Covid-19: Impact on the global feed sector in Animal Food Industry
The coronavirus has had a huge impact on daily life from the man on the street to businesses. And the livestock feed sector, even more essential than ever, has not gone unscathed.
Animal Feed Market is expected to grow with a growth rate of 3.4% in the forecast period of 2020 to 2027, Data Bridge Market Research report on animal feed market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Overview of Animal Feed Market: - Increasing demand for animal-based products among humans will accelerate the market demand. Focusing more on animal health will also drive market growth. The growing momentum of proponents of natural growth is also expected to be active in the market. Increase in cattle farming is likely to result in increased animal feed demand. Increasing consumer awareness of the benefits associated with the use of feed additives to reduce disease decline has supported the need of the market. On the other hand, the increasing popularity of meat and meat related products and rising health problems in animals will promote new opportunities for animal feed. Whereas, investments in research and development (R&D) for improving food fortification processes are predicted to open up various opportunities for market growth in the coming years.
The research report on Animal Feed Additive market delivers an exhaustive analysis of this business space while offering significant information pertaining to the factors that are affecting the revenue generation as well as the industry growth. The document also comprises of a detailed assessment of the regional scope of the market alongside its regulatory outlook. Additionally, the report provides with a detailed SWOT analysis while elaborating market driving factors.
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The pandemic have affected the overall animal nutrition in three different ways considering:
· The demand of the meat products
· The production of feed
· The supply chain market disruption
· The financial impact on feed vendors
Demand of the meat products
Due to the lockdown, the supply chain imbalance has risen and this ultimately has impacted the consumption pattern globally.
According to the U.S. Department of Agriculture, the global chicken meat trade has fallen by 4.0% to 11.70 million tonnes on the downward revisions for all major exporters except Brazil. Due to this, the global chicken meat trade will get shrink by 1.0% from the last year.
Global Animal Feed Market Research Report also provides the latest companies data and industry future trends, allowing you to identify the products and end users driving profits growth and productivity. The Market report lists the most important competitors and provides the insights strategic industry Analysis of the key factors influencing the market. The report includes the forecasts, investigation and discussion of significant industry trends, market volume, market share estimates and profiles of the leading industry Players. Global animal feed industry market research report is providing exclusive vital statistics, information, data, trends and competitive landscape details.
Conclusion
COVID-19 pandemic has taken a toll on the global population and economy. A collaborative effort on government, public health departments, and hospital fraternity to fight the coronavirus has led to economic slowdowns, global lockdowns, and extreme public safety measures. The public health measures include creating awareness about home quarantine measuring, maintaining food and healthcare supply, especially to the poor are being strictly followed by government across the world. Along with the food and healthcare industry, the feed industry is facing problems due to the non-working manufacturing industry. The demand for feed for livestock is high as the maintenance of livestock is an important aspect for breeders. This has increased the reliability on plain feed for animals without the addition of the nutritive value of the feed resulting in a loss in the business. The livestock industry has affected due to pandemic situations which in turn affected the feed additive industry as a result of reduced demand from breeders. Moreover, the poultry industry was battling with the rumors of the spread of COVID-19 through consumption of meat which impacted the market for poultry that affected the feed market in turn hampering the demand for feed additives. However, with the awareness and true information floating on various websites is expected to drive this market globally. Most of the manufacturers have started selling their products on online websites which are estimated to drive the market for online delivery sites and thus, manufacturers of feed additives.