Thailand Compound Feed Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 10.25 Billion |
| Market Size (2029) | USD 12.78 Billion |
| CAGR (2024 - 2029) | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thailand Compound Feed Market Analysis
The Thailand Compound Feed Market size is estimated at USD 10.25 billion in 2024, and is expected to reach USD 12.78 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).
- The Thai animal feed industry is one of the largest in Southeast Asia. The industry caters not only to traditional livestock segments like poultry and swine but also to emerging segments such as aquaculture. The country is a major producer of shrimp and other aquaculture products, driving significant demand for specialized aquafeed. In addition to this, the nation witnessed a rise in animal-based food consumption, driven by factors like increasing incomes, urbanization, and evolving dietary habits. For instance, according to a survey conducted by the Madre Brava organization in Thailand, 76% of the respondents ate meat. The demand for meat, eggs, and dairy has been growing with rising incomes, urbanization, and changing dietary preferences. These developments are expected to contribute to the growth of the market studied during the next five years.
- Along with this, government support is bolstering animal production, propelling market growth. In February 2024, the Thai Cabinet allocated approximately THB 1 billion (USD 28 million) to enhance the nation's agriculture industry by bolstering animal feed collection and value addition. Such initiatives not only ensure ample animal feed for the expanding livestock production but also support market growth. Similarly, this supports industrialized animal husbandry, contributing to growth in the Thai animal feed market.
- Furthermore, feed manufacturers in Thailand have adopted the expansion of their production capacities to benefit the domestic market. In 2022, Cargill acquired a feed mill in Prachinburi province, Thailand, to enhance its animal feed and nutrition businesses. With this acquisition, the plant will produce poultry and swine feed for Cargill's customers in Thailand, supporting animal production in the country. Therefore, the rising meat consumption, growing government support, and increasing strategies adopted by major players are expected to drive market growth during the forecast period.
Thailand Compound Feed Market Trends
Poultry Segment Dominates Among Animal Types
In the market studied, poultry stands out as the dominant animal type. Thai consumers favor poultry, especially chicken, for its affordability compared to pork and beef. Additionally, they appreciate its versatility in cooking and menu options. This consumer preference is reflected in rising chicken production. As per FAOSTAT data, Thailand's chicken meat production climbed from 1.79 million metric tons to 1.83 million metric tons. Concurrently, the country's broiler stock increased from 300 million heads to 318 million heads between 2022 and 2023, as reported by the Agricultural Statistics of Thailand. This surge in production, alongside the expanding broiler stock, has bolstered the demand for poultry feed, further fueling market growth.
Thailand's dominance in poultry bird production, compared to other species, is reinforcing the segment's growth. According to the FAOSTAT data, Thailand's poultry bird stock reached 304,404 thousand heads, overshadowing cattle and buffaloes at 5,358 thousand heads and goats and sheep at 474 thousand heads and 40 thousand heads, respectively. Along with this, Thailand's poultry products are not just popular domestically but also gaining traction as an affordable alternative to pork on the global stage. For example, poultry meat exports surged from 364,922 metric tons in 2022 to 492,250 metric tons in 2023, as highlighted by the ITC Trade Map. This further supports local production, thereby increasing the usage of poultry meat.
Furthermore, market players are bolstering growth by introducing organic poultry feed and expanding their facilities. In 2024, Tan-khun Organic Farm, a prominent Thai producer of organic chicken and duck, inaugurated a feed mill with a monthly capacity of 20 metric tons. The company uses organic feed ingredients sourced from farmers in northeastern and central provinces, including broken rice, corn, green beans, crab shells, and shrimp heads. These organic components are certified by the Department of Livestock Development and are used internally, distributed to farmers, and offered to clients seeking organic feed options. With such initiatives, product availability is on the rise, further propelling the poultry segment's growth. Consequently, the surging demand for poultry meat, coupled with expanding exports, is set to drive the market's growth over the coming years.
Cereals Emerging as the Largest Ingredient Type
Thailand utilizes a diverse range of feed ingredients to manufacture animal feed. The locally produced cereals are widely used in the country, demonstrating the dominance of the segment during the study period. Additionally, increasing cereal production all over the country supports the rising demand for cereals in animal feeds. As per FAOSTAT, the production of cereals in Thailand grew from 38.3 million metric tons in 2021 to 39.7 million metric tons in 2022. This is aiding their availability, thereby supporting the usage of cereals in feed production.
Along with this, corn is one of the major cereal grains used in the country's poultry and swine feed production. To meet the increased demand for corn to produce feed, the government is supporting the expansion of corn production through investments. In March 2023, the government invested THB 716 million (USD 19.8 million) in an income insurance scheme for farmers and encouraged them to grow corn. Similarly, under this scheme, the authorities have decided to set a guaranteed minimum price for corn to support corn growers. This government support for feed production is expected to boost the growth of the segment in the coming years.
Moreover, the rising investments in the production of animal feed from cereals are also aiding market growth. In 2022, Thailand's largest agricultural conglomerate, Charoen Pokphand Foods (CP) Foods Philippines, invested an amount of PHP 1 billion (USD 18 million) to build a feed mill in the country. This also follows sourcing products such as corn, sorghum, and cassava from farmers in the country. Hence, the rising demand for cereal-based feeds among the swine and poultry segments, coupled with increasing investments, is expected to drive the growth of the market during the forecast period.
