Compound Feed Market Size, Price Trends, Competitive Landscape & Forecast by 2023: Global Market Insights, Inc.
Global compound feed market size was estimated at more than 970 million tons in 2014 and is likely to exceed 1100 million tons by 2023, growing at CAGR of above 1.4%.
Cereal based compound feed market size accounted for the largest share with over 35% of the total volume in 2014. Other ingredients include oil seed meals, molasses and cereal by-products.
Amino acids market size dominated the compound feed additive demand and accounted for over 28% of the total volume in 2014. Global amino acid market size was above 6.5 million tons in 2014 and is likely to exceed 10.1 million tons by 2022, with estimated gains at 5.5%. Antioxidants are likely to witness highest growth rate over the next seven years.
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Increase in livestock production such as poultry, swine and broiler coupled with rise in meat consumption is likely to drive compound feed market over the forecast period. They are necessary in order to regulate metabolism and ensure good heath of the animals for human consumption.
Increasing health awareness from protein intake by meat consumption is likely to drive compound feed demand over the forecast period. Animal based foods are increasing gaining importance for human consumption owing to the nutritional content.
Growth in human life expectancy coupled with scarce availability of water & land resources for animal production and increase in grain demand for ethanol & food production have paved meat industry to optimize compound feed utilization.
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North America was the dominant region in 2014 with emergence of frozen meat and meat outlets. Changing consumer lifestyle owing to hectic schedule is likely to positively influence North America frozen meat demand. Aquaculture market is likely to be the fastest growing over the forecast period.
Asia Pacific is likely to be the fastest growing regional market during the forecast period owing to increase in per-capita meat consumption with respect to growth in middle class spending capacity, especially in China, South Korea and India. Population expansion is another factor expected to drive the demand.
India is likely to be the fastest growing market in Asia Pacific. Its consumption in India is expected to be propelled by dairy product and animal protein demand. Aquaculture market is likely witness high growth rate over the forecast period with feed consumption exceeding 7 million tons by 2022 from 1 million tons in 2014.
The compound feed market share is fragmented and companies are engaged mergers & acquisitions to minimize competition. Major industry players include ADM, Altech Inc., Cargill and New Hope Group. Other key industries include Ballance Agri-Nutrients, Charoen Pokphand, Heiskell & Co, Ewos Group, Nutreco NV, Zhen DA International Group, De Heus Voeders B.V. and Miratorg Agribusiness Holding.