NEW YORK, Nov. 24, 2021 /PRNewswire/ -- According to The Insight Partners study on "Poultry Feed Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Poultry Type, Form, and Category," the market is projected to reach US$ 156,710 million by 2028 from US$ 124,611 million in 2021; it is expected to grow at a CAGR of 3.3% from 2021 to 2028. Factors such as growing poultry production and rising demand for compound feed in the poultry market are expected to drive the growth of the poultry feed market during the forecast period.
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Report Coverage | Details |
Market Size Value in | US$ 124,611 million in 2021 |
Market Size Value by | US$ 156,710 million by 2028 |
Growth rate | CAGR of 3.3% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 162 |
No. Tables | 85 |
No. of Charts & Figures | 75 |
Historical data available | Yes |
Segments covered | Poultry Type, Form, and Category |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
In 2020, Asia-Pacific held the largest share of the global poultry feed market. With a large base of poultry meat consuming population, the Asia-Pacific poultry feed market is reporting a remarkable growth and is expected to continue to do so over the next few years. Moreover, according to the OECD FAO Agricultural Outlook 2020-2029, the surge in poultry production in Asia-Pacific and Latin America is expected to account for 60% of the global increase in poultry meat. All these factors are likely to contribute to the growth of the Asia-Pacific poultry feed market during the forecast period.
Impact of COVID-19 Pandemic on Poultry Feed Market
The ongoing COVID-19 pandemic compelled the implementation of preventive measures that drastically altered the status of the animal feed industry and negatively impacted the growth of the poultry feed market. Governments across the globe have ordered the closure of their international ports, further causing disruptions in the poultry feed supply chain. The COVID-19 pandemic impacted the availability of raw materials to prepare poultry feed in almost all countries. Corn and soybeans are the main ingredients in poultry feeds. Many countries worldwide that depend on imports of these raw materials to prepare poultry feed have had substantial problems procuring the ingredients. The availability of poultry feed in most places was difficult due to the shutting down of the feed plants. The worldwide consumption of poultry meat declined drastically. The poultry feed industry has been badly affected by the closure of restaurants across the world. However, as the economies are planning to revive their operations, the demand for poultry feed is expected to rise globally. The expanding demand for poultry feed and significant investments by prominent manufacturers are expected to drive the growth of poultry feeds.
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Rising Demand for Compound Feed in Poultry Bolsters Market Growth
Compound poultry feed is made from various raw materials and additives and contains various ingredients based on poultry's nutritional needs, growth stages, and feeding characteristics. It studies the characteristics of poultry feed raw materials and also determines the nutritional requirements of poultry. The proportion of each kind of the feed ingredient is determined in the poultry feed formula. A balanced composition of the feed is required to ensure the health of poultry birds. The compound feed promotes the health and well-being of poultry birds with balanced vitamins and other elements. Hence, rising demand for compound feed in poultry will boost the market growth in the coming years.
Poultry Feed Market: Segmental Overview
By poultry type, the poultry feed market is segmented into layers, broilers, turkeys, and others. In 2020, the broilers segment held the largest market share owing to the high-protein diet fed to them to help support rapid growth. The feed for broiler chicken is available in various forms, such as crumble, pellet, and mash. Increasing broiler population, especially in countries such as India is expected to drive the growth of the segment.
Based on form, the poultry feed market is segmented into mashed, pellets, crumbles, and others. In 2020, the pellets segment held the largest market share. Pellet feed improves growth in broilers as it aids in an increased feed intake due to the enhanced digestibility, increased palatability, and decreased ingredient segregation of pellets.
Poultry Feed Market: Competition Landscape and Key Developments
A few key players operating in the global poultry feed market are ADM; Cargill, Incorporated.; Alltech.; Charoen Pokphand Foods PCL; ForFarmers; Kent Corporation; SHV Holdings; Land O'Lakes, Inc.; AFGRI Animal Feeds; and DE HEUS ANIMAL NUTRITION.
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