The poultry feed market is projected to register a CAGR of 4. 1% during the forecast period (2021-2026). The COVID-19 pandemic and restrictions aiming to contain it led to the shutdown of poultry feed companies across the globe in the initial phase, which in turn, resulted in the shortage of feed for livestock farmers.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Poultry Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06129736/?utm_source=GNW
Hence, the initial COVID-19 lockdown caused disruptions in the logistics system, which affected the supply of poultry feed across the globe. However, the poultry feed market grew in the later phases due to exemptions from lockdown restrictions and an increase in poultry meat consumption. The increasing demand for poultry meat products is the major factor driving the market. The increasing industrial livestock production and the increasing demand for organic feed are two other factors augmenting the growth of the market studied. As poultry requires 60% protein, 13% fat, and 3% calcium, the required nutrient content is met majorly by poultry by-products and fish meal. Approximately 50% of the live market weight of ruminants and 30% of poultry is the by-product. These by-products are rendered, ground, and available as a feed source for poultry. Poultry meat is a growing trend on the global front, and it increased from 119,205.21 metric ton in 2018 to 120,884.63 metric ton in 2019 (OECD, 2020). Thus, the demand for compound feed is projected to increase over the forecast period to meet the specific feed requirements.
Key Market Trends
Increasing Demand for Poultry Meat Products
The poultry sector is one of the fastest-growing meat sectors, owing to the increase in poultry meat consumption. Increasing the productivity of poultry is critical to feeding the growing global population. However, high feed prices are acting as a restraint to the poultry feed market. The global poultry meat production is growing, with two-thirds of the increase originating in the Asia-Pacific region. The US consumption of poultry meat is also increasing, as it is considered a convenient product that is easily available in the market. In China and India, the demand for livestock products has been increasing due to rapid economic growth. Factors such as population, real income growth, price of poultry meat, which is relatively cheaper than other meat, and changes in dietary preferences of consumers are influencing the per capita consumption of poultry meat across the globe, which is expected to fuel the market growth of poultry feed during the forecast period.
Asia-Pacific Dominates the Market
The poultry sector in China experienced vigorous growth over the past two decades in terms of poultry numbers and the level of output per bird. Higher levels of production are associated with the spread of intensive systems in which food conversion ratios are high. There was an increase in the share of poultry production in China’s total livestock production, which grew at a much faster rate than pork production. The demand for poultry feed continues to be high in emerging economies of Asia-Pacific in countries like China and India. This leads to the increasing use of quality feed for a higher poultry population. Also, the global poultry meat production is growing, with two-thirds of the increase originating in the Asia-Pacific region.
The poultry feed market is fairly fragmented, with the presence of various participants across several regions. The market studied displays unique characteristics, such as very few large manufacturing companies and a highly unorganized market with several regional players with small market shares. The leading companies are focused on acquiring feed mills and small manufacturing facilities for the expansion of their businesses in domestic and international markets.
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