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The feed software market was valued at USD 171.0 million in 2018 and is expected to reach USD 244.3 million in 2024, registering a CAGR of 6.1% during the forecast period, 2019-2024.
The growing demand for meat, meat products, and awareness about the meat quality have created the demand for feed additives, which is helping the growth of the feed software market. With the growing requirement for animal feed, optimizing the feed produced is very important. China and the United States are the largest user bases for feed software, especially the software for ERP management and administrative services. Additionally, due to the high concentration of feed-producing companies in developed countries like the United States, many new feed software providers, such as Cultura and Prairie Systems, have made their way into the market in the past decade.
Scope of the Report
Feed software is of various types, depending on the need of the producer or livestock farmer. Software for feed formulation is the most widely used software segment and is defined as a mathematical tool that prepares a nutritionally complete diet of livestock, based on several input variables within certain limits.
Key Market Trends
Increasing Focus on Feed Production Optimization
Increased demand for animal feed, owing to growth in the consumption of meat, has necessitated optimization of feed production, particularly when produced on an industrial scale, to ensure minimum cost and provide efficient feed. The formulation of animal feed is a challenging task, often leading to over usage or under usage of a few ingredients. Over usage of ingredients increases the cost of feed milling operations and under usage of few ingredients can have adverse effects on the growth and development of animals. The increased demand for animal meat across the world demands low cost, productive, and efficient feed milling operations, which is expected to drive the feed software market.
Increasing Usage of Feed Software in the Asia - Pacific Region
Asian countries, such as China, India, Japan, and Australia are the leaders in producing feed, who also use the latest technologies for producing feed. China is the leading market for feed software, as there are a maximum number of feed producing companies and are using technologies for producing quality feed. The Government of China recently announced programs to cut back on grassland and marginal lands that are used to grow corn, as there have been pest problems and an increase using chemical treatments. Cargill is bolstering its young animal nutrition capability by investing more than USD 15 million investment to add a piglet feed production line at its existing premix and nutrition facility in China.
The feed software market is very fragmented, consisting of small- to medium-scale feed software manufacturers, along with few notable players, like Format Solution, Adifo Software, Kemin, Evonik, DuPont, and Alltech. Adifo Software, a leading supplier of feed software, is involved in supplying a wide range of feed industry-specific software tools for least-cost feed formulation ,ration calculation, cloud services, and ERP.
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