The APAC animal feed market is expected to grow from US$ 140,947.68 Million in 2018 to US$ 188,285.24 Million by 2027; it is estimated to grow at a CAGR of 3.2% from 2019 to 2027.
The industrialization of animal farming has led to an increase in demand for protein-rich animal feed ingredients to increase the feed conversion rate. Industrially raised livestock are chiefly fed on concentrates made from cereals and vegetable proteins such as soybean meals to assist them in gaining weight and producing protein-rich meat. Farm animals depend on proteins, among other biomolecules and elements, as building blocks for growth. Proteins in animal feeds are an excellent source of energy, minerals (calcium and phosphorus), and essential amino acids (lysine and methionine). The growing awareness about the health benefits of proteins on animal health has created substantial demand for protein feeds such as animal protein meals, feather meals, fish meals, bone meal, and blood meal. As livestock and farm animals contribute significantly to the food supply chain the demand for protein-rich nutritious animal feeds is expected to grow during the forecast period. Such constantly burgeoning demand for protein-rich animal feeds is anticipated to drive the overall animal feed market.
The poultry segment led the APAC animal feed market, based on livestock. Poultry mainly includes chickens, duck, geese, quails, and turkeys reared for meat and eggs, among other products. The common ingredients used in poultry feed are whole maize, cottonseed cake, maize germ, soya beans or fish meal (omena). In addition to that, farmers add several feed additives such as micronutrients, minerals, and vitamins to ensure their chicken has a balanced feed that meets their daily nutrient requirements.
Amid COVID-19 pandemic, the APAC animal feed market growth has slowed down due to the lockdown in countries such as China and India. The majority of the countries have imposed lockdown or transport restrictions, which is adversely impacting production due to less labor footfall.
The overall APAC animal feed market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC animal feed market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC animal feed market. Archer Daniel Midland Co., Cargill Inc., Charoen Pokphand Foods PLC, Evonik Industries AG, Guangdong Haid Group Co. Ltd., Land o’lakes Inc, New hope group Co. Ltd., Nutreco NV, and Perdue Farms Inc. are among the prime players in the market in this region.