The Thailand compound feed market was valued at USD 8,983.5 million in 2020, and it is projected to reach USD 11,967.6 million by 2026, witnessing a CAGR of 4.2% during the forecast period.
Owing to the COVID-19, the imposition of stringent lockdown by the country’s government across the country has impacted the feed industry severely. Migration of man force resulted the industry to suffer huge labor crisis. The restricted movement resulted in delay on arrival of raw material, which also hampered the quality of the final produces. The COVID-19 pandemic had a significant impact on the country’s poultry industry. Farmers had to cope with the movement restrictions and paralyzed supply chains, leading to large inventories and falling prices. Many farmers and herders were forced to liquidate their assets in order to meet their needs.
By animal type, the poultry segment is found to be the largest contributor to the domestic feed production. According to the USDA (2020), the production of broiler chicken meat in Thailand is expected to increase by 2-3% in 2021. The production of chicken meat is expected to grow further to fulfil the growing export demand as well. The growing domestic consumption and export demand of poultry meat is anticipated to drive the compound feed market in Thailand.
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In January 2020, the Thailand government has allocated a budget of USD 5.03 million under the Free Trade Agreement Fund for the Department of Livestock Development to help the beef cattle farmers increase their product quality and compete globally. This can increase the beef cattle feed production in the country.Therefore, the growing demand for beef and dairy products is expected to boost the demand for compound feed in the country during the forecast period.
Key Market Trends
Rising preferences for the Animal Sourced Food
The demand for higher-value and quality foods, such as meat, eggs, and milk, is increasing, compared to plant-origin foods, such as cereals, owing to the rising demand for larger food varieties and more protein intake. The increasing awareness of the benefits of providing compound feed among growers fuels the demand for compound feed over forage or silage feed.
The shift toward a protein-rich diet, owing to the rising health awareness and the rise in income levels among the population, drives the consumption of meat and other animal-based products. This has resulted in an increased demand for animal-based products, subsequently driving the production of livestock. This livestock is fed using novel methods and products, ensuring an optimum nutrition level and feed conversion ratio.
To satisfy the demand of the meat processing industry, livestock farmers need to produce high-quality and hygienic meat, which is a big challenge. The expansion of the meat product industry has created an opportunity for compound feed, as these feeds boost immunity and enhance the performance of animals by stabilizing the rumen environment. Thus, the rising demand for animal-sourced foods may boost the Thailand compound feed market during the forecast period.
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