Compound Feed Market: Market Outlook
The increasing health awareness and functional benefits of animal-derived products are currently boosting livestock and aquaculture farming. This livestock needs a highly nutritional diet to maintain their health, growth, reproduction, and improve the quality of products procured from them. The compound feeds are made up of cereals, grasses, hays, silage, sugar beet pulp, corn, wheat, added vitamins and minerals, and many more ingredients to upgrade the quality of food.
Compound feeds are highly digestible and available in different forms such as crumbles, pellets, meal, and others. In 2016, Altech Company had visited more than thirty thousand mills in 131 counties to study the requirements of compound feeds. The rising concern towards well being of animals is driving the compound feed market. In spite of this, the availability of raw material and its fluctuating prices, quality control, and rigid government policies are becoming the major constraint to the compound feed market.
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Compound Feed Market: Market Dynamics
Increase in dairy, meat and similar product consumption driving the Compound Feed market
The flexitarians are preferring meat and aquaculture products in their diet owing to its nutritional values. The HORECA (Hotel/Restaurant/Catering) Industry has shown an inclination towards dairy, meat, and seafood products too, subsequently increasing demands for livestock. These are the considerable factors fueling the sales of the compound feeds market.
Increase in compound feed due to an increase in demand from farmers
In the developing countries of Asia, framers are crucial players to uplift the economies. Livestock has an important role in the farm economy. Healthy and strong animal come to aid farmer’s day-to-day operations as well as income. Currently, outbreaks of animal diseases are a point of concern for the owners of this livestock. Hence, farmers are looking after the wellbeing and the best suit for their livestock. These cognizances of farmers are helping to progress the compound feed market.
Compound Feed Market: Key Players
The compound feed market has shown growth in the past few decades. The major players in this market are Adisseo France S.A.S., Ajinomoto Co., Inc., Archer Daniel Midland (ADM), BASF SE, Biomin Holdings Gmbh, Cargill, Incorporated, Alltech Inc., New Hope Group, Miratorg Agribusiness Holding (Agromir Limited), Ballance Agri-Nutrients, and others.
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