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Description
Compound Feed Market size was valued at USD 490.13 billion in 2021, growing at a CAGR of 4.3% from 2022 to 2028. The global market provides a detailed overview and that can be segmented by animal type and by product type. By animal type, the market has been segmented into Swine, Poultry, Ovine, Bovine, Equine, Canine, and Aquaculture. The swine segment is likely to be the largest and fastest-growing segment in terms of animal type in 2021 and is expected to maintain the growth in the upcoming years according to precession business insights. Compound Feed is a blend of different feed ingredients in reasonable extent. Regularly utilized fixings in compound dairy cattle feed incorporate grains, wheat, protein dinners/cakes, chunnies, agro-industrial by products, minerals and vitamins. Development and improvements of new technologies in formulations of finished products based on the feed type and change in regulatory scenario are boosting growth of the industry. Many companies are targeting the Asia-pacific region for expansion of the market, by investing in the new production units or acquisition of small players in the region who were established. R&D investments, introduction of new products, are the different strategies adopted by the manufacturers to be in the competition in the Compound Feed Market.
Key Development:
In Sept 2022, BASF and Evonik partnered to reduce the environmental footprint of the feed and animal protein industries.
In Sept 2022, Elanco Animal Health launched a new nutrient-sparing enzyme, Hemicell XT, for pig and poultry producers.
