Cattle Feed Market - Forecast(2021 - 2026)
Cattle Feed Market Overview:
Animal farming sector accounts for nearly 40% of the global agricultural production value (FAO).1]
Since the inception of biotechnology, it has paved the way for mankind towards admission in numerous untouched horizons. Drifting through its prism, numerous sectors have evolved in terms of their principal role of existence. Leveraging this stride, the cattle feed market has progressed from being a mere source of nutrition to an intricate domain developing improved cattle feed additives in accordance with nutrient content, digestibility, efficient nutritional livestock yields, and cattle feed appropriate for region and season in order to meet the requirement of animals. The demand for milk and meat is increasing in most part of the world and hence the farmers are now more concerned over the health and yield of the cattle which in turn is serving the global cattle feed market growth. The abundant potential has driven this arcade to reach a staggering market size of $16 - $17 billion as of 2018.
Cattle Feed Market Outlook:
Meat to meet global food demand-
Daily dairy demand-
Cattle feed market demand is not limited to the consumption of meat products. Other prominent sector positively impacting the animal feed market is the global dairy industry. As per the International Dairy Federation, consumption of dairy products is expected to increase by 25% between 2015 and 2024, therefore dairy operations to match their production with unprecedented demand is augmenting the application of amino acids and subsequently disrupting the cattle feed market in dairy cattle segment. Globally, there are around 150 million small-scale dairy households.[3] Hence, under the types of animal segment of the cattle feed market, dairy cattle holds the apex spot. Owing to the rampant pace of dairy products demand, dairy cattle is estimated to be progressing at an application CAGR of 2.5% going through 2025.
After an acute analysis of the regional aspects, APAC is reckoned to be the dominating region with 45% of cattle feed market global demand settling under its territory. Such dominance can be attributed to several factors such as the increasing population of cattle as a consequence of increasing meat consumption trends among the urban middle-classes in densely populated economies of India and China with nearly 35% of global population. Improving health awareness among individuals is creating demand for livestock-based proteins such as milk, egg and meat.
Several supporting facts by Department of Animal Husbandry and Dairy (INDIA):
23 % of agricultural households reported livestock as their principal source of income.
· As per 19th Livestock census, there are 88 million In-Milk animals.
· India holds the 1st rank among the global milk producing nations since 1998 with the largest bovine population globally.
· 176.4 million tonnes of milk production was recorded in 2017-2018, an increment of 6.65% from the preceding year.
To support and maintain the sheer affluence of its dairy sector, Indian livestock sector is a major employer of cattle feed products propelling the market towards robust growth.
Cattle Feed Market Trends and Growth Drivers:
· The acceptance of non-vegetarian diet can be indicated by the fact that KFC, the world’s most popular chicken restaurant chain is now operating in 135 countries with more than 22,000 restaurants globally.[4] Increasing disposable income among the population has instigated dietary changes such as eating more protein and meat. International Feed Industry Federation has estimated that protein production of bovine type in 2050 will reach 107.5 million metric tons increasing by 62% compared to 2010. Limited livestock sector to meet the unlimited bovine meat-based protein demand is relying on cattle feed for efficient quality and quantity production.
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