Cattle feed market projected to reach $78.3 billion by 2027: Report
By The Trough
A new report published by Allied Market Research projects consistent growth for the cattle feed market over the next four years.
The new report, titled “Cattle Feed Market by Cattle Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2027” projects that the market will reach $78.3 billion by 2027, up from $73.5 billion in 2019. That represents a CAGR of 4.4 per cent.
While the report identifies the market as being in a maturity stage, it still identifies potential for market growth. This is driven by an increase in demand for meat and meat products, global population growth (particularly in countries such as China and India) and rise in per capita income. With a growing demand for beef, livestock operators “are focusing on increasing the meat weight of cattle by feeding them specific feed.”
Additional factors driving potential growth include change in consumer behaviour in the meat and dairy segments, and preferences of consumers for new types of items.
The report categorizes cattle type into beef and dairy. Dairy cattle feed is a higher contributor to the market, and is estimated to grow at a CAGR of 4.6 per cent in the projected period and reach a valuation of $45.3 billion by 2027. Beef feed is projected to grow at a CAGR of 4 per cent, reaching $33.1 billion by 2027. The growth of the dairy segment is attributed to the increase in demand for specific feed made for dairy cattle from dairy cattle farmers.
Regionally, Asia-Pacific is anticipated to dominate the cattle feed market share, registering a CAGR of 5 per cent.
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