Cattle Feed & Feed Additives Market Overview
Cattle feed and feed additives are being used to enhance the quality of feed to augment yield and cattle’s health. Cattle and feed additives are mixed with necessary feed to provide boost and nutrition for overall growth of cattle’s which then helps in improving the mass and prevent the cattle’s from range of diseases.
The global cattle feed and feed additives market is projected to USD 33.6 Billion by 2021 from USD 30.2 Billion in 2015, growing at compound annual growth rate (CAGR) of 7% from 2015 to 2021.
Market Size and Forecast
Regionally, Asia-Pacific is fairly a large market at present because of larger cattle population. Collectively North America and Asia Pacific account for 60% of the global cattle’s and feed additive market. India and China are the two main regions in Asia-Pacific for the demand of cattle’s and feed additive. It is anticipated that in upcoming years the Asia Pacific have large cattle’s and feed additive market share as compared to other region.
North America is critical market for consumption and production of feed additives and the market is estimated to grow at stable rate of 3.5% for the forecasted period 2016-2021.Europe cattle’s feed and feed additive market was valued at USD 26.5 billion in 2015, showcasing a CAGR of 6% and it is expected that it will reach to USD35.3 billion by 2021.
By Product Type
On the basis of product type global cattle feed and feed additives market is classified as follows:
By Animal Type
On the basis of animal type global cattle and feed additive market is classified as follows:
Growth Drivers and challenges
Increasing meat consumption and demand for high nutritional meat at low price are the major drivers for global cattle’s and feed additive market.In addition to that, threat of diseases in livestock and awareness of quality feed are also a main driver for the cattle’s and feed additive market.Major challenge for global cattle’s and feed additive market is difference in management and regulation in different countries that affects the global meat market unfavorably particularly in developed and developing countries.
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