In 2023, the compound feed market is set to hit a staggering value of USD 541.2 billion, and projections suggest it will surge to USD 668.3 billion by 2028, maintaining a steady Compound Annual Growth Rate (CAGR) of 4.3% over this period. This remarkable growth can be attributed to a variety of factors, most notably the world’s ever-increasing population, which fuels the demand for essential food products like meat, dairy, and poultry. At the heart of this demand lies compound feed – a powerful tool for supplying vital nutrients to livestock, enhancing their growth, and boosting productivity. As living standards improve across many developing nations, meat consumption rises, and animals such as poultry, pigs, and cattle rely on compound feed for optimal development and production.
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Cereals: The Cornerstone of Compound Feed
Cereals, rich in carbohydrates and featuring varying levels of protein, fiber, and essential minerals, play a pivotal role in compound feed formulations. Staples like corn and wheat, widely cultivated and readily accessible across the globe, make for cost-effective choices when it comes to compound feed ingredients. Consequently, cereals dominate this segment by virtue of their nutritional composition and wide availability.
Poultry: The Global Protein Powerhouse
Poultry, particularly chicken, stands as one of the most popular and widely consumed meats worldwide. Its consistent high demand stems from factors such as affordability, versatility, and nutritional value. This burgeoning appetite for poultry products, encompassing both meat and eggs, drives the need for poultry compound feed. According to the OECD, poultry meat consumption per capita reached a substantial 32 kg in 2022, far surpassing figures for other meats like sheep, beef, and pork.
Plant-Based Feed: A Sustainable Shift
In recent years, there has been a growing preference for plant-based animal feed due to its perceived sustainability and environmental friendliness. Traditional compound feed often incorporates animal by-products and contributes to issues like deforestation and greenhouse gas emissions. In contrast, plant-based feed relies on crops such as soybeans, corn, and wheat, which can be cultivated in a more controlled and sustainable manner. It’s considered healthier for animals, providing a balanced mix of essential nutrients while reducing the risk of diseases associated with animal-based feed.
Asia Pacific: The Epicenter of Demand
The Asia Pacific region, boasting countries like China and India, houses a whopping 60% of the global population, totaling around 4.3 billion people. This densely populated region has experienced continuous population growth, leading to a surging demand for animal-derived products, including meat, milk, and eggs. Consequently, there’s an escalated need for compound feed to meet the growing demands of livestock and poultry production. As incomes rise and dietary preferences evolve, there’s a noticeable shift towards increased consumption of animal protein. This, in turn, fuels the expansion of the livestock and poultry sectors, further boosting the demand for compound feed.
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Key Players in the Compound Feed Market
Several major players operate in the compound feed market, each contributing to its growth and innovation. These industry leaders include Cargill, Inc. (US), ADM (US), Charoen Pokphand Foods (Thailand), New Hope Group (China), Land O’Lakes (US), Nutreco N.V (Netherlands), Alltech, Inc. (US), Guangdong Haid Group Co., Ltd (China), Weston Milling Group (Australia), and Feed One Co. (Japan).
In conclusion, the compound feed market is on an impressive trajectory, driven by the world’s increasing population, the surging demand for animal-derived products, and a growing preference for sustainable, plant-based feed options. With key players at the forefront of innovation, this market is poised to play a crucial role in shaping the future of global food production.
