Changes In Meat Consumption Boost Animal Feed Ingredients Market In North America, Finds Frost & Sullivan
MOUNTAIN VIEW, Calif., Oct. 16, 2012 /PRNewswire/ -- Higher incomes and the rapid rise of the middle class around the globe will double food consumption in the coming years. Currently, though, the United States is the world's top poultry meat-consuming country, with red meat losing ground to chicken and pork. The rise in food affordability and shift in meat-eating habits will drive the use of animal feeds in each segment, spurring higher production of effective products to meet the growing demand.
New analysis from Frost & Sullivan ( http://www.food.frost.com), Strategic Analysis of the Animal Feed Ingredients Market in North America , finds that the market earned revenues of over $5.30 billion in 2011 and estimates this to reach $7.98 billion in 2018.
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Feeds for swine and poultry utilize animal feed ingredients to a large extent. The popularity of these meats drives manufacturers to produce feed in greater volumes for these segments than other animal food."The production of compound feed, where the main ingredients are grains, has been on a decline since 2008," said Frost & Sullivan Industry Analyst Anjaneya Reddy. "The dim economic outlook has curbed the capacity expansion plans of feed manufacturers and affected compound feed production." Further, the rapidly growing biofuel industry is competing for the arable land needed for feed ingredient cultivation. If the demand for biofuel continues to escalate, there will be a severe struggle for cultivable land.
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