Trends, Key Players, Industry Analysis and Forecast By 2031
FP Staff||3 min read
Global poultry feed industry generated $ 119.8 billion in 2021 , & is anticipated to generate $ 217.7 billion by 2031 , witnessing a CAGR of 6.3 % from 2022 to 2031 . PORTLAND , OREGON , UNITED STATES , June 27 , 2023/EINPresswire.com/ -- Rise in worldwide population ,
Global poultry feed industry generated $119.8 billion in 2021, & is anticipated to generate $217.7 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031.
PORTLAND, OREGON, UNITED STATES, June 27, 2023/EINPresswire.com/ -- Rise in worldwide population, consumption of poultry-based products, and shift in customer taste toward white meat rather than red meat drive the growth of the global poultry feed market.
Covid-19 ScenarioThe outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global poultry feed market, owing to its restrictions in the import & export activities.The implementation of the global lockdown disrupted the supply chain, which created several challenges for the manufacturers to transport raw materials for the production of chicken feed.
The conventional segment to maintain its leadership status throughout the forecast periodBased on nature, the conventional segment held the highest market share in 2021, accounting for 84% of the global poultry feed market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increasing demand for poultry and its products. Moreover, the organic segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, owing to rise in demand for natural and organic feed globally.
The offline segment to maintain its lead position during the forecast periodBased on distribution channel, the offline segment accounted for the largest share in 2021, contributing to 81% of the global poultry feed market, and is projected to maintain its lead position during the forecast period. This is because presence of this product is more on offline stores and consumers prefer the physical stores around the globe. However, the online segment is expected to portray the largest CAGR of 7.8% from 2022 to 2031, owing to the use of social media and increasing digital shopping platforms across the world.
Asia-Pacific, followed by North America, to maintain its dominance by 2030Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2021, accounting for more than two-fifths of the global poultry feed market. Moreover, the same region is expected to witness the fastest CAGR of 7.4% during the forecast period, owing to high production levels.
