The poultry feed market was valued at US$ 124,611 million in 2021 and is projected to reach US$ 156,710 million by 2028; it is expected to grow at a CAGR of 3.3% from 2021 to 2028.
Poultry feed is produced from various raw materials, such as cereal and grains, cakes or oil meal, and feed additives. The nutritional requirements of the poultry feed depend on the weight and age of the poultry, their rate of growth, and the rate of egg production. The increase in the consumption of poultry products among consumers is boosting the poultry feed market.
Based on poultry type, the global poultry feed market is segmented into layers, broilers, turkeys, and others. The broilers segment held the largest share of the market in 2020. Broilers are chickens raised for meat and are fed a high-protein diet to help support rapid growth. Broiler chicken feed comes in different forms, such as mash, pellet, and crumble. India is one of the largest broiler producers with the growing demand for compound feed in the broiler industry. The increasing broiler production will continue to boost the demand for broiler poultry feed during the forecast period.
Based on region, the poultry feed market is segmented into North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa. In 2020, Asia-Pacific held the largest revenue share of the market. With a large base of poultry meat consuming population, the Asia-Pacific poultry feed market is reporting a remarkable growth and is expected to continue to do so over the next few years. China and India are the two leading poultry feed producers in the world. In India, the poultry feed production industry is among the fastest-growing ones with the competition intensifying among feed manufacturers. Consumers in this region are looking for additional sources of protein-rich foods. An increase in demand for protein-rich food, coupled with enhanced purchasing power, has fueled poultry meat consumption extensively. All these factors are likely to fuel the growth of the Asia-Pacific poultry feed market during the forecast period.
A few key players in the global poultry feed market are ADM; Cargill, Incorporated.; Alltech.; Charoen Pokphand Foods PCL; ForFarmers; Kent Corporation; SHV Holdings; Land O’Lakes, Inc. ; AFGRI Animal Feeds; and DE HEUS ANIMAL NUTRITION. Players operating in the market are highly focused on the development of high quality and innovative product offerings to fulfil the customer’s requirements.
The size of overall global poultry feed market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the poultry feed market.