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Description
The cattle feed market size is valued at USD 71,963.4 million in 2021 and is anticipated to grow at a significant CAGR of 2.6% over 2022-2028. The Milk Unions/ Federations produce cattle feed that is a well-balanced source of critical nutrients for body maintenance, growth, and milk production. It uses high-quality grains, oil cakes/meals, brans, molasses, salt, minerals, and vitamins. Cattle feed products are comparatively cheaper and hight palatable to the animals. The feed-acidifiers, feed-enzymes, feed-antibiotics, and feed-microbial markets are all expanding in the cattle feed sector. The demand for these developments corresponds to a rise in meat protein intake and a greater emphasis on the quality of the substances used in animal feed. The cattle feed business is expecting rapid growth as milk producers have started replacing the traditional feed with more nutritionally balanced compound feed. Because of population increase and lifestyle standards, the cattle market has been compelled to innovate and adapt to meet society’s expectations by giving healthy animal feed to livestock animals. As a result, this aspect contributes to the expansion of the cattle feed market. Growth in family yearly income, urbanisation, and an expanding human population in developing and established countries are driving up demand for milk and meat, which is expected to rise significantly in the future years. Based on application, the dairy cattle segment is expected to dominate the market throughout the forecast period. The United Nations Food & Agriculture Organization (FAO) projected an increase of 55% in dairy products and 70% in beef products by 2050. The segment’s growth can be due to rising demand for dairy and milk products in the emerging economies, thus resulting in the augmented industrialization of cattle rearing.
Recent Market Developments:
In Oct 2021, BASF and Cargill are expanding their partnership in the animal nutrition business, adding research and development capabilities and new markets to the partners’ existing feed enzymes distribution agreements. Together, they will develop, produce, market, and sell customer-centric enzyme products and solutions. The goal is to bring farmers feed innovations that reduce nutrient waste, improving feed efficiency, and promote animal growth and wellbeing.
In June 2020, Royal DSM, a global science-based company in Nutrition, Health and Sustainable Living, announces that it has reached agreement to acquire Erber Group for an enterprise value of €980m. The transaction – which excludes two smaller units in the Erber Group – is expected to be earnings enhancing in the first year upon completion.
