The global 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 includes high-protein feed with balanced nutrients required for young animals or fish. It helps young animals or fish to develop a strong immune system and achieve optimal growth. Starter feed products contain essential vitamins, minerals, amino acids and energy to meet the nutritional needs of young livestock and aquatic animals during the initial growth phases.
Market key trends:
One of the key trends in the starter feed market is the rising aquaculture production globally. Aquaculture is one of the fastest growing food producing sectors. Fish farms require high-quality starter feed to ensure healthy growth of fish larvae and fingerlings. Advancements in aquafeed formulations to improve the nutritional values as well as developments of biosecure and allergen-free starter feed are fueling the demand in the market. Manufacturers are developing tailor-made and sustainable aquafeed and starter feed products to meet the evolving requirements of fish farms.
Segment Analysis
The global starter feed market is segmented on the basis of animal type, form, source and region. Based on animal type, the market is segmented into poultry, ruminants, swine and others. The poultry segment is expected to dominate the market during the forecast period, owing to increasing demand for poultry meat and eggs globally.
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 demand for meat and meat-based products.
The market size for starter feed is expected to reach US $40.4 Mn in 2023. The Asia Pacific region is expected to be the fastest growing as well as dominating region in the global starter feed market during the forecast period due to growing population and increasing meat consumption in countries such as China and India.
Key players operating in the starter feed market are Purina Mills LLC, Nutreco N.V., Roquette Freres S.A., Evonik Industries AG, Charoen Pokphand Foods PLC, Alltech Inc., Associated British Foods Plc., Koninklijke DSM NV, BASF SE, ACI Godrej Agrovet Private Limited. These players are adopting strategies such as product launches, mergers, acquisitions and collaborations to gain competitive advantage in the market.
For more insights, read- https://www.ukwebwire.com/starter-feed-market-trends-size-and-share-analysis/
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