Market Trends of feed acidifiers Industry
High demand for animal protein and poultry products such as eggs with increasing investment in poultry sector is increasing poultry population
- The poultry population has significantly increased in recent years, primarily due to the growing demand for chicken meat and eggs in daily diets. The shift toward poultry products has been driven in the United States by the increasing prices of other meat, such as pig meat. The consumption of eggs in Europe also increased by 4.6% between 2017 and 2021, reaching 6,135 metric ton in 2021.
- Asia-Pacific is the largest producer of poultry birds, with production increasing by 6.6% in 2022 from 2017. The rise in poultry production was due to the growing demand for animal protein following the outbreak of African Swine Fever, which reduced the pork meat supply. China, which accounts for 40% of global poultry production, has more than 900 million stock-laying hens, and the largest layer poultry farming center can hatch 60 million chicks annually.
- The Middle East is also expected to witness growth in poultry production in the forecast period (2023-2029). Companies such as Almarai in Saudi Arabia have invested heavily in the industry, with the company having spent USD 1.12 billion on establishing new farms to expand production.
- The increasing demand for poultry products and rising investments in the poultry industry are expected to boost feed production. This, in turn, is expected to drive the demand for feed additives in the global market during the forecast period. Due to these developments, the poultry industry is poised for significant growth in the coming years.
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The growing demand for seafood consumption in Asia-Pacific and South America, and government initiatives is increasing the feed production for aquaculture species
- The demand for feed is rapidly increasing due to the growth of aquaculture, which is driving the growth of compound feed production. In 2022, compound feed production increased by 13.1% from the previous year, and fish feed production increased by 46.3% between 2017 and 2022. The rise in consumption of fish feed is driven by the need to maintain and improve the performance of aquatic animals and increase productivity to meet the growing demand for seafood.
- Fish feed accounted for 73.2% of the feed acidifiers market in 2022, as fish is highly consumed and produced in the Asia-Pacific region. Fish was followed by shrimp and other aquatic species, with shrimp being highly imported by European countries and the United States from other regions. Countries are focusing on increasing aquaculture production to meet the growing demand for seafood. For instance, India increased its budget allocation to the Department of Fisheries from USD 114.1 million in 2020 to USD 168.8 million in 2021 to increase production, which is expected to boost the demand for feed during the forecast period.
- South America is also experiencing an increase in feed production, which rose by 46.4% in 2022 from 2017 to reach 5.1 million metric ton, in line with the expansion of aquaculture farming. The region is one of the major seafood-consuming regions, and the increasing demand for seafood is driving the growth of aquaculture production.
- As aquaculture continues to increase to meet the growing demand, the development of the industry and a focus on its expansion are expected to fuel the growth of feed production. This increase in feed production for aquatic species is expected to aid in the growth of the aquaculture segment during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increased consumption of beef meat, growing food and beverage sector, and increasing number of farms are driving the global ruminants production
- Poultry feed production is increasing owing to high demand for poultry meat and increasing investments in emerging countries such as India and Saudi Arabia
- Asia-Pacific is largest producer of swine feed with high per capita consumption of pork meat and African Swine Fever (ASF) impacted the swine industries in Europe and Africa
- Swine population is increasing due to high pork consumption with Asia-Pacific and Europe being the significant producers of pork
- High demand for ruminants feed in Asia-Pacific and North America with the United States exported 80% of beef production and emergence of new milk providers in India
