Hyderabad, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Thailand Compound Feed Market Report (2023-2028)," the market is estimated at USD 9.81 billion in 2023. It is expected to register a CAGR of 4.50% during the forecast period.
Compound feed combines raw materials and supplements, which are fed to livestock. These are sourced from plants or animals, are made of organic or inorganic substances, and can also be produced using industrial processes, whether or not containing additives.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 9.81 billion |
| Market Size (2028) | USD 12.23 billion |
| CAGR (2023-2028) | 4.50% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The consumption of animal-based food products. |
| The change in consumer dietary habits. |
Who are the Top Companies in the Thailand Compound Feed Market?
The Thai compound feed market is moderately fragmented in nature. It consists of major players holding a small market share compared to other small players. The players are using strategies like expansions and investments to enhance their market presence.
Significant players in the Thai compound feed market are,
- Charoen Pokphand Foods PCL
- Cargill Inc.
- Alltech Inc.
- INTEQC Feed Co. Ltd
- S P M FEED MILL COMPANY LIMITED
- Laemthong Corporation Group
- Farm Chokchai
- Sun Feed Co. Ltd
- Betagro Public Company Limited
- Thai Luxe Enterprises PCL
- Thai Union Group Public Company Limited
Other Reports That Might Be of Your Interest:
- Europe Compound Feed Market Report - The European compound feed market is expected to register a CAGR of 4.3% during the forecast period (2023-2028).
- Australia Compound Feed Market Report - The Australian compound feed market is expected to register a CAGR of 4.20% during the forecast period (2023-2028).
Key Highlights from the Thailand Compound Feed Market Report:
Demand for Food Sourced From Animals
- The demand for quality food like meat, eggs, and milk is increasing compared to plant-sourced food like cereals due to the rising demand for protein intake. The increasing awareness of the benefits of offering compound feed is fueling its demand over forage or silage feed.
- The demand for protein-rich diets is driving the consumption of meat and other animal-based products. This is driving the production of livestock, which gets optimum nutrition from compound feed.
Poultry Industry Witnessing Massive Growth
- In Thailand, chicken is the most popular meat because of its low price than pork and beef. Therefore, its increasing consumption, owing to the growing per capita consumption, urbanization, and the trend of dining out, is fueling the market’s growth.
- The demand for feed for chicken registered a 43% share. The sharp increase in broiler production has helped in the establishment of broiler slaughterhouses and developed domestic markets.
What are the Latest Developments in the Thailand Compound Feed Market?
- In September 2022, Cargill acquired a feed mill in the Prachinburi province, Thailand, to strengthen its capabilities for its animal feed and nutrition business.
- In September 2022, Charoen Pokphand Foods Public Company Limited was certified Thailand Greenhouse Gas Management Organization, making it a primary carbon-neutral feed mill in the country to reduce greenhouse gas emissions.
Mordor Intelligence has Segmented the Thailand Compound Feed Market Based on Animal Type and Ingredient:
- By Animal Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Ruminants
- Poultry
- Swine
- Aquaculture
- Other Animal Types
- By Ingredient (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Cereals
- Cakes and Meals
- By-products
- Supplements
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 Thailand Compound Feed Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Vietnam Compound Feed Market Report - The Vietnamese compound feed market size is estimated at USD 11.54 billion in 2023. It is expected to reach USD 15.30 billion by 2028, registering a CAGR of 5.80% during the forecast period (2023-2028).
- Canada Compound Feed Market Report - The Canadian compound feed market is expected to register a CAGR of 3.70% during the forecast period (2023-2028).
- Asia-Pacific Compound Feed Market Report - The Asia-Pacific compound feed market is expected to register a CAGR of 4.2% during the forecast period (2023-2028).
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.
Attachment
