MARKET REPORT 86 FEED & ADDITIVE MAGAZINE April 2023 Data Bridge Market Research points to much higher market sizes and growth rates compared to the other two research companies. According to the company's report, the poultry feed market, which was valued at US$ 256.93 billion in 2021, is expected to reach a value of US$ 373.86 billion by 2029, at a CAGR of 4.80% during the forecast period 2022-2029. MARKET DRIVERS & RESTRICTIONS According to the report by Research and Markets, the poultry sector is one of the fastest-growing meat sectors, owing to the increase in poultry meat consumption. Factors such as population, real income growth, price of poultry meat, which is relatively cheaper than other meat, and changes in dietary preferences of consumers are influencing the per capita consumption of poultry meat across the globe. According to OECD Agricultural Outlook, 2020, the per capita consumption of poultry meat in the world increased from 13.86 in 2017 to 13.92 in 2020. The increased average income and the steady economic growth in countries have caused a shift in the consumer preference towards protein-filled diet, which in turn resulted in increased the demand for poultry meat. Increasing the productivity of poultry is critical to feeding the growing global population and meeting the growing consumer demand. All these is expected to fuel the market growth of poultry feed during the forecast period 2023-2028. This is an important opportunity for the poultry feed market. However, high feed prices are acting as a restraint to the poultry feed market. In its report, Data Bridge Market Research highlights the increasing focus on animal health and the growing demand for organic meat. According to the report, concerns about food safety have boosted the demand for high-quality chicken feed to assure the safety of meat. Another factor driving the growth of the poultry feed market is growing farm owner knowledge of the need of keeping a healthy animal diet. As a result, they are shifting from regular chicken feed to functional and premium variations that assist strengthen the animals' resistance to enzootic diseases while also minimizing the danger of metabolic problems, acidosis, injuries, and infections. Also, Data Bridge Market Research analyses that high raw material prices and an increasing number of restrictions and regulatory bans will act as market restraints for the growth of poultry feed during the forecast period of 2022 to 2029. Less product awareness will act as a restraint further challenging the growth of the poultry feed market during the forecast period. Precedence Research points out similar things about market drivers and constraints in its report.
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