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Starter Feed Market size to reach $82 Bn by 2032
- Published Date: April 24, 2023
Starter Feed Market size is projected to cross USD 82 billion by 2032, according to a new research report by Global Market Insights Inc.
The rapidly expanding aquaculture sector worldwide will positively influence the preference for starter feed. The increasing consumption of seafood has resulted in the rising popularity of high-quality starter feeds in aquaculture. As per the OECD-FAO Agricultural Outlook, the food fish consumption across the globe is anticipated to reach 21.4 kg per capita in 2031. The extensive penetration of starter feeds in fish and shrimp farming will further drive the industry trends.
Rising animal protein preference to anchor the adoption of medicated starter feeds
The starter feed market size from the medicated segment is poised to record over 8.5% CAGR from 2023 to 2032. Medicated starter feed are extensively preferred as they help in providing essential nutrients as well as medication to young animals, including chicks, piglets, and calves. The surging rate of population growth and the consequently rising incomes have spurred the higher intake of animal protein, further accelerating the adoption of medicated starter feed.
Growing consumption of wheat-sourced starter feed to drive the industry outlook
The wheat starter feed segment will exceed USD 10.7 billion by 2032. Wheat is a rich source of essential nutrients, energy, protein, and is, thus commonly used with other ingredients to cater to the growing animal nutritive needs. For instance, easily digestible wheat proteins are extensively incorporated in prestarters for calves and piglets. Furthermore, the surging preference for wheat-sourced starter feeds for young animals, including chicks will add to the product demand.
Increasing prominence of sustainable farming to anchor starter feed espousal
Starter feed market valuation from the organic nature segment is set to witness 7.8% CAGR through 2032, due to growing importance on sustainable as well as eco-friendly farming practices has propelled the preference for organic and natural products worldwide. Hence, the rising focus of manufacturers on introducing innovations to meet the rising livestock requirements will contribute to the demand for organic starter feed. For instance, Cargill unveiled Neochicc, a new complete diet in mini-pellet form, comprising essential oils and organic acids for improved gut health and nutrient absorption for broiler and layer chicks.
Browse key industry insights spread across 400 pages with 398 market data tables and 17 figures & charts from the report, “Starter Feed Market Size By Type (Medicated, Non medicated), By Ingredient (Wheat, Corn, Soybean, Oats, Barley, Others), By Livestock (Ruminant, Swine, Poultry [Broiler, Layer, Breeder] Aquatic, Equine), By Form (Pellets, Crumble), By Nature (Organic, Conventional), & Global Forecast, 2023-2032” in detail along with the table of contents:
Expanding ruminant population to accelerate the industry trends
The starter feed market size for the ruminant segment will exhibit 8.2% CAGR during the forecast period. Young calves extensively rely on efficient pre-starter feed for ensuring the smoothest transition from calves to ruminants with stimulated growth. The growth can also mainly be accredited to the thriving demand for meat and dairy products in order to cater to the rapidly rising population.
Thriving plant-based food consumption to favor industry prospects in Europe
Europe starter feed industry will be worth USD 22.3 billion by 2032, driven by the rising development of novel feed options deploying plant-based proteins, inclusive of soy and pea protein. For instance, in February 2023, Evonik introduced its first-ever plant-based feed additive, PhytriCare® IM, for the improved health of sows, laying hens as well as dairy cows. The growing environmental impacts of animal agriculture along with the increasing health benefits of plant-based diets will further augment the preference for plant-based proteins, subsequently adding to the regional market growth.
Capacity expansion initiatives to positively drive starter feed demand
Major players involved in the starter feed market include Archer Daniels Midland Company, Cargill Incorporated, Nutreco N.V., Purina Mills LLC, Alltech Inc, ACI Godrej Agrovet Private Ltd, BASF SE, Associated British Foods PLC, Evonik Industries AG, BRF SA, and Roquette Freres SA. These firms are focusing on partnership ventures, such as acquisitions and mergers as well as production expansions to increase their global presence. For instance, in May 2021, Cargill commenced the production of AquaXcel starter feed, a formulation comprising specialized immune-boosting ingredients, at its Serang plant in Indonesia.