In 2016, the North America compound feed production was around XX million tons and the market was worth around USD XX billion. The global market for compound feed is estimated to grow at a CAGR of XX% between 2017-2022.
Increased domestic consumption of meat and aquatic products, as well as technological innovations in the meat processing industry and increased industrial livestock, are increasing the demand for high-quality meat and driving the growth of the companion animal feed market. Increased domestic demand is augmented by growing middle class incomes in emerging economies, and demographic factors, including the increasing number of double-income families and strong economies in both developed and developing countries.
Raw materials (cereals) and supplements (vitamins, minerals, amino acids, antibiotics, and colorants) are blended in different proportions to yield the compound feed for various animal species. Cereal, as a major ingredient of compound feed, occupies a 37% market share. Although the increasing cost of raw materials is restricting the growth of the compound feed market, it is driving the market for feed additives. The compound feed additives market in North America is expected to grow at a CAGR of XX%, to reach USD XX million by 2022. Antioxidants are the fastest growing feed additives, set to grow at an estimated CAGR of XX%. The rising demand for organic meat has created an opportunity in the industry for organic feed.
The major players in the compound feed market are Cargill (U.S.), ADM (U.S.), Nutreco NV (The Netherlands) and Charoen Pokphand (Thailand), among others. The developing countries of Asia and South America are the key growth markets in the industry. Major players are rapidly tapping into these markets through both organic and inorganic growth strategies. Over the last five years, the most adopted strategy for growth has been mergers and acquisitions.
Key Deliverables in the Study