Cattle feed comprises various types of forages such as grass, silage, legumes, oilseeds and others. The quality and type of cattle feed directly affect the dairy yield, which has made it a vital component of livestock farming. The recently published report by Market Research Future (MRFR) states that the global cattle feed market is registered to grow at a moderate pace during the forecast period of 2017-2023.
Market Drivers and Restraints:
Need for quality improvement of cattle feed owing to the high global demand for dairy products is majorly driving the global cattle feed market. Improved understanding of nutritional requirements with respect to environmental and other factors in order to increase the meat and milk production is propelling the growth of the global cattle feed market.
Adoption of advanced technology for real-time monitoring of cattle farms and increasing research for development of innovative additives in the feed that would help reduce the emission rate by cattle are positively impacting on the growth of the global cattle feed market. Increasing awareness regarding organic livestock farming is another factor that is likely to intensify the sales of cattle feed in the near future, leading to the expansion of the global cattle feed market during the forecast period.
However, increasing price of raw materials used as cattle feed is anticipated to impact negatively on the growth of the global cattle feed market during the forecast period.
The global cattle feed market has been segmented on the basis of feed ingredients, application and additives. Based on feed ingredients, the cattle feed market is segmented into corn, soybean meal, wheat, oilseeds and others. Based on application, the cattle feed market is segmented into dairy, beef cattle feed market, calf and others. Based on additives, the cattle feed market is segmented into vitamins, minerals, feed antibiotics, amino acids, feed acidifier, feed enzymes, antioxidants and others.
The global cattle feed market is geographically segmented into North America, Europe, Asia Pacific and the rest of the world. The North America region is registered to account for the largest share of the global cattle feed market owing to the high consumption of dairy and beef product in this region. The Europe region is projecting significant growth in the global cattle feed market owing to the increasing incorporation of advanced technology for new product development in by cattle feed producers in this region. The Asia Pacific region is projecting to be the fastest growing market in the global cattle feed market owing to the skyrocketing demand for dairy products and increasing commercialization of cattle feed in this region.
In August 2018, AHDB Beef and Lamb, a U.K. based organization for beef and sheep meat industry, has announced that it is funding a five-year collaborative project named 'feed into Beef' as an update to the beef cattle feeding systems guide, AFRC 1993. This project is designed to deliver improved beef cattle feeding guidelines.
In September 2018, researchers at the University of California has revealed a study report that suggests adding small amount of seaweed to cattle feed can help reduce the emission of methane in cattle burp, manure and flatulence
The prominent players profiled by MRFR in the report on the global cattle feed market are Archer Daniels Midland Company (the U.S.), BASF SE (Germany), Cargill, Incorporated (the U.S.), Royal DSM N.V. (Netherlands), Nutreco N.V. (Netherlands), Charoen Pokphand Group (Thailand) and Land O’lakes Inc. (the U.S.).
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