Rise in worldwide population, consumption of poultry-based products, and shift in customer taste toward white meat rather than red meat drive the growth of the global poultry feed market.
PORTLAND, Ore., April 12, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Poultry Feed Market by By Nature (Conventional, Organic), by By Feed Type (Complete Feed, Concentrates, Premix), by Distribution Channel (Offline, Online),: Global Opportunity Analysis and Industry Forecast, 2020-2031". According to the report, the global poultry feed industry generated $119.8 billion in 2021, and is anticipated to generate $217.7 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031.
Prime determinants of growth
Rise in worldwide population, consumption of poultry-based products, increased awareness regarding protein intake in daily diet, and shift in customer taste toward white meat rather than red meat drive the growth of the global poultry feed market. However, rise in vegan population hinders the market growth. On the other hand, high economic expansion in Asia-Pacific and the MEA countries has increased meat production and consumption in these regions, which in turn, presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global poultry feed market, owing to its restrictions in the import & export activities.
- The implementation of the global lockdown disrupted the supply chain, which created several challenges for the manufacturers to transport raw materials for the production of chicken feed.
The conventionalsegment to maintain its leadership status throughout the forecast period
Based on nature, the conventional segment held the highest market share in 2021, accounting for 84% of the global poultry feed market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increasing demand for poultry and its products. Moreover, the organic segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, owing to rise in demand for natural and organic feed globally.
The offlinesegment to maintain its lead position during the forecast period
Based on distribution channel, the offline segment accounted for the largest share in 2021, contributing to 81% of the global poultry feed market, and is projected to maintain its lead position during the forecast period. This is because presence of this product is more on offline stores and consumers prefer the physical stores around the globe. However, the online segment is expected to portray the largest CAGR of 7.8% from 2022 to 2031, owing to the use of social media and increasing digital shopping platforms across the world.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2021, accounting for more than two-fifths of the global poultry feed market. Moreover, the same region is expected to witness the fastest CAGR of 7.4% during the forecast period, owing to high production levels.
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Leading Market Players
- Anko Food Machine Co. Ltd.
- Berkshire Hathaway Inc.
- Bucher Industries
- John Bean Technologies Corporation (JBT)
- Hosokawa Micron Corp.
- GEA Group
- Mallet & Company, Inc.
- NICHIMO CO., LTD.
- SPX Corporation
- Tetra Laval International S.A.
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