MARKET REPORT 70 FEED & ADDITIVE MAGAZINE May 2023 US$ 150 and 250 billion. For example; according to the report of Market Data Forecast, Asia-Pacific compound feed market was worth US$213.42 billion in 2021 and estimated to be growing at a CAGR of 1.8%, to reach US$233.34 billion by 2026. According to another report by Knowledge Sourcing Intelligence, the Asia Pacific animal feed market is expected to grow at a CAGR of 6.14% over the forecast period to reach a market size of US$214.546 billion in 2027 from US$141.349 billion in 2020. Although different commercial values are announced for the compound feed market of the region in the reports of the research companies, what is completely certain is the potential of the region for the feed industry. Asia-Pacific accounted for the most extensive market and is anticipated to remain the leading consumer of compound feed in the coming years. Increasing incomes, high meat consumption, and high meat production are responsible for the region's dominance. According to the report of Research and Markets; in Asia, the livestock industry is an essential part of agricultural development that has grown remarkably in the last few decades. Large-scale livestock production helps meet the surging demand for livestock products. In addition, farm animals, like poultry, swine, cattle, etc., play an essential economic and social role in Asian countries. With rapid economic growth, the demand for meat protein rose significantly in Asia, especially in India, Malaysia, China, and Thailand. The growing demand for meat protein increased meat production and consumption in the region, where the uptake of compound feed increased considerably and is anticipated to increase further during the forecasted period. According to the Food and Agriculture Organization (FAO), in 2021, total animal meat production increased from 145.4 million metric tons in 2018 to 152 million metric tons in 2019 to meet the increasing demand for meat consumption in countries such as India, China, and the Philippines. Therefore, the surge in meat production and demand will
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