Indian Animal Feed Market (2019-2024) | Trends, Growth and Forecast - IMARC Group
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled “Indian Animal Feed Industry: Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, An Indian animal feed market size reached a value of INR 400.5 Billion in 2018. Animal feed, or feed, refers to food items produced or grown for the consumption of poultry or livestock. These products are carefully blended with several nutritional ingredients which are necessary to maintain the health of animals. The animal feed industry covers various sectors such as cattle, aquaculture and poultry. The liberalization of the Indian economy in the early 1990s presented the animal feed industry with new opportunities. However, the industry still has significant growth potential owing to increasing livestock population, expanding domestic consumption of animal-based products and rising dependence on imports.
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Market Trends:
The development of the dairy industry, supported by the White Revolution
2.0, has led to rapid growth of the cattle population. India now has the
largest cattle population in the world, and consequently, has become a major
market for cattle feed. As the structure of the dairy industry becomes more
organized, the demand for commercial cattle feed is expected to increase in the
country. Apart from this, the government is also planning to introduce schemes
and policies under the 12th Five Year Plan which are aimed towards enhancing
the overall status of the animal feed industry to support future demand.
Moreover, the emergence of non-traditional feed ingredients and technological
innovations, such as the development of genetically modified animal feed
ingredients, is another factor contributing to the growth of the market.
However, the progress of the Indian animal feed market is hampered by frequent
disease outbreaks and high import duties on feed ingredients. Despite these
hindrances, the market is projected to reach a value of INR 898.5 Billion by
2024, registering a CAGR of more than 14% during 2019-2024.
Market Summary:
- The
animal feed market in India has been categorized on the basis of product
types which include poultry feed, cattle feed and aqua feed. Amongst
these, poultry feed represents the most popular product type in the market
on account of the highly organized poultry sector in India.
- On a
geographical front, the market has been segmented into North India, South
India, East India and West India.
- The
competitive landscape of the Indian animal feed industry has also been
analyzed along with the detailed profiles of the key players operating in
the market.
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Created on Oct 3rd 2019 02:38. Viewed 285 times.