The Indian animal feed market was worth INR 400.5 Billion in 2018. The market is further projected to reach INR 898.5 Billion by 2024, growing at a CAGR of 14.3% 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. Currently the poultry, aqua, and dairy industry account for the major share of the Indian animal feed industry. Modern animal feed products are manufactured by carefully selecting and blending ingredients to impart highly nutritional diets that both increases the quality of its end products such as meat, milk, eggs and at the same time maintain the health of the animal.
Indian Animal Feed Market: Drivers
The population in India is expected to increase continuously in the medium and long terms. This will create a strong demand for eggs, meat, milk, etc., in turn increasing the demand for animal feed.
The Indian government along with private initiatives are increasing the awareness of better feed practices among farmers. Farmers are getting more aware about animal health and the importance of balanced and nutritional food for their animals.
Apart from domestic consumption, Indian exports of animal feed are rising and will also represent an important growth driver during the next five years.
Changing lifestyles and rising per capita incomes in India have resulted in a shift in the dietary habits in the country. This has resulted in an increase in the consumption of milk and meat, leading to a growing demand for animal feed.
Breakup by Product Type:
Based on the product type, the market has been segmented as poultry feed, cattle feed, and aqua feed. Currently, poultry feed accounts for the largest market share. Followed by cattle feed and aqua feed.
Breakup by Region
On the basis of region, the market has been segmented as North India, South India, East India, and West India.
The competitive landscape of the market has also been examined in the report and the profiles of key players have also been provided.
This report provides a deep insight into the India animal feed market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian animal feed market in any manner.
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