Global Compound Feed Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
The Global Compound Feed market is forecasted to register a significant CAGR of over the forecast period.
Growing demand for Meat and Aquaculture products
Global consumption of meat products is expected to rise at a CAGR of 2.67% for the period of 2012 to 2017. The worldwide economic downturn has had a very limited effect on the global meat market, which has maintained its positive outlook. The highest growth for meat consumption is expected from the Asia-Pacific and Latin American regions because of changing diet patterns, urbanization, population, and economic growth.
Fish are low in fats, cholesterol, and carbohydrates. Although not very high in protein, fish also provide essential vitamins and amino acids. The demand for seafood is increasing rapidly as more and more people are becoming aware of the health benefits of fish consumption.
Globally increasing population Trends, are also supporting growth of the world meat and seafood market. Increasing life expectancy and 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.
Countries such as India, China, Brazil, Russia are among world’s fastest growing economies; rise in per capita income is expected to shift dietary preferences towards protein rich diets. However meat consumption patterns will remain significantly different in various parts of the world, because of cultural, religious, and other consumer preference factors in different countries.
Increasing consumption of meat as well as a rise in consumer awareness regarding the benefits of organic food has led to increased demand for organic feed. While the demand for organic feed is strong, there are not enough organic crops to meet demand. Conventional feed, which includes a minute proportion of vitamins, hormones and other additives along with ingredients, increases yield and minimize livestock production cost. However more number of quality conscious consumers are demanding environmentally safe and chemical residue free meat, meat products, milk and milk products. The market for organic feed is expected to grow with the continuous expansion of organic meat and poultry market as feed is the major input in livestock farming. Along with the meat industry, the organic dairy industry also demands organic feed. The current organic livestock farming system relies on organic crops, organic grass and organic pastures. However, organic raw materials in feed do not ensure increased productivity of livestock. The prospects of successful organic food export industry is the major driving factor for organic livestock farming and organic feed industry in developing countries. Exports of organic meat from Asian and South American countries to North America and Europe have grown steadily during the last five years. Priced at nearly twice the cost of conventional feed, organic feed is far from competitive even with organic food and products being sold at higher prices to the consumer.
Key Developments in the Market: