Market Trends of Middle East Africa Feed Antioxidants Industry
This section covers the major market trends shaping the MEA Feed Antioxidants Market according to our research experts:
Rising Preference Towards Animal Based Products
Rising income level need for meeting the nutritional requirements has led to higher protein consumption and rising preference is driving the meat market in the country. According to the Organization for economic co-operation and Development(OECD), in 2018 per capita poultry meat consumption was 33.7 Kg that increased to 34 Kg in 2019 in South Africa. To meet rising meat consumption, meat production in the country is also increasing. According to the Food and Agricultural Organization (FAO), in 2016, poultry meat production was 1684.9 thousand tons that reached 1761.7 thousand tons in 2018. Also, milk production increased from 3548.82 thousand tons to 3752.61 thousand tons during the same period. Additionally, as per ITC Trade, in 2018 UAE imported total meat valued at USD 1,705.9 million that has increased to USD 1,870.16 million in 2019. The increase in demand for quality products has made the livestock market to consume a higher quantity of antioxidants.
Expansion in Livestock Production
The South African compound feed market is recording steady growth, with the increase in production and demand for livestock products, a rise in the population, consumption levels, and urbanization being the main propellants. According to the Food and Agricultural Organization (FAO), in 2016, the population of poultry was 165.30 million that increased to 176.34 million in 2018 in South Africa. According to Alltech feed Survey, in 2019 South Africa produced feed amounting to 11.7 million metric tons in 74 feed mills of which poultry feed is the highest produced amounting to 4.76 million metric tons followed by feed for dairy animals with 2.24 million metric tons and beef feed with 2 million metric tons of production. The growing population of livestock leads to an increase in feed production during the study period driving the antioxidants market.
