China Animal Feed Market is projected to grow at CAGR of 3.12% during the forecast period to reach a market size of US$ 54.293 billion in 2024

China Animal Feed Market is projected to grow at CAGR of 3.12% during the forecast period to reach a market size of US$ 54.293 billion in 2024

By Gaurav Singh Press Releases

The recent study on the China animal feed market covers an in-depth analysis of the market on the basis of type, livestock, raw material, and production systems. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2019-2024. According to the report titled “China animal feed Market”, the market is expected to reach a market size of US$ 54.293 billion by 2024, at a CAGR of 3.12% during the projected period.

The report has segmented the China animal feed market by type (fodder, forage, compound feed), by livestock (swine, aquatic animals, cattle, swine, others), by raw material (soya, canola, rendered meal) and by production systems (integrated, commercial mill). Animal feed is products that are responsible for improving the health of animals. The feed is given in various doses depending on the animal. Rapid urbanization and increasing disposable income are considered as the prime driver for the animal feed market in the coming years. In addition, growing population coupled with increasing meat consumption in the country is expected to propel the market growth opportunities during the forecast period. Furthermore, animal health market is one of the fastest growing markets in the country which is driving the use of livestock feed in the coming years. Improving animal nutrient availability, changing technologies and a gradual shift from unorganized livestock farming to the organized sector are some of the key drivers that are promoting the growth of animal feed in China during the forecast period.

Swine livestock segment is expected to account for a significant share in the market

Swine livestock segment in China animal feed market is estimated to have a significant share in terms of both value and volume in the market and is further anticipated to grow during the forecast period on account of increasing consumption of swine. In addition, a growing taste for pork coupled with innovation in the production process is expected to improve the output and capacity to a large extent. Furthermore, growing demand for processed meat and protein diet due to a rise in household income levels is anticipated to derive the demand for swine feed in the coming years.

Some of the major industry players profiled as part of the report are CP are  East Hope Group, Alltech, New Hope Group, Cargill, Incorporated, Wen’s Group, Weston Milling Animal Nutrition and Archer Daniels Midland among others.

 

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