Increased Demand for Protein Diet to Substantiate Market Growth
In recent decades, the feed industry has been registering a robust demand at a rate of 14%-15% annually. Shifting consumer preference for high protein diets has led to the increased demand for poultry meat products. Protein diets are a result of a change in socioeconomic factors such as improving incomes and effects of urbanization-the growing number of gym-goers, higher participation in sports, access to information about protein-rich diets for weight and disease management etc.
In 2018, the U.S. alone accounted for a market worth US$17 billion for protein. The United Nations Food and Agriculture Organization (FAO) states the global number of poultry in 2019 was nearly 27.9 billion by headcount. Since 1990 the poultry count has attained a double-digit growth. This jump has been a clear indicator of tilting consumer preference for a high protein diet, which expected to positively influence the global poultry feed market. The global poultry feed market also finds a direct correlation to the addition of gourmet meat dishes to menus at hotels, restaurants, and quick-service restaurants.
The demand for poultry feed is also expected to rise in the coming years as consumers seek natural feed as compared to antibiotics. Awareness about eating antibiotic-fed meat and governing bodies implementing stringent rules against the same are expected to bode well for the market.
For instance, Park Agrotech Ghana Limited launched ‘Lay More’, a high-potency poultry feed range, which enables farmers to increase poultry yield. Similarly, Greenlife Company Limited launched a new poultry feed, ‘Chicken Protector,’ which claims to provide chicken with essential nutrition to reduce mortality as it treats diseases, improves the immune system, and enhances meat quality.
Veganism Acts as a Deterrent to Global Poultry Feed Market
However, expanding number of health-conscious consumers and increased concern for animal welfare has emerged as deterrents for the global poultry feed market. This has led to a relatively high curiosity around plant-based proteins derived from pea, soy etc. Plant-based diets, termed as vegan diets, have emerged as an answer to biomagnification in the food chain. Developed economies will emphasize the vegan trend as accessibility and affordability to meat alternatives or dairy substitutes are readily available.
Easy Availability of Broiler Chicken Boosts Segment
The global poultry feed market is segmented on the basis of poultry type, format, feed type, and region. By poultry type, the market is segmented into layers, broilers, duck, and turkey. The broiler segment is estimated to lead the global poultry feed market as chicken consumption soars. Demand for chicken in the form of frozen food, fresh meat, and as an integral part of a staple diet for many will continue to drive the segment throughout the forecast period.
Based on format, the market is segmented into granules, pellets, and powder. By feed type, the market is segmented into corn, barley, wheat soybean, and others. In recent years, poultry feed derived from corn has gained significant growth. Corn-based poultry feed offers high nutritional content, which includes high protein, low fibre, making it easy to digest. Corn is sustainable, low-cost and widely available alternative. This has created a high dependency on corn as a feed. According to USDA most of the produced farm animal rations in Kenya include 60% to 80% corn. Thus, these factors are collectively expected to drive the corn segment growth over the forecast period.
Surge in Volume Export from Developing Economies Makes Asia Pacific a Potential Market
Globally, Asia Pacific, inclusive of countries such as India and China, is one of the largest producers of poultry meat across the globe. Between 2018 to 2019 India exported nearly 544,985.06 MT of poultry products to the global market and registered an annual growth of 20% from the previous year. Demand for poultry feed is expected to remain dominant in emerging economies with increased disposable incomes, a growing number of gym-goers, yoga practitioners, and athletes. With a huge population base and the quickest source of nutrition, demand for poultry feed is expected to soar in emerging economies as struggles with malnutrition continue in many rural parts.
On the other hand, the Europe poultry feed market is expected to witness slower growth over the forecast period. Increased consumer concern towards animal welfare, rising awareness towards the usage of antibiotic has compelled the consumers to turn vegan and rely on more plant-based protein diets. These factors are collectively expected to hit the market growth in the region.
Global Poultry Feed Market: Key Players
Some of the major players studied in the global poultry feed market research report are Cargill Incorporated, Associated British Foods plc, Godrej Agrovet, Novus International, Inc., Evonik Industries AG, De Heus BV, Purina Animal Nutrition LLC, Charoen Pokphand Foods, ForFarmers, and Invivo.
Key Elements Included In The Study: Global Poultry Feed Market
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