Increasing
Consumption of High-Quality Poultry Meat Products Influences Poultry Feed
Demand
With the growing global
population and increased demand for poultry meat in different sectors of
fast-food restaurants, poultry farmers throughout the world are boosting
production to meet consumer demand. According to published report by the EU
Agriculture and Rural Development, EU production is estimated to expand by 0.4%
per year, reaching 14 Mn tonnes in 2031, since consumers consider poultry as a
low-cost, healthy and sustainable food alternative. As a result, market
expansion is expected to be fueled by growing production demand for nutritious
and healthy poultry meat. According to Alltech feed survey conducted in
2021, the boilers accounted for 28% of overall feed production, while a layers
accounted for 14% of total feed production. According to the survey, broilers
are the most rapidly expanding poultry species. As a result, rising feed
production is boosting market growth throughout the forecast period. Increased
poultry expansion projects are assisting the market's growth. Several developed
countries are also turning to mono-gastric farming, with poultry and pigs being
popular animals. This developing trend might be a driving force in the
strengthening of the key trends and opportunities in the poultry feed industry
in the coming years.
Poultry
Feed Is Gaining Traction Due to The Increasing Adoption of Chilled and Frozen
Poultry Products
The rise in poultry meat
consumption is especially evident in East and Southeast Asia and Latin
America, particularly in China and Brazil. Over the last decade, developing
countries have consumed a larger percentage of the world's poultry meat.
Poultry meat production as well as consumption in developing countries are
expected to rise by 3.6% per year due to rising incomes, food diversification,
and expanding markets. Global meat consumption per capita is expected to rise
0.3% per year to 35.4 kg in retail weight equivalent (r.w.e.) by 2030,
according to the OCED Agricultural Outlook 2021. More than half of this
increase can be attributed to increasing per capita intake of poultry meat. The
National Chicken Council (NCC) issued its annual Chicken Wing Report on
February 1, 2023, estimating that Americans to consume a record-breaking 1.45
Bn chicken wings over Super Bowl LVII weekend. This figure represents a 2% rise
over last year's report, which equates to 84 Mn extra wings. The development of
supermarkets and shopping malls bolsters the retailing of chilled and frozen
poultry products. Moreover, government measures maintain competitively priced
product supply, which boosts poultry sector expansion. The need for affordable,
high-quality chicken products is always expanding as the working population and
incomes rise. Consumers are ready to spend more on healthy meat products as
their health awareness increases, adding to the market's expansion. Additionally,
demand for poultry meat from rapidly expanding fast-food restaurants such as
KFC, Nando’s, McDonald’s, Marrybrown and others is boosting poultry
industry expansion, which is leading in market development. The value of
broilers produced in 2021 was US$ 31.5 Bn, up 48 percent from 2020, according
to the United States Department of Agriculture. In 2021, the total number of
broilers produced was 9.13 Bn. Poultry production must rise to meet rising
consumer demand, which necessitates the best use of high-quality feed to
optimise production efficiency, feed conversion ratios and animal health.
Throughout the forecast period, it is expected to drive the market.
Efforts to Enhance
Feed Nutrition Have Resulted in A High Demand for Soybeans
To boost the nutritional
composition of feed ingredients, poultry farmers are slowly shifting to
soybeans. Although though maize remains the most popular feed type, soybean
meal has a higher protein content and a great amino acid profile. In 2022, the
amino acid segment was the largest in terms of both volume and revenue, and it
is expected to develop at a fast rate in the future years. The amino acid is
considered as one of the most significant sources of protein and is hence essential
in poultry nutrition. Due to its high protein content, amino acid reduces the
amount of soybean meal in a monogastric animal's diet.
Several Challenges
Are Impeding the Expansion of The Poultry Feed Market
Regional poultry feed markets
have always been strictly regulated in terms of human health and well-being and
also protection of the environment. As a result, the requirements for feed
additives in terms of bans and restrictions are frequently changing. Increasing
broiler production and consumers' preference for fish and meat due to their
lower price compared to fowl food are estimated to limit the poultry feed
market's growth to some extent over the forecast period. Less consumer
awareness of the product may constrain market growth for poultry feed over the
forecast period. Furthermore, the growing vegan population is limiting
industry growth.
ForFarmers, a Dutch agricultural
feed group, announced plans in November 2022 to use alternate raw materials and
food waste to make new animal feeds that meet the increased demand for
sustainable agriculture techniques.
Cargill funded US$ 50 Mn in
R&D in China, in Elk River, Minnesota and in a plant in the Netherlands to
develop and produce animal nutrition and feeds in April 2022.
Anko Food Machine Co. Ltd., John
Bean Technologies Corporation (JBT), Berkshire Hathaway Inc., Hosokawa Micron
Corp., Bucher Industries, GEA Group, NICHIMO CO., LTD., SPX Corporation and
Tetra Laval International S.A. are some of the prominent market players
operating in the global poultry feed market.
Asia-Pacific Region
Provides Market Participants with Lucrative Market Opportunities
Asia-Pacific is the major poultry
feed market. A large population and rising disposable incomes are expected to
drive market expansion in Asia Pacific at the fastest rate. In terms of poultry
numbers and production per bird, China and India's poultry sectors have grown
rapidly during the last two decades. According to the USDA, poultry production
in China is expected to remain stable in 2023 at 14.3 Mn metric tonnes.
Increased production levels are connected with the development of intensive
systems with high food conversion ratios. China's feed consumption is
increasing due to the country's high demand for chicken meat. Also, the poultry
industry is benefiting from government subsidies to aid in recovery and
restocking. For instance, in Fujian Province, a big poultry firm started construction
on 17 new white broiler plants in April 2020, representing a US$ 286 Mn
investment. Furthermore, rising per capita income, the expansion of
quick-service restaurants in India and increased demand for quality poultry
products have all contributed considerably to expanding demand for poultry feed
in India. That will most likely increase poultry feed revenues in the country
in the future.
The report provides a detailed
overview of the poultry feed market insights in regions including North America,
Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa.
The country-specific assessment for poultry feed market has been offered for
all regional market share, along with forecasts, market scope estimates, price
point assessment, and impact analysis of prominent countries and regions.
Throughout this market research report, Y-o-Y growth and CAGR estimates are
also incorporated for every country and region, to provide a detailed view of
the poultry feed market. These Y-o-Y projections on regional and country-level
markets brighten the political, economic and business environment outlook,
which are anticipated to have a substantial impact on the growth of the poultry
feed market. Some key country and region included in the poultry feed market
report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy, U.K.,
BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN, India,
Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Poultry Feed Market Research Report
Covers In-depth Analysis on:
·
Poultry feed market segments
·
Poultry feed market dynamics
·
Poultry feed market value and share analysis
·
Recent trends, restraints, opportunities in poultry
feed market
·
Companies & competition involved poultry
feed market
·
Latest technologies in poultry feed market
·
Supply chain and value chain poultry feed market
·
Poultry feed market sales and distribution
strategies
Poultry Feed Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size in
terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Poultry feed industry trends and developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on poultry feed market forecast
by countries
·
Essential information to enhance market position
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