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Global Compound Feed Market Segmented By Plant-based and Animal-based Source type with species type such as Cattles, Poultry, Ruminants, Aqua, Swine and Others
The increasing health awareness and functional benefits of animal-derived products are currently boosting livestock and aquaculture farming. This livestock needs a highly nutritional diet to maintain their health, growth, reproduction, and improve the quality of products procured from them.
The compound feeds are made up of cereals, grasses, hays, silage, sugar beet pulp, corn, wheat, added vitamins and minerals, and many more ingredients to upgrade the quality of food.
Compound feeds are highly digestible and available in different forms such as crumbles, pellets, meal, and others. In 2016, Altech Company had visited more than thirty thousand mills in 131 counties to study the requirements of compound feeds
The rising concern towards well being of animals is driving the compound feed market. In spite of this, the availability of raw material and its fluctuating prices, quality control, and rigid government policies are becoming the major constraint to the compound feed market.
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Increase in dairy, meat and similar product consumption driving the Compound Feed market
The flexitarians are preferring meat and aquaculture products in their diet owing to its nutritional values. The HORECA (Hotel/Restaurant/Catering) Industry has shown an inclination towards dairy, meat, and seafood products too, subsequently increasing demands for livestock. These are the considerable factors fueling the sales of the compound feeds market.
Increase in compound feed due to an increase in demand from farmers
In the developing countries of Asia, framers are crucial players to uplift the economies. Livestock has an important role in the farm economy. Healthy and strong animal come to aid farmer's day-to-day operations as well as income.
Currently, outbreaks of animal diseases are a point of concern for the owners of this livestock. Hence, farmers are looking after the wellbeing and the best suit for their livestock. These cognizances of farmers are helping to progress the compound feed market.
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The compound feed market has shown growth in the past few decades. The major players in this market are Adisseo France S.A.S., Ajinomoto Co., Inc., Archer Daniel Midland (ADM), BASF SE, Biomin Holdings Gmbh, Cargill, Incorporated, Alltech Inc., New Hope Group, Miratorg Agribusiness Holding (Agromir Limited), Ballance Agri-Nutrients, and others.
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In the upcoming years, due to rising demand, the compound feed market may show a healthy CAGR. Already existing players are acquiring small firms to extend their product line and to reach the different areas of the world. Owing to rising demand, new players will have a better opportunity too in this market.
This compound feed industry is highly cost-intensive, raw materials are expensive, and quality standards are quite high. Therefore, suppliers are trying to get an edge over each by investing in research and development to improve the quality of the compound feed.
The European market followed by the North American markets, has demonstrated paramount consumption of dairy and meat products, and seafood. This seems to remain steady in the forecasted years and will chip in the demand for the compound feed.
Owing to the rising demand for meat products in Asian counties like China, India, and others, the Asian markets seem to be dominating the compound feed market. From the past few years, it was noticed that China's meat consumption and demand is exceeding its domestic supply. This is helping to grow the Asian compound feed market.
The African and Middle East markets have started to give a positive response to this compound feed market and considered to show growing demands in the future due to the rising demand for meat consumption.
The HORECA industry was majorly impacted due to the outbreak of COVID-19 resulting in hampering the compound feed market. It is projected that the Covid-19 will have a moderate to low impact on the supply-demand of the compound feed market. Despite this, increasing demand for meat and aquaculture food will show a positive outlook in the upcoming future.
