Poultry feed market to surpass $264.6 bln by 2030 - market research
North America dominates the poultry feed market
19 May 2022
2 minute read
By: According to Precedence Research, the global poultry feed market size is expected to surpass around US$ 264.6 billion by 2030 and expanding growth at a CAGR of 4.5% from 2022 to 2030.
The global poultry feed market size was valued at US$ 185.67 billion in 2021. The poultry chicken is considered one of the most cost-effective sources of protein, and as a result, demand for poultry products such as eggs and meat continues to rise. According to the US Department of Agriculture, global chicken meat production is expected to exceed 97.8 million tons in 2019, up 2% from 2018.
Because of favourable government rules, the market for chicken feed is also expanding. The integration of insect protein in poultry feed will have a high demand for poultry feed by 2019, implying that the global poultry feed industry would rise. In February 2018, the European Commission's Commissioner for Health and Food Safety approved the use of insect protein in chicken feed.
Regional Snapshot
North America is the largest segment for poultry feed market in terms of region. The US is dominating the poultry feed market in the North America region. Growing government efforts, severe government regulations, and substantial government spending are driving the North American chicken feed business. Due to increased broiler production in the region and customers' preference for chicken products due to their cheaper prices when compared to other options, the poultry feed market in North America is predicted to grow.
Asia-Pacific region is the fastest growing region in the poultry feed market. China and India hold the highest market share in the Asia-Pacific poultry feed market. The Asia-Pacific poultry feed industry is being driven by rising feed output in emerging regions.
In 2019, the poultry sector contributes for around 70% to 75% of India's commercial feed business. In the country, over 39 million metric tons of commercial feed were produced. In 2019, poultry feed accounts for around 24.9 million metric tons of feed production in the country.
