Market Trends of Japan Compound Feed Industry
This section covers the major market trends shaping the Japan Compound Feed Market according to our research experts:
Growing Demand for Meat and Animal Sourced Products
Japan is becoming a nation of carnivores, as consumption of meat continues to rise amid changing lifestyles. Especially the pork and chicken meat consumption is gaining more popularity in the country is driving the animal feed market. Changing lifestyles are driving the shift towards a meat-heavy diet. According to OECD, in 2019, per capita, pork consumption was 16.2 Kg and poultry meat consumption was 17 Kg and the meat consumption is expected to grow further during the forecast period. Growing demand for processed meat and protein diet due to the rise in household income levels would continue to drive the demand for animal feed indirectly. According to the ITC Trade, in 2016 Japan imported swine meat which accounted for USD 4.17 billion which increased to USD 4.6 billion in 2019. Growing meat consumption is driving the market in the country.
Increase in Animal Farming Drives the Compound Feed Market
Animal farming is becoming very popular as the demand is rising due to the increasing meat consumption by the consumers to full fill the dietary requirements. According to the Food and Agriculture Organisation (FAO), in 2016 the poultry population was 310.13 million heads which increased to 323.12 million in 2018. The rise in the number of animals stimulates the demand for compound feed positively. According to the Alltech feed survey in 2019, feed production in the country reached 25.3 million metric tons of which poultry feed production is the highest at 10.4 million metric tons of production. Additionally, according to the ITC Trade, in 2019, Japan imported USD 445.5 million worth of feed ingredients as compared to USD 367.6 million in 2016. However, the Ministry of Agriculture is aiming to increase the self-sufficiency in the overall feed ingredients to 38% by 2020. In order to meet the demand of the growing population, animal farming is gaining popularity which in turn drives the compound feed market.
