Post COVID-19, the global feed market size is estimated to grow from USD 282.8 billion in 2020 and is projected to reach USD 325.7billion by 2025, recording a CAGR of 2.9%
NEW YORK, May 25, 2020 /PRNewswire/ --
Increasing awareness regarding animal health to drive the demand for feed additives.
Post COVID-19, the global feed market size is estimated to grow from USD 282.8 billion in 2020 and is projected to reach USD 325.7billion by 2025, recording a CAGR of 2.9%. The increasing awareness about livestock nutrition, modernization of the livestock industry, and the rise in consumption of meat & other livestock-based products have led to an increase in the market size of feed additives. However, due to COVID-19, feed manufacturers and producers are becoming more aware of techniques and strategies to cope up with the situation. This, in turn, is projected to lead to an increase in demand for feed additives, as the market growth starts stabilizing.
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Phytogenics as feed additives in the feed market is projected to grow at the highest CAGR between 2020 and 2025.
Key factors, such as the prohibited use of antibiotics in feed, stringent regulations imposed by the European Commission on synthetic feed additives, and the growth in the consumption of phytogenics in livestock feed to enhance feed palatability and livestock performance, are projected to drive the market growth in the coming years.
The feed industry in APAC is expected to grow at the highest CAGR during the forecast period.
The current geographical insight on the feed additives market yields a strong outlook for the Asia Pacific market, which is the largest and fastest-growing market for feed additives. The region has a large consumer and producer base, which drives the growth of the feed additives market in the region, given the economic conditions and the availability of raw materials.
These factors have encouraged the development of new products. The COVID-19 pandemic had a significant impact on China's poultry industry.
Although the world suffers from lockdowns and self-isolation, the Chinese workforce is going back to work with life gradually returning to normal. However, the outlook on China's poultry industry remains poor and is projected to worsen.
Farmers had to cope with the movement restrictions and paralyzed supply chains, leading to large inventories and falling prices.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts.
The breakup of the profiles of primary participants is as follows:
• By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 –25%
• By Designation: C-level executives – 40%, Directors – 35%, Others – 25%
• By Geography: North America – 10%, Europe – 20%, APAC – 40%, and RoW – 30%
Some of the major players in the global feed market are Cargill (US), ADM (US), and BASF (Germany).
Research Coverage
This report covers the COVID-19 impact on the feed market based on feed additive type, offering, end use application, and geography. A detailed analysis of key industry players has been done to provide insights into their business, COVID-19 impact and services, and key strategies associated with the feed market.
Reasons to Buy the Report:
• Illustrative segmentation analysis and forecast pertaining to the feed market based on feed additive and geography have been conducted to provide an overall view of the feed industry considering the detailed impact analysis of COVID-19
• Major drivers, restraints, and opportunities for the feed market have been detailed in this report.
Read the full report: https://www.reportlinker.com/p05897403/?utm_source=PRN
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