Cattle feed additives Industry - Regional Synopsis
Asia Pacific industry is predicted to hold largest revenue share by 2037, owing to large cattle population in the developing economies of the region.
The market in the Asia Pacific industry is anticipated to hold largest revenue share by 2036, owing to large cattle population in the developing economies of the region. As per the data of the Department of Animal Husbandry & Dairying, shared by the Press Information Bureau of India, the total population of cattle in the country reached 192.49 million in the year 2019. Moreover, high dependence on livestock farming for livelihood in the region is estimated to promote the market growth.
The market in the North America is also estimated to hold a significant share by the end of 2029, on account of high consumption of beef in the region, which raises the need to improve livestock yield and supply better quality products. As a result, this is foreseen to promote the use of good quality feed and feed additives which, in turn, will boost the market growth. Furthermore, the market growth in the region is projected to be driven by the increasing demand for the production of beef. According to the statistics by the U.S. Department of Agriculture (USDA), the total beef & veal production increased from 11,943 (‘000 metric tons) in 2017 to 12,384 (‘000 metric tons) in 2019.
The market in Latin America, especially in nations, such as, Brazil and Argentina among others, is anticipated to experience modest market growth over the forecast period on the back of increasing livestock farming and beef consumption in the region. Brazil is estimated to be one of the biggest beef consuming nations, globally, along with China, and USA. In the other statistics by USDA, the total domestic consumption of beef in Brazil accounted to 7,929 (‘000 metric tons) in 2019.
