Market Research Report
Indian Animal Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||731844|
|Published||Content info||107 Pages
Delivery time: 1-2 business days
|Indian Animal Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: April 8, 2019||Content info: 107 Pages||
The Indian animal feed market was worth INR 400.5 Billion in 2018. The market is further projected to reach INR 898.5 Billion by 2024, growing at a CAGR of 14.3% during 2019-2024. India currently represents one of the fastest growing animal feed markets in the world. The increasing demand for animal protein and dairy products has resulted in a growing livestock population in India, which in turn has increased the demand for animal feed. Currently the poultry, aqua and dairy industry accounts for the major share of the Indian animal feed industry. Modern animal feed products are manufactured by carefully selecting and blending ingredients to impart highly nutritional diets that both increase the quality of its end products such as meat, milk, eggs and at the same time maintain the health of the animal.
Indian Animal Feed Market: Drivers
The population in India is expected to increase continuously in the medium and long terms. This will create a strong demand for eggs, meat, milk, etc., in turn increasing the demand for animal feed.
The Indian government along with private initiatives are increasing the awareness of better feed practices among farmers. Farmers are getting more aware about animal health and the importance of a balanced and nutritional food for their animals.
Apart from domestic consumption, Indian exports of animal feed are rising and will also represent an important growth driver during the next five years.
Changing lifestyles and rising per capita incomes in India have resulted in a shift in the dietary habits in the country. This has resulted in an increase in the consumption of milk and meat, leading to a growing demand for animal feed.