- Indian animal feed market is further projected to reach ₹898.5 billion by 2024, growing at a CAGR of 14% during 2019-2024.
- India currently represents one of the fastest growing animal feed markets in the world.
- The increasing demand for animal protein and dairy products has resulted in a growing livestock population in India, which in turn has increased the demand for animal feed.
According to the latest report by IMARC Group, titled “Indian Animal Feed Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, An Indian animal feed market size reached a value of ₹400.5 billion in 2018.
Animal feed, or feed, refers to food items produced or grown for the consumption of poultry or livestock. These products are carefully blended with several nutritional ingredients which are necessary to maintain the health of animals. The animal feed industry covers various sectors such as cattle, aquaculture and poultry. The liberalization of the Indian economy in the early 1990s presented the animal feed industry with new opportunities. However, the industry still has significant growth potential owing to increasing livestock population, expanding domestic consumption of animal-based products and rising dependence on imports.
The development of the dairy industry, supported by the White Revolution 2.0, has led to rapid growth of the cattle population. India now has the largest cattle population in the world, and consequently, has become a major market for cattle feed. As the structure of the dairy industry becomes more organized, the demand for commercial cattle feed is expected to increase in the country.
Apart from this, the government is also planning to introduce schemes and policies under the 12th Five Year Plan which are aimed towards enhancing the overall status of the animal feed industry to support future demand. Moreover, the emergence of non-traditional feed ingredients and technological innovations, such as the development of genetically modified animal feed ingredients, is another factor contributing to the growth of the market.
However, the progress of the Indian animal feed market share is hampered by frequent disease outbreaks and high import duties on feed ingredients. Despite these hindrances, the market is projected to reach a value of ₹898.5 billion by 2024, registering a CAGR of more than 14% during 2019-2024.
- The animal feed market in India has been categorized on the basis of product types which include poultry feed, cattle feed and aqua feed. Amongst these, poultry feed represents the most popular product type in the market on account of the highly organized poultry sector in India.
- On a geographical front, the market has been segmented into North India, South India, East India and West India.
- The competitive landscape of the Indian animal feed industry has also been analyzed along with the detailed profiles of the key players operating in the market.