Thailand Compound Feed Industry Overview
The Thai compound feed market is consolidated, with major players holding a smaller share of the market than other smaller players. Charoen Pokphand Foods PCL, Cargill Inc., Betagro Public Company Limited, SPM Feed Mill Company Limited, and Alltech Inc. are major players operating in this market. The players are expanding and investing in their businesses by adopting various strategies, such as mergers and acquisitions, expansions, partnerships, and product launches.
Thailand Compound Feed Market Leaders
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Charoen Pokphand Foods PCL
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Alltech Inc.
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Betagro Public Company Limited
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Cargill Inc
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S P M Feed Mill Company Limited
*Disclaimer: Major Players sorted in no particular order
Thailand Compound Feed Market News
- March 2024: The Thai Feed Mill Association (TFMA) and the US Soybean Export Council (USSEC) signed a memorandum of understanding (MoU) to bolster sustainable sourcing practices for feed ingredients in Thailand. This agreement is specifically designed to create a reliable and sustainable supply chain for soybean, soybean meal, and related products catering to Thailand's feed milling industry.
- March 2024: Cargill and VPF Group, a producer and distributor of pork in Thailand, entered a strategic partnership. This partnership grants Cargill the opportunity to produce swine feed at VPF's cutting-edge facility in Chiang Mai. By harnessing Cargill's advanced technologies and stringent quality control measures, the venture aims to enhance the production and distribution of premium swine feed, catering to the discerning Thai market.
- March 2023: Betagro opened a fully intelligent feed mill with Internet of Things (IoT) connectivity and automation in Nong Bun Mak, Nakhon Ratchasima, Thailand. The company invested THB 1.4 billion (USD 44 million) in building the plant, which will help it meet the growing demand for animal feed in the country.
Thailand Animal Feed Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Demand for Animal-based Protein
- 4.2.2 Increasing Support from the Government
- 4.2.3 Growing Strategic Activities by the Major Players
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4.3 Market Restraints
- 4.3.1 Stringent Regulatory Conditions
- 4.3.2 Fluctuating Input Prices
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Animal Type
- 5.1.1 Ruminants
- 5.1.2 Poultry
- 5.1.3 Swine
- 5.1.4 Aquaculture
- 5.1.5 Other Animal Types
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5.2 Ingredient
- 5.2.1 Cereals
- 5.2.2 Cakes and Meals
- 5.2.3 By-products
- 5.2.4 Supplements
6. COMPETITIVE LANDSCAPE
- 6.1 Most Adopted Strategies
- 6.2 Market Share Analysis
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6.3 Company Profiles
- 6.3.1 Charoen Pokphand Foods PCL
- 6.3.2 Cargill Inc.
- 6.3.3 Alltech Inc.
- 6.3.4 INTEQC Feed Co. Ltd
- 6.3.5 SPM FEED MILL COMPANY LIMITED
- 6.3.6 Laemthong Corporation Group
- 6.3.7 Farm Chokchai
- 6.3.8 Sun Feed Co. Ltd
- 6.3.9 Betagro Public Company Limited
- 6.3.10 Thai Luxe Enterprises PCL
- 6.3.11 Thai Union Group Public Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityThailand Compound Feed Industry Segmentation
Animal feed is a mixture of raw materials and supplements fed to the livestock, sourced from either plant, animal, organic or inorganic substances or industrial processing, whether or not containing additives. The Thai compound feed market is segmented by animal type (ruminants, poultry, swine, aquaculture, and other animal types) and ingredient (cereals, cakes and meals, by-products, and supplements). The report offers market sizes and forecasts in value (USD) for all the above segments.
| Animal Type | Ruminants |
| Poultry | |
| Swine | |
| Aquaculture | |
| Other Animal Types | |
| Ingredient | Cereals |
| Cakes and Meals | |
| By-products | |
| Supplements |
Thailand Animal Feed Market Research FAQs
How big is the Thailand Compound Feed Market?
The Thailand Compound Feed Market size is expected to reach USD 10.25 billion in 2024 and grow at a CAGR of 4.5% to reach USD 12.78 billion by 2029.
What is the current Thailand Compound Feed Market size?
In 2024, the Thailand Compound Feed Market size is expected to reach USD 10.25 billion.
Who are the key players in Thailand Compound Feed Market?
Charoen Pokphand Foods PCL, Alltech Inc., Betagro Public Company Limited, Cargill Inc and S P M Feed Mill Company Limited are the major companies operating in the Thailand Compound Feed Market.
What years does this Thailand Compound Feed Market cover, and what was the market size in 2023?
In 2023, the Thailand Compound Feed Market size was estimated at USD 9.79 billion. The report covers the Thailand Compound Feed Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Compound Feed Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thailand Compound Feed Industry Report
The Thailand Compound Feed market is segmented by animal type and ingredient, offering detailed insights into market trends and market size. This comprehensive industry report provides an in-depth market analysis and market research, highlighting the growth rate and market forecast for the sector. The report includes valuable industry information and industry statistics, offering a thorough industry overview and market outlook.
The analysis covers various segments, including ruminants, poultry, swine, aquaculture, and other animal types, as well as cereals, cakes and meals, by-products, and supplements. The market value and market segmentation are explored in detail, providing a clear understanding of the market share and market predictions.
This industry research includes a historical overview and future projections, making it an essential resource for understanding the market growth and market leaders. The report example and report pdf download offer a convenient way to access the data, while the industry reports and industry trends sections provide a broader perspective on the global market.
With a focus on industry sales and industry size, this report is a valuable tool for research companies and stakeholders looking to stay ahead in the market. The market review and market data sections offer critical insights, ensuring that readers have a comprehensive understanding of the market dynamics and market outlook.
