Dublin, Aug. 16, 2024 (GLOBE NEWSWIRE) -- The "Thailand Animal Feed Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Thailand animal feed market is exhibiting a strong growth trajectory, with expectations to ascend from US$6.543 billion in 2024 to US$7.539 billion by 2029, registering a CAGR of 2.87% throughout the forecast period. This burgeoning growth is propelled by the increasing demand for livestock products including poultry, dairy, and meat. With a rise in consumption levels and heightened nutritional requirements for livestock, the market for animal feed in Thailand is witnessing a significant boost.
The upsurge in meat consumption, particularly poultry, and dairy products forms a critical driver for the animal feed market's expansion in Thailand. Rapid urbanization, a growing population, and escalating income levels have collectively spurred a 'livestock revolution', augmenting the demand for quality animal feed. Additionally, a surge in the number of retail outlets, including supermarkets and fast-food chains, has escalated the requirement for high-quality meat, thereby fuelling the Thailand animal feed market.
Segment Analysis and Trends
A considerable fragment of this growth is attributed to the cattle feed segment, driven by burgeoning demands in the dairy and beef sectors. The quest for higher beef consumption, especially among younger demographics, has catalyzed significant market development. Furthermore, health consciousness and improved financial capabilities among consumers are elevating protein consumption, which in turn accentuates the growth of livestock farming and the need for effective animal feed. On the other hand, the cereals and grains segment is predicted to make a substantial contribution to the market growth, thanks to the thriving poultry production and favorable governmental policies. An enhancement in livestock figures will likely bolster feed demand across major feed mills, with cereals and grains occupying a pivotal role in feed composition.
Sustainability and Innovations
Key market players are increasingly adopting sustainable practices, marking an exemplary trend within the industry. Innovations such as traceability systems in feed production underscore a commitment to sustainability and reinforce market expansion. Pioneering ventures like these signify the Thailand animal feed market's move towards more transparent and responsible production techniques. Conclusion
In conclusion, the Thailand animal feed market exhibits significant growth potential, with projections revealing an upward trend through to 2029. The interplay of increased meat consumption, population growth, and innovative, sustainable practices by market players underpins the expansion of this dynamic sector. Consequently, stakeholders across the supply chain are expected to witness ample opportunities as the market progresses.
Market Segmentation
The market analysis is comprehensive and comprises various segments including type, livestock, form, production system, source, raw material, and province, offering an exhaustive overview of the Thailand animal feed industry. This segmentation reflects the multifaceted nature of the market and the diverse elements propelling its growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 97 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $6.54 Billion |
| Forecasted Market Value (USD) by 2029 | $7.54 Billion |
| Compound Annual Growth Rate | 2.8% |
| Regions Covered | Thailand |
Companies Featured
- East Hope Group
- Cargill
- Kemin Industries Inc.
- Novus International
- BASF SE
- Novozymes
- Simplot Company
- Archer Daniels Midland Company
- Royal DSM N.V
- Charoen Pokphand Foods PCL
- Verde Tech
- Lee Pattana Product Public Company Ltd.
- Betagro Public Company Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/h2mmxx
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
