PORTLAND, Ore., Feb. 8, 2021
Replacement of traditional cattle feed with nutritionally balanced compound feed and livestock industrialization drive the growth of the global cattle feed market.
PORTLAND, Ore., Feb. 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Cattle Feed Market by Cattle Type (Beef and Dairy) and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast 2021–2027."According to the report, the global cattle feed industry was estimated at $73.5 billion in 2019, and is expected to hit $78.3 billion by 2027, registering a CAGR of 4.4% from 2021 to 2027.
Drivers, restraints, and opportunities-
Replacement of traditional cattle feed with nutritionally balanced compound feed and livestock industrialization drive the growth of the global cattle feed market. On the other hand, challenges related to the gap between demand and supply of cattle feed act as an impeding factor to the market growth. However, nutrigenomics applications and prospects in livestock is expected to create lucrative opportunities for the key players in the industry.
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The dairy segment to lead the trail by 2027-
Based on cattle type, the dairy segment contributed to nearly three-fifths of the global cattle feed market share in 2019, and is expected to retain its dominance by the end of 2027. The same segment would also grow at the fastest CAGR of 4.6% throughout the forecast period. The fact that dairy industry is one of the oldest and vital industries in the food sector, drive the growth of the segment.
The offline segment to dominate during the estimated period-
Based on distribution channel, the offline segment accounted for around two-fifths of the global cattle feed market revenue in 2019, and is projected to rule the roost by 2027. The offline sale is the primary sales strategy for majority of the businesses for B2B marketing scenario. The online segment, on the other hand, would register the fastest CAGR of 6.4% from 2020 to 2027. This is due to rapid growth in online and mobile user customer bases in the emerging markets.
Asia-Pacific, followed by North America, to rule the roost in terms of revenue-
Based on region, Asia-Pacific, followed by North America, held the major share in 2019, garnering more than two-fifths of the global cattle feed market. Food and feed systems in the Asia-Pacific region are changing rapidly in terms of supply and demand dimensions owing to the economic growth, structural transformation, emerging technologies, and urbanization. However, the LAMEA region is expected to manifest the fastest CAGR of 5.3% from 2020 to 2027. The presence of vast areas supporting favorable climate pattern and rational use of inputs, including grains (corn, soybean) and fertilizers, have offered an ability to regions such as Brazil, Argentina, and Africa to be the major livestock producers in the LAMEA region. This in turn augment the growth of market in this region.
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