The global market for compound feed was valued at USD 541.2 billion in 2023 and is projected to reach USD 668.3 billion by 2028, at a CAGR of 4.3% during the forecast period.
The compound feed market is during remarkable growth, with an estimated worth of USD 541.2 billion in 2023, projected to surge to USD 668.3 billion by 2028, at a solid CAGR of 4.3% during this period. But what's fueling this expansion, and why is it crucial?
Feeding a Growing World Population
As the global population steadily climbs, so does the demand for food, particularly meat, dairy, and poultry products. Compound feed plays a pivotal role in ensuring that livestock receives essential nutrients, facilitating their growth and productivity.
This is vital to meet the ever-increasing demand for animal-derived products.
Cereals Dominate the Ingredient Segment
In 2023, cereals took center stage in the compound feed market as the leading ingredient segment. Cereals are a powerhouse of carbohydrates, providing the energy livestock need for their daily activities.
Furthermore, they offer varying levels of protein, fiber, and essential minerals, making them a valuable source of nutrients in compound feed formulations. Widely cultivated cereals like corn and wheat are readily available, making them a cost-effective choice for inclusion in compound feed.
Poultry Leads the Livestock Segment
The poultry segment was the frontrunner in 2023 among livestock categories, particularly due to the high global consumption of poultry products such as meat and eggs. Poultry, especially chicken, stands out as a preferred choice due to its affordability, versatility, and nutritional value.
This surge in demand for poultry products underscores the need for poultry compound feed.
The Appeal of Mash Form Feed
Mash feed, characterized by finely ground ingredients, commands the largest share in the compound feed market. This form of feed offers a uniform texture that's easy for animals to consume and digest, making it especially suitable for young animals or those with delicate digestive systems.
The grinding process used in mash feed preparation increases the surface area of ingredients, enhancing nutrient availability and absorption. Ultimately, this leads to improved growth rates, feed efficiency, and overall animal performance.
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Plant-Based Sourcing Gains Momentum
Plant-based sourcing emerged as the dominant segment in 2023 among compound feed sources. Plant-based animal feed is considered more sustainable and environmentally friendly compared to traditional options, which may contain animal by-products and contribute to deforestation and greenhouse gas emissions.
Plant-based feed relies on crops like soybeans, corn, and wheat, grown in a controlled and sustainable manner. It's also perceived as a healthier option for animals, providing a balanced mix of essential nutrients and reducing the risk of diseases associated with animal-based feed.
Asia Pacific Leads the Charge
The Asia Pacific region takes the lead as the largest and fastest-growing market, accounting for the lion's share of the global compound feed market in 2023. Countries like China and India, with a combined population of around 4.3 billion, are driving this growth.
Rapid population expansion in the region has spurred a heightened demand for animal-derived products, necessitating increased compound feed production to support livestock and poultry industries. As incomes rise and dietary preferences evolve, the shift towards greater animal protein consumption further propels the demand for compound feed.
Key Players Steering the Industry
In this dynamic market, major key players are making their mark. Companies like Cargill, Inc., ADM, Charoen Pokphand Foods, New Hope Group, Land O’Lakes, Nutreco N.V, Alltech, Inc., Guangdong Haid Group Co., Ltd, Weston Milling Group, and Feed One Co. are actively shaping the compound feed industry with their strategies and innovations.
As the world's population continues to grow, the compound feed market plays a vital role in ensuring a sustainable and efficient supply of animal-derived products, meeting global food demands and addressing the challenges of our time.
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