Market Trends of asia-pacific feed minerals Industry
The growing disposable income in developing countries of Asia-Pacific and government support schemes for poultry industry, and China is largest producer of eggs are helping in growth of poultry population in the region
- The Asia-Pacific region dominated the global agricultural sector, with poultry being the largest segment, accounting for 42.4% of global poultry production in 2022. This increase in poultry consumption is driven by a rise in popularity, rapid urbanization, and growing disposable incomes in developing countries such as India and Vietnam, which recorded a 37.3% increase in poultry population in 2021 from 2017.
- In 2021, China, Indonesia, and India held a significant share of the poultry market in the region, with market shares of 39.7%, 25.3%, and 5.7%, respectively. This growth in demand for poultry products can be attributed to increased demand for eggs, meat, and government schemes that support the poultry industry. For instance, the Department of Animal Husbandry and Dairy in India is introducing capital fund schemes to support poultry businesses, educating farmers on improving their yield quality, and boosting the market growth.
- China was the largest producer of eggs in the world, with consumption and production accounting for over 40% of global production in 2022. With over 900 million stock-laying hens and the country's largest layer poultry farming center hatching 60 million chicks per year, the country's layer farming recorded significant growth.
- Broiler production in the region is also growing rapidly due to the increased consumer demand for chicken meat. The Philippines, for instance, recorded a 2.2% increase in chicken meat production in 2021 from 2017. As such, the region's poultry production is expected to increase further, driven by a shift in consumer preferences toward poultry meat and the rapid development of the poultry industry. This growth in poultry production is expected to lead to an increase in demand for feed additives.
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Improvement in fish farming technologies, expansion in number of feed mills and Indian government initiatives are helping in increasing the aquaculture feed production
- The Asia-Pacific region was a major player in the global aquaculture feed production market, with fish and shrimp being the primary products. In 2021, the region produced 37.6 million metric tons of aquaculture feed, which accounted for 8.7% of the region's total feed production. Several countries in the region are focusing on expanding their aquaculture production and intensification through technological advancements and increased use of feed to meet the growing demand.
- India, for instance, increased its budget allocation to the Department of Fisheries to boost production. Fish had a significant share of aquaculture feed, accounting for 31.1 million metric tons in 2022, an increase from 66% compared to 2017. This growth was due to the conversion of agricultural land to aquaculture ponds, the improvement of fish farming technologies, and the intensification of production.
- Shrimp feed production accounted for 4.2% of the aquafeed production in the region in 2022. It is expected to increase rapidly during the forecast period as some countries in the region started implementing a self-sufficient aquaculture system through a number of government initiatives to increase the production of certified sustainable seafood.
- China dominated the aquafeed market in the Asia-Pacific region, accounting for 51.2% of the market share in 2022 due to increased feed mills with higher capacities. For instance, AB Agri opened its ninth feed mill in China, a plant with an annual capacity of 240,000 tons. Factors such as an increase in aquaculture production, expansion of aqua farming, and rise in consumption of feed are expected to drive the growth of aquafeed production in the region during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- China has the largest sheep and goats in the region and Asia-Pacific region's ruminants population is growing owing to high profit margins in beef business and surge in demand for milk products
- The high demand for broiler feed, increase in Indonesia's poultry bird population and recovery from avian influenza are increasing the demand for poultry feed production
- Increase in large scale farms in China by 16,000, and introduction of new animal-rearing practices are increasing the swine feed production in the region
- Asia-Pacific is the leading producer of pork meat and changes in food consumption pattern of people with high consumption in South Korea and China are the factors driving the increase in the swine population
- High number of dairy cattle producers, demand for increasing milk yield and government schemes are increasing the demand for nutrient rich ruminant feed
