Dublin, Aug. 13, 2024 (GLOBE NEWSWIRE) -- The "Indonesia Poultry Feed Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Indonesian poultry feed market is projected to grow at a CAGR of 7.87% over the forecast period, from US$5.74 billion in 2024 to US$8.38 billion by 2029.
The improvements in feed formulation technologies, growing sustainable farming methods, and animal welfare in Indonesia have emphasized how crucial creative feed solutions are. Moreover, government rules, which prioritize safety standards and encourage ethical production methods, and import of feed also aid in the development of the animal feed sector. For instance, Ministry of Agriculture (MOA) Regulation Number 13/2019 outlines new regulations regarding importing animal-based feed ingredients.
The growing middle class and expanding population in Indonesia are the main factors driving the market. Due to shifts in lifestyles, there has been a keen observable upward trend in meat consumption, which has been running concurrently with an expansion of the livestock sector, leading to increased production of corn and wheat in Indonesia. For instance, the installed capacity for corn mills is predicted to rise from 4,000 MT per day in 2021/22 to 4,500 MT per day in 2022/2023.
INDONESIA POULTRY FEED MARKET DRIVERS:
The rising demand for chicken meat is expected to propel the growth of Indonesia's poultry feed market.
The population's growing meat consumption is closely correlated with Indonesia's growing meat demand. The nation's total meat consumption is rising as more people look for meat products. Rising incomes, standards of living, and knowledge about the health advantages of eating meat have coincided with more people opting for meat compared to other food types like carbohydrate-rich foods, especially corn products.
This leads to more people preferring meat agencies in a given environment over time. Chicken production mainly has driven this demand growth as shown by increased sales of chicken products such as eggs and macaroni in Indonesia thus poultry feed market expansion. For instance, poultry meat production increased from 50,830.76 tonnes in 2022 to 51,270.23 tonnes in 2023.
In Indonesia, the main causes of changing consumption patterns include a rapidly urbanizing country, adopting a busy lifestyle, and the increasing importance of mega supermarket chains and foreign food companies. This stimulates demand for more convenient products among others like TESCO and Carrefour outlets, etc.
In this regard, even more people are opting out of home-cooked meals for packaged snacks like burgers or fried chicken from their neighboring fast-food restaurants, hence contributing to this trend of unhealthy eating habits. Moreover, higher incomes lead to more wealth, which means more animal feed can be imported into the country. for instance, between 2022 and 2023, Indonesia experienced a rise in GDP per capita from $4,787.9 in 2022 to $4,940.9 in 2023.
Indonesia Poultry Feed Market Segment Analysis
Wheat segment is predicted to contribute at a significant pace to market growth
Wheat is one of the major poultry feed ingredients owing to its high protein, mineral, and gluten content, which improves chickens' overall gizzard functioning. Besides aquaculture, Indonesia has also invested in land animal farming, comprising goats, pigs, poultry, and buffalos, among others. Poultry accounts for a major portion of the country's total feed production, owing to the high demand for chicken meat.
According to the USDA's "Grain and Annual Feed" issued in April 2024, poultry accounts for 90% of Indonesian feed production. With the increase in Grand Parent Stock (GPS) import, the poultry population in Indonesia will witness positive growth, thereby simultaneously driving wheat consumption as a feed ingredient. The same USDA report stated that in 2022, the wheat consumption for feed stood at 1.1 MT (Million Tons), and in 2023, the consumption reached 1.6 MT, thereby signifying a 45.5% growth. Moreover, the forecasted consumption for 2024 is marked at 1.8 MT.
Additionally, the Indonesian agriculture ministry's effort to bolster local corn production has hindered its overall productivity since corn seeds provided at subsidized rates have lower yields. Such futile efforts have further incentivized wheat usage in feed production thereby providing a major growth to its overall market demand and consumption.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 107 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $5.74 Billion |
| Forecasted Market Value (USD) by 2029 | $8.38 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Indonesia |
Companies Featured
- East Hope Group
- Kemin Industries, Inc.
- Novus International, Inc. (Mitsui & Co., Ltd .)
- PT Japfa Comfeed Indonesia
- Cargill Indonesia
- PT Malindo Feedmill Tbk
- PT Charoen Pokphand Indonesia Tbk
- Royal DSM N.V
- Lautan Luas
- Orffa
- Roxell
Market Segmentation:
By Raw Material
- Corn
- Wheat
- Others
By Type
- Boilers
- Layers
- Others
By Province
- Sumatera Utara
- Jawa Barat
- Jawa Timur
- Others
For more information about this report visit https://www.researchandmarkets.com/r/q7rlu4
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