The global starter feed market is predicted to record a CAGR of 5% over the forecast period, according to a recent market research analysis from FMI. The analysis estimates that the market for starting feed is likely to be worth US$ 33.34 billion in 2023 and US$ 54.31 billion by 2033.
The expansion of the global starter feed market is anticipated to be fueled by crucial components like growing consciousness of livestock health, increasing preference for organic and healthy feed products, and growing adoption of starting feed as a viable substitute for traditional feed globally.
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Global demand for livestock is also driving up demand for a wide range of starter feeds. Demand for starter feed is expected to be largely driven by meat intake and the rising demand for dietary items made from animals throughout the world in the upcoming years.
Other factors that might support market growth in the future include the soaring acceptance of the process of fermentation in livestock feed and a paradigm shift toward contemporary livestock farming practices.
Ascending per capita income, rising consumption of poultry meat globally, and high investments in the creation of innovative starter feeds are also anticipated to open up market opportunities during the forecast period.
North America currently dominates the starter feed market and is expected to maintain this pattern of dominance over the projected period. The grounds for the dominance are the growing demand for meat and meat products, as well as the increasing understanding among farmers in this region of the health advantages of starter feed.
Key Takeaways
- In China, the market is expected to reach a value of US$ 14.18 billion by 2033, expanding at a CAGR of 8.9% during the forecast period.
- During the projection period, a CAGR of 2.5% is anticipated for the market in Germany.
- During the projection period, a CAGR of 2% is predicted for the market in Japan.
- The medicated segment is anticipated to register a 5.4% CAGR to reach US$ 33.04 billion by 2033.
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Competitive Landscape:
The top manufacturers of the starter feed market are Archer Daniels Midland Company, Purina Mills LLC, Nutreco N.V., Cargill Incorporated, Roquette Freres S.A., Evonik Industries AG, Charoen Pokphand Foods PLC, Alltech Inc., Associated British Foods Plc., Koninklijke DSM NV, BASF SE, ACI Godrej Agrovet Private Limited and others.
Manufacturers of starter feed are concentrating on creating high-quality, nutritionally balanced solutions to suit farmer expectations and assist the development and well-being of young cattle. To increase sustainability and feed efficiency, they are also introducing innovative technology. As the need for animal protein rises globally, many are extending their global reach through alliances and acquisitions. Additionally, a few businesses are spending money on research and development to produce specialized diets for particular animal species and developmental phases.
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Recent Developments:
- In January 2023, with the addition of the United States to their current agreement for the research and sale of feed enzymes, BASF and Cargill confirmed their cooperation.
- In April 2019, Illinois’ new pioneering animal feed factory was officially launched by Archer Daniels Midland Company.
Starter Feed Market Segmentation
By Type:
- Medicated
- Non-medicated
By Ingredient:
- Wheat
- Corn
- Soybean
- Oats
- Barley
- Other
By Livestock:
- Ruminant
- Swine
- Poultry
- Aquatic
- Equine
By Form:
- Pellets
- Crumbles
- Other
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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