Taiwan Animal Feed Market is projected to grow at a CAGR of 4.52% to reach a value of US$1.828 billion by 2027, from US$1.341 billion in 2020.
Taiwan is under the influence of a maritime climate, which means that it has high temperatures and humidity, yet poultry and animal breeding and other livestock activities are not hindered by these factors. As a result of economic development, the propensity to spend among individuals is increased which allows them to consume quality meat. Consequently, the consumption of beef is increasing in Taiwan, and it is being driven by the changing preferences of the young adult population towards western-style foods. Hence, in order to meet the growing demand for beef, the country has to rely on beef exports from countries like the United States, Australia, and New Zealand, as beef production in Taiwan is negligible.
The Taiwan animal feed market is expected to grow due to the rising demand, high propensity to spend, improved quality, and others.
According to the U.S. Meat Export Federation report published in August 2022, the US beef exports to Taiwan reached US$378 million through May. In addition, the seafood demand is also increasing in Taiwan. In Taiwan, an increasing number of individuals are consuming different types of seafood items including Tilapia, Mollusks, and Tuna, among others. In addition, Taiwan is among one of the major contributors to trade in various seafood items globally, so it has to maintain and provide quality. As a result, the demand for animal feed for fisheries and aquaculture is increasing, owing to improving their health and providing good quality seafood. Additionally, the market players are increasingly participating and involved in the market through product offerings, in order to cater to the rising demand among the consumers effectively and to contribute to the growth of the market over the forecast period from 2022 to 2027.
Major developments concerning livestock production will further aid market growth
In August 2022, Agritech Taiwan reported that the Taiwan government will invest over US$185 million in building up comprehensive cold chain systems for agriculture, livestock, and aquaculture production industries. Moreover, the Livestock Taiwan Expo & Forum will be held in November 2022 at Taipei Nangang Exhibition Center with the aim of enhancing livestock production efficiency in line with government agricultural policies through a comprehensive exhibition. Livestock Taiwan promotes the application of a circular economy to ensure the sustainability of livestock industries. The Taiwan livestock market opportunities will offer to resume the port exports, as the Taiwan government has invested over US$ 357 million in the Swine Industry Comprehensive Transformation & Upgradation plan.
During the pandemic, the Taiwanese animal feed market experienced disruptions in the supply chain, as there were numerous restrictions levied in the country to contain the spread of the virus. Furthermore, the pandemic's impact on global trade and domestic production value chains resulted in supply chain disruption of animal feed raw materials. The rate of exports and imports was also distorted by enhanced pandemic procedures at the borders to guarantee worker safety. This slowed down the market in 2020.
Product offerings in the market-
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2020 | US$1.341 billion |
| Market Size Value in 2027 | US$1.828 billion |
| Growth Rate | CAGR of 4.52% from 2020 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2022–2027 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered | Type, Livestock, And Raw Material |
| Companies Covered | Alltech, Archer Daniels Midland, Cargill, Incorporated, Natural Chemical Ind. Co., Ltd. |
| Customization Scope | Free report customization with purchase |
Segmentation