Genetically Modified Feed Market Estimated to Witness High Growth due to Rising Demand For Animal Protein
The genetically modified feed market has gained strong momentum in the past decade. Genetically modified feed enhances cattle production and allows cattle to resist pests and diseases. It improves digestibility and nutrient absorption in cattle. Livestock producers widely use genetically modified feed to boost the productivity of dairy cows and increase milk yields. The growing demand for animal protein from a burgeoning global population has fuelled the need for genetically modified feed. The genetic engineering of crops allows higher yields to meet the rising demand for feed grains.
The Global genetically modified feed market is estimated to be valued at US$ 40 Billion in 2024 and is expected to exhibit a CAGR of 6% over the forecast period 2024-2031.
Key Takeaways
Key players: Key players operating in the genetically modified feed market are Cargill, Archer Daniels Midland Company, Charoen Pokphand Foods, Land O'Lakes, ForFarmers, Alltech, Feedworks, DBN Group, Belgium Cooperative Feedmultin, DLG Group.
Key opportunities: The increasing meat consumption in developing countries presents significant opportunities for genetically modified feed producers. Rapid urbanization and rising disposable incomes in Asia and Latin America are fueling the demand for animal protein. This offers vast opportunities to manufacturers to expand their operations in untapped regional markets.
Global expansion: Leading companies in the genetically modified feed industry are expanding their global footprint to serve the growing worldwide demand. Mergers and acquisitions allow players to enter new geographies and bolster their product portfolios. Favorable regulatory frameworks in major beef and dairy producing nations are encouraging further investments in R&D and genetically modified feed production facilities.
Market drivers
Genetically Modified Feed Market Rising demand for animal protein is a key driver propelling the genetically modified feed market. Population growth and increasing meat consumption, particularly in developing countries, are driving the demand for livestock products like milk, eggs and meat. This has intensified the need for high-quality and high-yield feed to enhance cattle productivity. Genetically modified feed filled this need effectively by delivering higher nutritional value.
PEST Analysis
Political: Regulatory policies around genetically modified crops and food often impact the genetically modified feed market. While some regions have loose regulations, others have stricter regulations or even bans, affecting supply and demand.
Economic: Economic growth and increased incomes often spur greater demand for meat and dairy, increasing demand for animal feed including genetically modified varieties. Fluctuations in commodity prices also impact the genetically modified feed market.
Social: Consumer preferences and sentiments towards GMOs vary across regions and demographics. Social acceptance or controversy around GM foods can influence the feed market.
Technological: New genome editing techniques have expanded the capabilities for developing genetically modified crops. This opens opportunities for enhancing nutritional properties and feed efficiencies for animals. However, regulations differ in their treatment of new gene editing technologies versus traditional GMOs.
Geographical regions where market in terms of value is concentrated:
The genetically modified feed market witnesses high concentration of value in North America and Western Europe. Major producers and consumers of meat and dairy are based in these regions, driving strong demand for animal feed including GM varieties that are grown locally. Many top GM crop-producing countries that export feed are also located in North America.
Fastest growing region for the market:
The Asia Pacific region represents the fastest growing market for genetically modified feed globally. With rising incomes, urbanization and growing demand for animal proteins in large countries like China and India, the need for high-quality commercial animal feed is surging rapidly. As regulatory acceptance of GMOs increases in some key Asian countries, the region provides major opportunities for GM feed producers to expand volumes and sales.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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