The Starter Feed Market is estimated to be valued at US$ 40.4 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Starter feed is a type of supplemental feed given to very young animals like chickens, pigs or calves. It is pelletized and designed to aid in their development by providing essential nutrients for growth. Starter feed contains highly digestible protein and fat sources as well as prebiotics and probiotics to support intestinal development. As young animals have limited ability to extract nutrients from feed, starter feeds ensure they receive proper nutrition required for health and growth.
Market key trends:
Increasing demand for poultry meat and eggs globally has boosted sales of starter feed. Key trends include- Poultry is one of the fastest growing meat sectors. Between 2010-2020, global chicken meat production grew over 4% annually driving demand for quality chicks and associated starter feeds. Countries like China and Brazil are largest producers and consumers of poultry globally. Furthermore, rising affluence in developing nations is shifting dietary patterns towards more animal protein consumption. This expanding consumer base for poultry will continue fuelling starter feed market over the forecast period. Starter feed manufacturers are also developing customized formulations tailored to specific breed, age and environmental requirements of young livestock animals. Innovation in feed ingredients to promote gut health and nutrient utilization is another key trend shaping this industry.
Porter’s Analysis
Threat of new entrants: Low barrier to entry due to availability of raw materials and machineries easily available however established players have economies of scale.
Bargaining power of buyers: Moderate bargaining power due to presence of substitutes however buyers prefer quality certified starter feed products.
Bargaining power of suppliers: Higher bargaining power due to limited number of raw material suppliers and differentiated products offering.
Threat of new substitutes: Low threat due to lack of close substitutes and key customer loyalty towards established brands.
Competitive rivalry: Intense competition among major players.
SWOT Analysis
Strength: Wide distribution network and economies of scale of major players. Product quality and certification according to global food safety standards.
Weakness: Vulnerable to price fluctuations of raw materials. High R&D and marketing costs required to develop new products.
Opportunity: Growing need to improve animal nutrition and productivity. Rising demand from aquaculture industry especially in Asia Pacific region.
Threats: stringent regulations pertaining to GMO products. Competition from local players offering lower prices.
Key Takeaways
The global Starter Feed Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing meat consumption globally. Asia Pacific dominates the market currently due to large broiler production in China and India.
Regional analysis Asia Pacific accounts for over 35% of the global starter feed market share currently due to robust growth of poultry sector in China and India. China represents largest producer and consumer of poultry meat globally. North America and Europe are other major markets however growth is expected to be higher in developing economies.
Key players operating in the starter feed market are Purina Mills LLC, Nutreco N.V., Roquette Freres S.A. , Evonik Industries A G, Charoen Pokphand Foods PLC, Alltech Inc., Associated British Foods Plc., Koninklijke DSM NV, BASF SE, ACI Godrej Agrovet Private Limited. Major players are focusing on product innovation and expansion in emerging economies through partnerships.
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