PORTLAND, Oregon, Aug. 6, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Poultry Feed Market by Feed Type (Complete feed, Concentrates, and Premix): Global Opportunity Analysis and Industry Forecast, 2019–2023." According to the report, the global poultry feed market generated $114.99 billion in 2018, and is expected to reach $157.71 billion by 2023, growing at a CAGR of 6.9% from 2019 to 2023.
Surge in consumption of poultry meat and changes in consumption patterns drive the growth of the global poultry feed market. However, prices of poultry feed and prevalence of diseases from poultry hinder the market growth. On the other hand, increase in global population and rise in demand for fast food & processed food present new opportunities in the market.
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The Complete feed segment to maintain its lion's share by 2023
Based on products, the complete feed segment held the major share in 2018, accounting for more than 85% of the total market share in 2018, and is estimated to maintain its lion's share during the forecast period. This is due to rise in demand for animal protein and surge in poultry exports from Asia-Pacific. However, the concentrates segment is expected to register the fastest growth rate with a CAGR of 8.6% from 2019 to 2023. This is attributed to changes in food consumption habits and trend of vertical farming. The report also analyzes the premix segment.
Asia-Pacific to offer lucrative opportunities
Asia-Pacific accounted for nearly one-third of the total share in 2018, and is estimated to maintain its dominant position during the forecast period. This region is expected to grow at the fastest CAGR of 9.3% from 2019 to 2023. This is due to growth in population, social factors such as traditional poultry consumption patterns, and strong economic growth. The research also offers a detailed analysis on North America, Europe, Middle East, Africa, and South America.
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Leading market players
Leading market players analyzed in the research include Cargill Inc., Tyson Foods, Inc., Land O'Lakes, Inc., ADM Animal Nutrition, Alltech, J.D. Heiskell & Co., Perdue Farms Inc., Hi-Pro Feeds, Inc., Kent Nutrition Group, Inc., and Southern States Cooperative.
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SOURCE Allied Market Research