Market Overview
The global compound feed market size is estimated to balloon to USD 539.99 billion by 2023, asserts Market Research Future (MRFR). The substantial growth witnessed in organized livestock farming is the primary driver of the market. Dependence on farming by agriculture-dependent economies of India, China, and Brazil is likely to support the trend. The shift from agricultural waste to predefined foods by farmers to enhance the health of animals can drive the demand for compound feeds.
Precision nutrition is gaining prominence in agriculture circles to improve the health of animals. The science is used to create feeds with a balanced ratio of specific nutrients to cater to their diets. This can trigger the demand in the compound feed market with farmers able to maintain the health of animals with ease.
Competitive Landscape
Animal feed producers and suppliers in the compound feed market are COFCO (China), United Animal Health Inc. (U.S.), Land 'O Lakes Inc. (U.S.), Nutreco NV (The Netherlands), Weston Milling Animal Nutrition (Australia), Feedone Co., Ltd. (Japan), Archer Daniels Midland (ADM) Company (U.S.), PT Japfa Comfeed Indonesia Tk (Indonesia), Cargill Inc. (U.S.), New Hope Group (China), Charoen Pokphand Foods PCL (Thailand), Neovia Group (France), and ForFarmers NV (The Netherlands).
Expansions, acquisitions, and agreements are corporate strategies of these players to expand their reach. For instance, Cargill, Inc., acquired Mulpuri Foods & Feeds in January 2018 to increase their portfolio of fish feeds and cater to the domestic fishery industry.
Market Segmentation
The compound feed market is segmented by ingredient, supplement, and distribution channel.
By ingredient, cereals held close to 37.44% share in 2021. The segment can exhibit 3.48% CAGR to accumulate USD 195.9 million by 2027. This can be attributed to abundance of raw materials such as corn and sorghum required to produce cereals. Oilseed meals held close to 28.32% share in 2021. It can exhibit a stellar CAGR of 4.45% to accrue close to USD 156.7 million by 2027.
Studies promoting the use of oilseed meals owing to the presence of glucosinolate is expected to boost the segment growth. The ability of the component to eliminate cancer cells is likely to boost its demand among farmers.
Supplements held close to 13.28% share in 2021. It can exhibit highest 4.71% CAGR to attain close to USD 74.6 million by 2027. This can be credited to inclusion of compound feeds in diet of livestock to enhance their overall well-being.
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Regional Analysis
North America can exhibit 3.80% CAGR to accrue close to USD 113.8 million by 2023. This can be credited to presence of numerous feed mills in the U.S. and Mexico. Rising demand for seafood coupled with high requirement for compound feeds to cater to the diets of broilers can augur well for the market.
Europe can exhibit 4.07% CAGR to accrue close to USD 135.2 million by 2023. Countries such as France, Germany, Spain, and Russia are likely to propel market demand due to presence of top compound feed producers. The use of supplements for livestock farming is expected to boost the regional compound feed market. But the ban on antibiotics can hamper the market growth.
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