Product Code: ETC380004 | Publication Date: Aug 2022 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India animal feed protein ingredients market import shipments experienced a significant decline with a CAGR of -26.8% from 2020 to 2024. The growth rate between 2023 and 2024 showed a further decrease of -18.0%, indicating a continued downward trend. The market exhibited a substantial contraction, reflecting a consistent slowdown in import activities during the period.
India animal feed protein market is expected to grow significantly over the next few years due to rising demand from poultry farmers and other livestock owners. India is also witnessing an increased demand for higher quality, cost-efficient animal feed ingredients, such as soybean meal, fishmeal, corn gluten meal, rapeseed meal and cottonseed meal. Additionally, a wider range of plant-based proteins like canola meal and sunflower seed meal are becoming more popular among India livestock owners looking for affordable alternatives. Furthermore, the government of India has implemented several initiatives that promote the use of high-protein feeds in order to boost milk production and increase meat output from cattle farms across the country. These efforts have led to a growing interest in alternative sources of vegetable proteins such as peas and lupins which are increasingly being used in animal feed formulations throughout India.
The India animal feed protein ingredients market is witnessing significant growth due to several key drivers. Firstly, the rising demand for high-quality and nutritious animal feed to support the country`s expanding livestock and poultry industry is fueling the market growth. Additionally, the increasing awareness among farmers and animal breeders about the importance of incorporating protein-rich ingredients in animal diets to enhance productivity and improve animal health is boosting the market. Moreover, the growing focus on animal welfare and the need to provide balanced nutrition to livestock and poultry is driving the adoption of protein ingredients in animal feed formulations. Furthermore, the government`s initiatives and support for the development of the agriculture and livestock sectors are also contributing to the market`s positive growth trajectory.
The India animal feed protein ingredients market has been witnessing significant growth in recent years. However, it also faces several challenges. One of the major challenges is the volatility in the prices of raw materials used in feed production, such as soybean meal and fishmeal. Fluctuations in prices can impact the overall cost of production for feed manufacturers and subsequently affect the pricing of animal feed products in the market.Additionally, the animal feed industry in India is highly regulated, and compliance with various government standards and regulations can pose challenges for manufacturers and suppliers. Ensuring the quality and safety of feed products is crucial, but it requires significant investments in testing and quality control measures.
The animal feed protein ingredients market in India plays a crucial role in the livestock and poultry industries. It includes various protein sources used in animal feed formulations, such as soybean meal, fishmeal, canola meal, and other plant and animal-derived proteins. The demand for protein-rich animal feed has been on the rise due to the increasing consumption of meat and dairy products in the country. Additionally, a growing awareness of the importance of balanced animal nutrition has further driven the market. However, factors like raw material availability, price fluctuations, and regulatory constraints can impact the growth of the market.
Some of the key players in the market are Cargill India Pvt. Ltd., Adisseo India Animal Nutrition Pvt. Ltd., Godrej Agrovet Limited, The Archer Daniels Midland Company (ADM), Hi-Pro Animal Nutrition Pvt. Ltd., Alltech India Pvt. Ltd., Suguna Foods Pvt. Ltd., Venky`s India Ltd., Charoen Pokphand India Pvt. Ltd. (CP Group), and Amrit Feeds Limited.