Animal feed is an essential part of contemporary agriculture, designed to satisfy the dietary requirements of cattle, poultry, and aquaculture. Its components improve animal health, growth, and product quality. These include grains, premium protein sources, vitamins, and minerals. Carefully balancing the feed ingredients results in a diet that gives animals the best performance possible. Two technologies that are becoming more and more popular are sustainable sourcing and targeted nutrition. Good feed is essential for robust cow ranching, and this affects the world’s food supply chains and productivity. Maintaining sustainable and moral standards for the livestock industry is vital to the animal feed industry as agriculture evolves.
According to SPER market research, ‘Australia Animal Feed Market Size- By Product, By Livestock – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Australia Animal Feed Market is estimated to reach USD 6.95 billion by 2033 with a CAGR 3.32%.
Drivers:
Further driving market expansion will be a greater focus on animal health. The more cow farming operations there are, the more animal feed that will be required. Consumer demand will rise as a result of humans’ growing desire for animal-derived goods. As natural growth gains speed, proponents should plan to get active in the market. Customers are now more aware of the advantages of using feed additives to reduce illness, which has increased market demand. A increasing requirement for premium animal feed results from concerns about food safety and the necessity to ensure the safety of meat.
Challenges:
Unpredictable raw material prices plague the animal feed market, increasing the operational uncertainty that stakeholders in the industry must deal with. However, proactive strategies like strategic hedging have become increasingly important as safeguards against abrupt market price swings. But due of the continuous volatility, the sector needs to apply innovative risk management techniques and make frequent adjustments.
Food production and agriculture have been designated as key industries during the COVID-19 pandemic. Growers have continued to supply premium feed for farm animals in Asia-Pacific to meet the needs of a growing customer base. These days, however, supply chain disruption is the main issue plaguing the animal feed industry. China is a significant producer and exporter of animal feed; even though industries were closed for the Lunar New Year, the nation stockpiled enough supplies for two to three months’ supply during the COVID-19 outbreak. Logistical problems have also impeded the acquisition of ships and containers, as well as the delivery of some micro-ingredients.
Additionally, some of the market key players are; ADM Animal Nutrition, Alltech Inc, Novus International, DSM Nutritional Products AG, Evonik Industries AG, BASF SE, Lallemand Inc, Zinpro Corp, Others.
Australia Animal Feed Market Segmentation:
By Product:
By Livestock:
By Region:
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