MARKET REPORT FEED & ADDITIVE MAGAZINE March 2023 75 tion was down over 10%. Bulgaria reported a small shift from dairy to beef production because of low milk prices. In many cases, drought and higher beef prices incentivized feed supplementation. The only feed types reported to increase in Europe in 2022 were pet, aquaculture and equine feeds. COMMERCIAL VALUE OF THE MARKET AND EXPECTATIONS According to the European Feed Manufacturers' Federation (FEFAC), turnover of the EU27 compound feed industry in 2020 is estimated at €50 billion (USD 54 billion). Research companies, on the other hand, estimate this value between US$80 and 100 billion. For example; according to the report of Market Data Forecast, Europe compound feed market was worth US$98.9 billion in 2021 and estimated to be growing at a CAGR of 1.40%, to reach US$106.02 billion by 2026. The most important factors affecting the market in the region are consumer trends and legal regulations. According to some research, the consumption of meat has been rising steadily across the region. The increasing population, urbanization, demographics, incomes, prices, and environmental and health concerns are key factors that influence the level and type of meat consumption. This is increasing the market's need for compound feed in Europe. According to the report of Market Data Forecast, complex regulatory bodies in the European Union and increasing cost of operations are the main factors hindering the growth of this regional market. The European governments have imposed a ban on the use of antibiotics as a growth promoter. The ban has led livestock producers in these regions to identify new ways to stimulate production and deliver the same benefits provided by antibiotic growth promoters at an affordable price. The 'European Animal Feed Market Outlook, 2027' research report prepared by Research and Markets draws attention to similar factors. According to the report, the animal feed market in Europe is expected to grow with the CAGR of more than 3.1% during the forecasted period of 2027. The highest growth for meat consumption is expected from major countries of Europe such as Germany, France, Spain and
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