PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1311147
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1311147
Global Feed Phosphate Market is valued approximately at USD 2.3 billion in 2022 and is anticipated to grow with a growth rate of more than 4% over the forecast period 2023-2030. Inorganic salts of phosphoric acid that are extracted from phosphate rock are known as feed phosphates. Aquatic life and livestock, including chicken, pigs, and cows, all eat phosphate-rich diet. They encourage rapid animal growth in terms of weight gain and other aspects. Feed phosphates increase the nutritional value of feed, which also raises the standard of dairy and meat products. The outbreak of several diseases such as Avian Influenza, Foot-and-Mouth Diseases, etc in the livestock have affected their health and also the economy which can lead to decreased production, trade restrictions, increased production costs, and loss of consumer confidence, resulting in significant economic impact on the meat and dairy industries. The usage of feed phosphate has proven to be effective in such cases, driving the market growth. The increased demand for chicken white meat and high-protein eggs has also increased the demand for feed phosphates.
Livestock farmers suffer financial losses as a result of the spread of diseases such as avian flu, BSE (bovine spongiform encephalopathy) and SARS (severe acute respiratory syndrome). Due to the hot and humid climate, countries such as China, India, and Indonesia frequently experience avian flu and swine flu outbreaks. Swine farmers suffered huge losses as a result of the spread of swine fever in South Africa in January 2023. According to Statista, the market value of white meat is expected to reach over USD 1.3 trillion in 2027 and the high-protein egg market is anticipated to expand by 8.73% yearly (CAGR 2023-2028). Moreover, the increase in global consumption of meat and the increase in demand of chicken and egg create lucrative growth opportunities for the market. According to the Organization for Economic Co-operation and Development (OECD) in 2022, consumption of poultry meat went up by 76.6% per kilo per capita and that of pig meat by 19.7% in 2021. In 2030, poultry meat is expected to make up for 41% of all the protein from meat sources, an increase of 2 percentage points from the base period. Feed phosphate is extracted from phosphate rock but since it is a finite source, market players like EcoPhos (Belgium) came up with the idea to recover phosphate from fly ash and are using it which is more sustainable. However, the high cost of feed phosphate is hindering the market growth and it results in the increasing use of substitutes such as phytase in the forecast years 2023-2030. More than 90% of poultry diets and over 70% of swine diets contain phytase, according to Danisco Animal Nutrition (UK), the feed company of E.I. du Pont de Nemours and Company (US). The feed business now spends USD 2 billion per annum on feed input and nutrition because of phytose.
The key regions considered for the Global Feed Phosphate Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the feed phosphate market in 2022 with largest market share owing to the increasing consumption of meat products and the growing production of livestock. According to the United States Department of Agriculture (USDA), 17,158 thousand metric tons of poultry meat was consumed in the US in 2021. Asia Pacific is expected to become the fastest growing during the forecast period, due to the rising importance of compound feed in improving meat quality. A study by Alltech Crop Science (company dealing in improving the health and performance of people, plants and animals through innovative scientific solutions) found that China produced 261.42 million metric tons of feed last year, a significant rise. An increase in domestic consumption of protein-based products in Asian countries and the decline of the African Swine Fever (ASF) in various nations are some of the essential factors expected to boost the market growth in the coming years.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable