Global production of meat advanced to 340 million tons in 2021
Meat consumption has increased rapidly during the last three years and production is following the trend. According to a recent OECD report, the global production of meat (beef, poultry, and pork) in 2021 was 340 million tons compared to nearly 248 million in 2018. The poultry segment experienced the highest growth, which increased by approximately 16% between 2010 and 2020. Moreover, people have become more conscious about their protein intake in their daily diet. This has led to an increase in meat consumption. The consumption of meat products has become a vital factor as nutrition boosts the well-being of people. The majority of the global rise in meat production and consumption is from APAC and MEA. The healthy economic growth in these regions has boosted the production and consumption of meat, which will positively impact the market growth in the forecast years.
At the same time, animal feed additives market is expected to have a potential growth of $8.39 billion until 2026, according to the latest Technavio report. 61% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for animal feed additives in APAC. Market growth in this region will be faster than the growth of the market in other regions. The significant increase in the demand for poultry and other meat products will facilitate the animal feed additives market growth in APAC over the forecast period.
The key challenge to the global animal feed additives market growth is the increase in raw material prices. Feed acids, antioxidants, and vitamins are extracted from natural sources such as seeds, barks, and leaves. With the growing global population and the consequent rise in demand for food, the animal feed industry is facing severe pressure in procuring raw feed such as corn, wheat, and barley. The upgrades, innovations, and installations of the latest technology and machinery lead to a substantial increase in the operating cost. The price of raw materials such as essential oils and plant extracts is increasing in Europe and North America due to their alternative applications in pharmaceutical and cosmetic products. Such factors will negatively impact the market growth in the forecast period.
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