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Starter Feed Market 2024 - By Size, Trends, Opportunities And Forecast To 2033
Starter Feed Market
According to The Business Research Company's, The starter feed market size has grown strongly in recent years. It will grow from $32.83 billion in 2023 to $35.4 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to growing focus on animal health and welfare, expansion of commercial poultry farming, globalization of livestock farming, advancements in feed manufacturing, focus on disease prevention, consumer demand for quality animal products.
The starter feed market size is expected to see strong growth in the next few years. It will grow to $46.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to integration of sustainable practices, growing market for specialty livestock, expansion of aquaculture industry, focus on antibiotic-free animal farming, increasing demand for plant-based proteins. Major trends in the forecast period include collaboration in animal nutrition research, feed efficiency technologies, early nutrition programming, pelletization and crumbling technologies, customization for different species.
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Market Drivers and Trends:
The growth of the aquaculture industry is expected to drive the growth of the starter feed market. The aquaculture industry refers to the practice of breeding, raising, and harvesting fish, shellfish, and aquatic plants in controlled aquatic environments for commercial purposes. Starter feed is an important component of aquaculture. It is used to support the growth and development of fish and other aquatic animals. it increases fish's levels of protein, vitamins, minerals, carbs, and amino acids. So, these factors boost the starter feed market. For instance, in June 2022, according to Reliefweb, a US-based humanitarian information organization, global aquaculture production reached a record 122.6 million metric tons with a total value of USD 281.5 billion in 2020. Furthermore, according to The International Trade Administration, Agency in the United States Department of Commerce that promotes United States exports of non-agricultural U.S. services and goods, the global market of aquaculture in 2020 was $204 billion and by 2026 it is expected to reach $262 billion. Therefore, the growth of the aquaculture industry is expected to propel the growth of the starter feed market.
Product innovation is a key trend gaining popularity in the starter feed market. Major companies operating in the starter feed market are focused on developing innovative products to strengthen their position in the market. For instance, in September 2022, Cargill Corporation, a US-based food corporation launched an innovative pelletized chick starter feed, Neochicc, to promote chick start in the first 120 hours of a bird's life. It encourages optimal nutritional digestion and uses exact proportions of protein, carbohydrate, fat, and additives in highly digestible components. Additionally, it contains organic acids and essential oils, which enhance intestinal health and nutrient absorption. This new beginning diet is made to help young chickens reach their genetic potential while consuming feed more effectively.
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Major Key Players of the Market:
Cargill Incorporated; BASF SE; Evonik Industries AG; Archer Daniels Midland Company; Purina Mills LLC.; Charoen Pokphand Group Co. Ltd.; Roquette Freres SA; Alltech Inc.; ACI Godrej Agrovet Private Limited; Associated British Foods plc; Nutreco N.V; Koninklijke DSM N.V.; Devenish Nutrition Ltd.; Janaki Group Of Companies; lYork Ag; De Heus Animal Nutrition BV; ForFarmers NV; Land O'Lakes Inc.; Hi-Pro Feeds LP; Kent Nutrition Group Inc.; Ridley Corporation Limited; Japfa Comfeed Indonesia Tbk PT; Guangdong Haid Group Co. Ltd.; Wen's Food Group Co. Ltd.; Twins Group Inc.; New Hope Liuhe Co. Ltd.; East Hope Group Company Limited; Tyson Foods Inc.; The Scoular Company; Nutriad International NV
Starter Feed Market 2024 Key Insights:
• The starter feed market will grow to $46.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Surging Aquaculture Industry Drives Expansion Of Starter Feed Market
• Revolutionizing Poultry Nutrition
• North America was the largest region in the starter feed market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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