Ruminant Feed Market is Expected to Surpass a Value of USD 97.93 Billion by Growing at a CAGR of 4.7% During 2022-2028; Growing Need for Protein-rich Diet to Elevate Market Growth
SkyQuest has released a comprehensive report on the ruminant feed market that provides a comprehensive overview of the market landscape. To provide a thorough market overview, the study makes use of cutting-edge analytical techniques such as testing and analysis, cost assessment, tactical analysis, product comparison, newest developments, and expert forecasts. The market study also sheds light on a number of important market trends that are currently driving the sector.
Westford, USA, Feb. 17, 2023 (GLOBE NEWSWIRE) — North America accounted for more than 35% of the global ruminant feed market in 2021 and is anticipated to dominate the market by gathering the highest market share during the forecast period. A significant factor driving up demand for animal meat and dairy products is the growing middle class, which has more disposable income and is more aware of the health advantages of animal-source protein. These proteins have a high bioavailability and are simple to digest, which makes them crucial for improved protein synthesis. The need for ruminant feed, which is crucial for producing high-quality meat and dairy, is anticipated to increase with the rising intake of meat and dairy products across the globe.
SkyQuest noted that in the United States, there were 68 pounds of chicken consumption per person in 2021. In addition, on a per capita retail weight basis, Americans devoured more than 224 pounds of red meat and poultry in 2022.
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Pages – 225
Tables – 60
Figures – 67
Ruminants, which include cows, sheep, goats, bison, and elk, are creatures with four chambers for digesting, even-toed hooves, and horns. Grains, screenings, molasses for energy, soybean meals, corn gluten meal, fertilizer, alfalfa, and breweries and distillers grain for protein supply are the main components of the ruminant diet.
Prominent Players in Ruminant Feed Market
- Cargill Inc. (US)
- Land O Lakes Inc. (US)
- De Heus (Netherlands)
- Archer Daniels Midland (US)
- ForFarmers (Netherlands)
- BASF SE (Germany)
- Beijing Goke Agriculture Machinery Co. Ltd. (China)
- Charoen Pokphand Foods (Thailand)
- J. R. Simplot Company (US)
- Kemin Industries (US)
- Nutreco NV (Netherlands)
- Provita Eurotech Ltd. (UK)
- Phibro Animal Health Corporation (US)
- Tanke Biosciences Corp. (China)
- Ridley Inc. (US)
- Zinpro Corp. (US)
- Vamso Biotec Pvt. Ltd (India)
Dairy Cattle Segment to Gain Largest Market Share Owing to Rising Demand for Milk and Milk Products
In 2021, the dairy cattle segment held the biggest market share worldwide. The dairy cattle feed segment is growing and will keep growing during the study period due to the rising demand for milk and milk products. SkyQuest found during research that in the Indian packaged goods market, dairy products saw sales of more than 23.5 million metric tonnes in 2021. Furthermore, India consumed more than 200 million metric tonnes of milk domestically as of 2022. When compared to the prior year, when the consumption amount was approximately 198 million metric tonnes, this represented an increase.
The market in North America is estimated to dominate the ruminant feed market during the forecast period. The growth of the market can be ascribed to the rise in demand for beef and other dairy by-products. One of the main factors driving the rise in demand for balanced feed in nations like the US and Canada is the growing understanding among farmers of the benefits of high-quality feed on milk output and dairy animal health. These are some of the main driving forces behind the expansion of the North American ruminant feed market.
Cereals Segment to Gain Significant Market Share Thanks to Increasing Consumption of Cereals
The ruminant feed market is segmented by ingredient type into cereals, oil cakes, meals, food wastages, feed additives, and other ingredients. The cereals segment is predicted to gain significant market share during the forecast period. The growth of the segment can be ascribed to the increasing consumption of cereals across the globe. The rising awareness among people regarding the importance of protein in the diet and the availability of protein from cereals is estimated to drive segment growth. SkyQuest found during research that Americans consume more than 9.5 pounds of cereal per year on average, making it one of the most common breakfast items in the country and that translates to each person eating over 159 bowls of cereal annually.
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The market in the Asia Pacific region is estimated to grow at the fastest rate during the projected time period. The region’s fastest-growing consumer of beef and dairy products, driving up the need for balanced and wholesome ruminant feed. Additionally, the presence of key market players in the region and the growing investment by them in order to diversify their product offerings and develop new items in response to their consumers’ evolving needs are predicted to fuel the market growth.
The research on the ruminant feed market offers market participants useful data to provide them a competitive edge, help businesses make informed decisions, and help them increase profits. The study examines major market trends such as partnerships, product portfolios, product pipelines, mergers and acquisitions, and corporate strategies in addition to taking a close look at the value chain.
Key Developments in the Ruminant Feed Market
- Agricultural retailers and producers will be able to use AgVend’s digital enablement technology to access WinField United’s unique digital tools, services, and marketing initiatives starting in July 2022, according to a new agreement that WinField United and AgVend announced today. The collaboration will give regionally based ag businesses a ground-breaking digital experience, enabling them to expand their leadership by giving them the resources they need to be more adaptable and meet daily demands.
- With the launch of Land O Lakes Butter Balls, which are half-tablespoon butter balls for everyday cooking, in June 2022, Land O’Lakes, Inc. gave the butter a new spin. Cooking is made simpler by these special items for retail shelves that provide Land O Lakes Butter in a handy, pre-portioned amount. Consumers who started cooking during the pandemic served as their inspiration.
- To strengthen its position and create a key position in the future animal feed business in Vietnam, De Heus Vietnam purchased Masan feed in November 2021.
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Key Questions Answered in the Ruminant Feed Market Research Report
- What is the anticipated market size and what is the forecast growth rate of the global ruminant feed market?
- What elements are fuelling the expansion of the world market?
- What market categories are anticipated to grow the fastest over the next few years?
- Is there any particular market region that is anticipated to grow exceptionally throughout the projection period?
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