Feeds
For more information about this report visit https://www.researchandmarkets.com/r/t1mxjf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
