Market Research Report
Chile Animal Feed Market - Forecasts from 2022 to 2027
|Chile Animal Feed Market - Forecasts from 2022 to 2027|
Published: May 24, 2022
Knowledge Sourcing Intelligence
Content info: 86 Pages
Delivery time: 1-2 business days
The Chilean animal feed market is evaluated at US$1,645.809 million for the year 2020, growing at a CAGR of 2.98% to reach a market size of US$2,021.732 million by the year 2027.
Animal feeds are the products that are responsible for boosting the health of animals. Depending on the animal, they are treated with different concentrations of feed. During the projected period, rapid urbanization and rising consumption of meat and other end products such as milk and eggs in Chile will drive the animal feed market growth potential.
By providing increased nutrients with the feed, the feed aids in the development of the animal's capabilities, boosting growth and body weight gain, and increasing immunity. Animal disease outbreaks are a primary driving force behind the usage of animal feed, which benefits animal health and assists in food chain regulation.
During the projected period, rising per capita meat consumption is expected to be the primary driver of the animal feed market. Chile's per capita meat consumption climbed from 14.680 kg in 2012 to 18.765 kg in 2017, according to the Organization for Economic Cooperation and Development. Chilli has had one of the fastest-growing economies in recent decades, allowing the country to dramatically reduce poverty and increase disposable income. This, together with increased urbanization, is likely to boost the country's animal feed market growth potential in the coming years.
The expansion and investment plans of significant firms contribute to the upgrading of product portfolios and reaching out to new target areas, resulting in high growth in the animal feed market. In addition, the expanding livestock population, as well as the change from disorganized to organized livestock farming, is predicted to boost market growth potential in the approaching years.
The high price fluctuation of raw materials, on the other hand, is likely to stifle market expansion over the projection period. Furthermore, in the projection period and in the following years, a rising shift toward the adoption of a vegan-based diet is likely to stifle the growth of the animal feed market.
Compound feed accounts for a substantial portion of the animal feed market in Chile, owing to the rising demand for meat and aquaculture products, which is the primary driver of compound feed market growth. Growing animal output and increased knowledge of high-quality meat, milk, and other dairy-related goods are two key reasons boosting the market's growth.
The market is divided into cattle, swine, poultry, aquaculture, and other animal types. Due to the increasing demand for pig meat in Chile, the swine segment held the majority of the market over the projection period. Because of the strong demand for chicken and eggs as an economical source of protein, the poultry segment is predicted to develop at the fastest CAGR due to the increased production of poultry animals such as chickens and turkeys. The global demand for white meat is rising, boosting the poultry segment's growth even more.
COVID-19 Impact on Chile Animal Feed Market:
The outbreak of the novel coronavirus disease is expected to have a slight negative impact on market growth, owing to supply chain disruptions caused by trade restrictions around the world. Furthermore, a considerable drop in meat consumption due to rising health concerns during the pandemic, as well as the shutdown of malls, eateries, and other businesses, caused a depression in the foodservice industry in many areas of the world, which impacted the market in the near term. However, considerable market recovery is expected in the coming years, with limitations being lifted and the opening of stores, hotels, and restaurants driving demand for meat even higher.
In October 2021, BASF and Cargill expanded their animal nutrition partnership, adding new R&D and innovation capabilities as well as new markets to their existing feed enzyme sales agreements.
Alltech has launched a new range of premium equine vitamins called Lifeforce TM in May 2021. These supplements were developed to satisfy the demands of modern horses throughout their lives, from performance to recreation, and are backed by more than 40 years of scientific research and formulated with field-proven technologies.
List is not exhaustive