According to the FAO figures, global meat production was valued at 337.3 million tonnes in 2020, and it is projected to grow by 14% by 2030. Animal-based products such as meat and dairy products are a good source of protein.
The global compound feed industry is constantly growing, and total global compound feed production is estimated to be over 1 billion tonnes annually. According to the International Feed Industry and Federation, global commercial feed manufacturing generates an annual turnover of over USD 400 billion. Some of the major driving factors contributing to the growth of the compound feed market include an increase in demand for animal-based products, innovations in animal husbandry, the growth of domestic and international food chains and restaurants, and an increase in awareness about precision nutrition techniques.
The Asia Pacific region is projected to witness the highest growth rate in the global compound feed market during the forecast period. Feed is an important constituent of agriculture, and the region is the largest feed producer. In the past few years, there has been significant growth in the dairy sector in the region, especially in India, driving the demand for feed for ruminants. The increase in demand for animal-based products; growth of the regional population; the rise in urbanization, especially in China, India, and Japan; and continuous modernization in the feed industry are factors that drive the compound feed market in Asia Pacific.
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GLOBAL COMPOUND FEED INDUSTRY AND ANIMAL WELFARE
The Asia Pacific region is projected to witness the highest growth rate in the global compound feed market during the forecast period. Feed is an important constituent of agriculture, and the region is the largest feed producer.
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