Hyderabad, April 03, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Compound Feed Market - (2023 – 2028)", the market is expected to register a CAGR of 4.1%. Meat consumption has been steadily increasing worldwide. The growing population, urbanization, demographics, income, prices, and environmental and health concerns are all important factors influencing the amount and type of meat consumed. This increases demand for the compound feed market. According to the FAO, global consumption of meat proteins is expected to increase by 14% by 2030, compared to 2018-2020, driven primarily by population growth and income.
Rising interest in seafood and meat products:
- The worldwide economic downturn has had a limited effect on the global meat market, which has maintained its positive outlook.
- Asia-Pacific and South American regions are expected to witness an increase in meat consumption due to changing diets, urbanization, population, and economic growth.
- For example, according to Agriculture and Agri-food Canada, the Chinese demand for meat continues to surpass the domestic supply, signaling the growing demand for meat.
- Fish are low in fats, cholesterol, and carbohydrates. Although not very high in protein, fish also provides essential vitamins and amino acids.
- The demand for seafood is increasing rapidly as more people are becoming aware of the health benefits of fish consumption.
- Globally increasing population trends are also supporting the growth of the global meat and seafood market.
Increasing life expectancy, limited availability of land and water resources for animal feed production, and increasing use of these resources for food and ethanol production are increasing the demand for animal feed in the global meat industry.
How is the growth being addressed?
With rapid economic growth, demand for meat protein is increasing in the Asia-Pacific region, particularly in China, India, Malaysia, and Thailand. This increased demand for meat protein has stimulated meat production in the region, where compound feed consumption has increased and is expected to continue at a healthy rate.
As India holds a minimal share of the swine population in the overall Asia-Pacific market, the African Swine Fever outbreak has not impacted the country’s feed industry.
Who are the key players in the Compound Feed Market?
The Compound Feed Market is fragmented in nature, with many small, medium, and big companies present at various levels – at national, international, and continental levels.
- Cargill Inc.
- New Hope Liuhe Co. Ltd
- Guangdong Haid Group
- Charoen Pokphand Foods
- Nutreco NV
- Land O Lakes Purina
- Alltech Inc.
- Archer Daniels Midland
- ForFarmers
- DeKalb Feeds
- Kent Feeds
- Weston Milling Animal Nutrition
Recent developments in the Compound Feed Market:
- In January 2022, ADM opened an Aquaculture Innovation Lab at the Animal Nutrition Technology Center (ANTC) in Decatur, Illinois. The laboratory extends ADM’s international research and development capabilities to a new region, building on existing aquaculture research facilities located in Brazil, Mexico, and Vietnam.
- In October 2021, BASF and Cargill expanded their partnership in the animal nutrition business, adding research and development capabilities and new markets to the partners’ existing feed enzymes distribution agreements.
- In May 2021, Alltech recently introduced a new line of Lifeforce TM, premium equine supplements, to the market. Backed by more than 40 years of scientific research and formulated with field-proven technologies, these supplements have been created to meet the needs of modern horses throughout their lives, from performance to recreation.
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at www.mordorintelligence.com/industry-reports/global-compound-feed-market-industry
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
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