MARKET REPORT FEED & ADDITIVE MAGAZINE February 2023 67 MARKET GROWTH EXPECTATIONS There are different forecasts of the global commercial scale of the cattle feed market. For example, according to the Future Market Insights (FMI) report, the value size of the global cattle feed market was US$ 81.7 billion in 2022. The market is anticipated to reach a market valuation of US$ 125.8 billion in 2032 reaching a CAGR of 4% during 20222032 forecast period. According to the Expert Market Research (EMR), the global cattle feed market attained a value of about US$ 63.95 billion in 2020, driven by the increasing demand for animal products. Impact of rising concerns regarding animal welfare, the market is expected to grow at a CAGR of 3.80% in the forecast period of 2023-2028 to reach approximately US$ 79.8 billion by 2026. According to another report by IMARC Group, the global cattle feed market size reached US$ 84.9 billion in 2022. IMARC Group expects the market to reach US$ 104.3 billion by 2028, performing a growth rate (CAGR) of 3.28% during 2023-2028. DataBridge Market Research also expects the global compound cattle feed market to grow at a rapid pace during the forecast period of 2022-2039. Data Bridge Market Research analyses that cattle feed market was valued at US$ 80.73 billion in 2021 and is expected to reach the value of US$ 117.47 billion by 2029, at a CAGR of 4.80% during the forecast period of 2022-2029. MARKET DRIVERS & RESTRICTIONS The global market for cattle feed is being driven by the increasing demand for animal-based products, such as dairy and meat products. According to the EMR, this can be attributed to the increasing world population and the benefits associated with animal-based products. In addition, in order to meet the rising demand for animal-based products, the number of cattle stocks are rising, subsequently invigorating the demand for cattle feed. This is contributing to the growth of the market. Furthermore, due to the increase in herd sizes, scientific methods of organising and managing farms are propelling farmers to embrace cattle feed, which is high in nutrition, thereby promoting larger yields and hence supporting the overall growth of the market. Moreover, trends surrounding the gradual shift from unorganised livestock farming to the organised sector in developing countries, majorly due to the growth of the industrial sector, is boosting the market for cattle feed. In addition to the aforementioned factors, regulations centred around sustainability are expected to boost the market growth of cattle feed. Restrictions on
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