24 Apr Africa Animal Feed Market Projected To Be Valued at US$ 37,594.5 Mn by 2023, Surge In The Consumption Of Meat And Other Animal Protein Driving The Market Revenue Growth
Analyst Speak: Africa Animal Feed Market
“The Africa Animal Feed Market poised to reach US$ 37,594.5 Mn by 2023 with a significant CAGR over six years forecast period 2018-2023 owing to increase in the production of animal feed in African countries”
Precision Business Insights (PBI) in its report titled “Africa Animal Feed Market: Market Estimation, Dynamics, Country Share, Trends, Competitor Analysis 2012-2017 and Forecast 2018-2023” assesses the market performance over six years forecast period. The report analyses the market value and volume forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over the forecast period.
The Africa Animal Feed market was valued at US$ 17,697.1 Mn in 2017 and projected to reach US$ 37,594.5 Mn by 2023 owing to increase in the production of animal feed in African countries due to availability of raw materials, for instance, maize is used in the manufacturing of animal feed is a major crop for African countries, rise in the demand for healthy meat and other livestock products, launch of novel animal feed products, and entry of market players into Africa region are anticipated to propel the Africa animal feed market. However, increase in the preference for natural feed products in the rural area, the high cost of animal feed products and lack of disease awareness in underdeveloped countries are expected to hinder the growth of Africa animal feed market over the forecast period.
Africa Animal Feed market segmented on the basis of feed type, animal type, and country
Medicated feed accounted for higher revenue share
Based on feed type Africa animal feed market segmented into medicated feed and non-medicated feed. Medicated feed accounted for larger revenue share in 2017 and projected to dominate over the forecast period owing to rise in the incidence of various livestock diseases. However, non-medicated feed segment projected exhibit lucrative growth, which is mainly attributed to increase the focus towards the production of high-quality meat and other livestock products by livestock farmers.
South Africa leads the Africa animal feed market
PBI’s Africa Animal Feed market report analyses the market in different countries such as Angola, Botswana, Congo (DR), Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, Tanzania, Zambia, Zimbabwe, and Kenya. According to country analysis, South Africa accounted for larger value and volume share through 2012-2017 and the same trend is projected to follow over 2018-2023 owing the to the presence of key players in the country. Kenya, Zambia, and Zimbabwe countries projected to exhibit significant growth owing to increase in the population demanding for healthy meat and other livestock products.
Feed mills establishment, customized product launches, and strategic alliances are the key strategies adopted by market players
Africa animal feed market further reveals that the key players increasingly adopting strategies such as feed mills extension, customized product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, in May 2017, Biomar group launched a complete, high-performing feed range for African catfish and tilapia for the African market.
Key player’s profiles in the report are Cargill, Inc. (U.S), Nutreco N.V. (Netherlands), BASF SE (Germany), Koninklijke DSM N.V. (Netherlands), Novus International (U.S), Biomin Holding GmbH (Austria)
By Feed Type
- Medicated Feed
- Broilers Medicated Feed
- Layers Medicated Feed
- Dairy Medicated Feed
- Beef Medicated Feed
- Swine Medicated Feed
- Others Medicated Feed
- Non-medicated Feed
- Broilers Non-medicated Feed
- Layers Non-medicated Feed
- Dairy Non-medicated Feed
- Beef non-medicated Feed
- Swine Non-medicated Feed
- Others Non-medicated Feed
By Animal Type
- Farm Animals
- Congo (DR)
- South Africa