Starter Feed Market Estimated To Witness High Growth Owing To Rising Demand From Livestock Industry
Market Dynamics:
The global starter feed market is expected to witness high growth over the forecast period, owing to the rising demand from the livestock industry. The growing livestock production to meet the increasing demand for meat and dairy products globally is augmenting the demand for starter feed. According to the Food and Agriculture Organization (FAO), the global meat production was around 359 million tons in 2020 and is projected to reach over 376 million tons by 2027. This rising meat production is augmenting the demand for young livestock and poultry, thereby fueling the starter feed market growth over the coming years. In addition, increasing consumption of animal-based food products and growing demand for healthy and high-quality animal protein among consumers are also expected to boost the starter feed market during the forecast period.
SWOT Analysis
Strength: The starter feed market has high demand for poultry and livestock feed additives. Formulation of feed with optimal levels of nutrients enhances growth rates and health of animals. Researchers are developing feed blends with probiotics and prebiotics to improve gut health.
Weakness: Feed production is highly dependent on global commodity prices of corn, soybean, and wheat which fluctuate frequently. Small-scale farmers have low bargaining power against feed suppliers.
Opportunity: Rising consumption of meat and dairy products worldwide is fueling the demand for high-quality animal feed. Manufacturers can explore emerging countries in Asia Pacific and Latin America for market expansion. Production of feed with natural growth promoters can attract health-conscious consumers.
Threats: Strict regulations on the use of antibiotics as growth promoters necessitates alternatives. Climate change affects crop yields that are key raw materials for feed production. Disease outbreaks among livestock pose production disruptions.
Key Takeaways
The Global Starter Feed Market Size is expected to witness high growth. The market size is projected to reach US$ 46.55 Bn by 2024 from US$ 35.43 Bn in 2019, expanding at a CAGR of 8.2% during the forecast period.
Regional analysis: North America dominates the starter feed market currently owing to advanced animal husbandry practices and a huge meat industry. However, Asia Pacific is anticipated to be the fastest-growing market in the coming years led by China, India, and other Southeast Asian countries witnessing a rising demand for protein-rich diets.
Key players: Key players operating in the starter feed market are Waters Corporation, PerkinElmer Inc., LabWare Inc., LabVantage Solutions Inc., LabLynx Inc., Thermo Fisher Scientific Inc., Mckesson Corporation, Cerner Corporation, Agilent Technologies, and Abbott Laboratories (Abbott Informatics Corporation), among others. These companies are focusing on the development and commercialization of advanced feed formulations.
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