Newark, NJ, June 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cattle feed market is expected to grow from USD 65.79 billion in 2020 to USD 78.60 billion by 2028, at a CAGR of 2.25% during the forecast period 2021-2028
Certain factors are boosting the growth of the global cattle feed market. Some of them include the industrialization of cattle products like dairy & meat products, growing consumer awareness towards the safety of milk & meat products with the nutritional content of the food, increasing disposable income, and rising demand for “Raised Without Antibiotics” production. However, as milk producers have started replacing conventional animal feed with the more nutritionally balanced cattle feed, the cattle feed industry is experiencing rapid growth. And, they have realized the tangible benefits of nutritious feed in terms of yield increase. According to the Food and Agriculture Organization (FAO), Livestock goods contribute about 40 percent of total agricultural production to global sales & are rising faster than any other sub-sector of agriculture.
Animal feed is the food that is provided to domestic animals, mainly livestock feed. Livestock feed is a very significant factor & contributes to the majority of raising animals in animal agriculture. Animal health is one of the key factors determining the future of the livestock industry. Animal health is highly dependent on nutritional feed that is well balanced. Cattle feed comprises vitamins, grains, cakes, and mineral mixtures which act as a rich source of vitamins, minerals, protein, and energy. Mineral pack and Vitamin A products like Availa-4, 20-10 Plus Mineral are primarily used to improve immune function, reproduction, and vision and reduce cattle’s deficiencies. Cattle feed widely comprises silage, legumes, fodder, and grass and include dry & hay forages.
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The global cattle feed market is expected to witness significant growth due to the rising demand for feed to add nutritional value and increase the cattle’s efficiency. However, the consumption of cattle protein is a dietary need of the consumers, especially the millennial population. The preference is more on high protein consumption rather than vegetables & any other type of protein. Cattle protein intake contributes to muscle enhancement issues. Thus, the cattle feed market is growing because people are consuming more animal protein diets, leading to a demand for cattle food products, which leads to the expansion of the cattle feed market. The factors restraining the market growth are the regulatory policies that are stringent & time-consuming. Monitoring mycotoxin contamination in cattle feed is a challenge for the market. The beef cattle industry contributes ingrowth of developed countries significantly, leading to more opportunities for the market. Additionally, in the Asia-Pacific region, China, a major supplier of maize and soybean, has caused disruptions for global feed producers because of its draconian measures imposed to curb the Covid-19 pandemic.
Key players operating in the cattle feed market include Kemin Industries, Inc., Cargill, Farmer's Grain Company, Biomin Holding GmbH, Incorporated, DSM, BASF SE, United Farmers Cooperative, Godrej Agrovet Ltd, DE HEUS ALL, Nutreco, ADM Animal Nutrition, Kemin Industries, Inc. To gain a significant market share in the global cattle feed market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The dairy cattle segment dominated the market and held the largest market share of 36.04% in 2020.
Based on application, the global cattle feed market is segmented into calves, beef cattle, and dairy cattle. The dairy cattle segment dominated the market and held the largest market share of 36.04% in 2020. This growth is attributed to the growing demand for milk and dairy products in the emerging economies, resulting in the augmented industrialization of cattle rearing.
The corn segment dominated the market and held the largest market share of 55.12% in 2020.
Based on ingredient type, the global cattle feed market is segmented into additives and corn. The corn segment dominated the market and held the largest market share of 55.12% in 2020. This growth is attributed to the major grain manufacturers, such as BASF SE and Cargill, Inc, which are integrated along the value chain to provide feed ingredients & serve as a comprehensive supplier.
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Regional Segment Analysis of the Cattle Feed Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the cattle feed market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America held the largest market share of 29.18 % in the year 2020. This growth is attributed to the growing meat consumption, mainly in the U.S., coupled with stringent regulations regarding meat quality. Furthermore, accessible & abundant raw materials, such as dextrose and maize, in the region are expected to augment the market's growth. On the other hand, the Asia Pacific is anticipated to significant growth due to a high population and a substantial rise in meat consumption in emerging economies like India and China.
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About the report:
The global cattle feed market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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