Asia-Pacific: Growth Frontier for Animal Nutrition Products
The market growth for animal nutrition products in Asia-pacific is robust due to the high demand from meat producing countries and exporters such as Australia, New Zealand, China and India. The industrialization of meat production, adoption of scientific feed usage which is propelled by increasing growers’ awareness has resulted in strong demand for animal nutrition products. China and India are estimated to witness highest growth through 2020.
China has been the world’s largest livestock producer and consumer as well. The government of China is encouraging the meat and dairy industry for the production of quality products to safe guard public health. China and India are major exporters of meat and allied products due to vast availability of livestock. India has surpassed Brazil as the largest exporter of meat in 2014 with a rapid growth of more than 20% over 2013. On the other hand, China is the largest market for sheep meat consumption. Buoyed by the growing awareness for quality produce and subsequent higher yields growers in emerging countries of APAC are investing in animal nutrition products.
The outbreak of various diseases such as swine flu and foot and mouth diseases in last few years has resulted in stringent regulation of feed quality and meat production process as well. Growing awareness about the benefits of animal nutrition products and tightening regulations are estimated to impact the animal nutrition markets positively. The livestock industries in China and India have been transforming with more preference being given to formulated feed using feed additives and supplements driving the market growth. APAC animal nutrition market is forecast to reach $5,970.1 by 2020 exhibiting growth at a CAGR of 6.8% during the forecast period 2015-2020. APAC region accounted for around 29% of the global animal nutritional market share in 2014.
