MARKET REPORT FEED & ADDITIVE MAGAZINE January 2023 69 production makes it necessary to achieve a significant increase in feed production for sustainable animal production. According to the market reports, increasing livestock population worldwide, rising widespread of animal diseases, and increased population especially in the developing countries will encourage the growth of the compound feed market in the coming years. In addition to this, increasing demand for good quality dairy and meat products, rapid increase in industrialization and focus of the advancements are other important factors that are anticipated to boost the compound feed market growth. Rapid rise in meat consumption and sudden outbreak of numerous livestock diseases worldwide is forecasted to witness a huge demand and growth in compound feed market over the 2022-2027 projected period. COMPOUND FEED MARKET GROWTH EXPECTATIONS According to IFIF, the annual turnover of global commercial feed production exceeded $ 400 billion. More than 130 countries have a share in the production and sales side of this commercial value. But the report titled 'Compound Feed Market Analysis, Size, Share and Trends' prepared by MarketsandMarkets points to a higher size. According to the report, the world compound feed market size estimated at US$ 521.3 billion in 2022 and is anticipated to reach US$ 641.2 billion by 2027, with a CAGR of 4.2%, in terms of value during the 2022-2027 forecast period. In addition, other reports point to similar market size and growth potential. For example, according to a report by Introspective Market Research, the global compound feed market was valued at US$ 464.94 billion in 2021, and it is projected to reach US$ 620.11 billion by 2028, registering an estimated CAGR of 4.2% during 2021- 2028. Research and Markets explains the highlights of the compound feed market on the basis of different segments like ingredient, source and form in its report titled Global Compound Feed Market as follows; - Based on ingredients, the cereal segment is estimated to occupy the highest market share during the forecast period. Cereals are whole grains used as a compound feed for different livestock. Among different types of cereals, maize is the commonly used ingredient as 70% of its production is used in making animal feed. The type of feed to be included in compound feed depends on the type of livestock feed manufactured and the cost of raw materials. - Based on the source, the plant-based segment accounts for the largest market share and it would dominate the market in terms of value during the forecast period. The Plant-based raw materials for compound feed are obtained from plant sources like oils, vegetables, grains, etc. The products manufactured from plant sources are rich in micronutrients which act as a complete nutrient for livestock. - Based on form, the mash segment accounts for the highest market share in 2022. Mash form of com-
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