COVID-19 Impact On Feed - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global COVID-19 Impact On Feed Market is accounted for $271.14 billion in 2019 and is expected to reach $379.73 billion by 2027 growing at a CAGR of 4.3% during the forecast period. Some of the key factors propelling the market growth include increasing awareness about livestock nutrition, Growing awareness regarding animal health & bio-security, modernization of the livestock industry, and the rise in the consumption of meat & other livestock-based products. However, impact on feed production and supply chain and impact on demand for meat, dairy, and animal product are expected to restrain the market growth.
By ingredient & additive type, Phytogenic is expected to grow at the significant rate during the forecast period, due to increase in usage as more people are opting for organic and healthy products as compared to synthetic products. Feed phytogenics are a wide range of substances, which include essential oils, flavonoids, saponins, and oleoresins. It improves gut health and promotes the growth of the livestock. The increase in concerns about the COVID-19 spread on livestock and the rising awareness among consumers about consuming such livestock products have led manufacturers in the feed industry to opt for various natural and organic alternatives, such as phytogenic.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast period, due to large livestock population and their growth rates. Furthermore, the region has witnessed an increase in the number of feed mills and feed production, particularly in countries, such as India and Japan. This increase in the number of feed mills in the region impacts feed production. The current coronavirus outbreak has resulted in apprehensions among livestock owners throughout Asia and globally, which results in the increase in demand for feed additives for the functional benefits of livestock, such as increasing the immunity and their nutritional benefits.
Some of the key players in COVID-19 impact on feed market include Cargill, Incorporated, BASF SE., Tyson Foods, Inc., Neovia Group, Japfa Comfeed Indonesia Tbk, The Archer Daniels Midland, Nestle, NUTRECO N.V., Royal DSM N.V., Charoen Pokphand Group, Shuangbaotai Group (Twins Group), New Hope Group, Land O’Lakes, Nutreco, and Royal Agrifirm Group.
Ingredient & Additive Types Covered:
• Vitamins & Minerals
• Amino acids
• Commodity ingredients
• Other Ingredient & Additive Types
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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