August 14, 2014
Cattle feed market grows on modernisation in dairy, meat production
With the modernisation of dairy and meat productions, the world cattle feed market is witnessing growth, according to market research reports.
In addition, leading companies in the market are continuously adopting new technologies for manufacturing.
The top producers of cattlemeat are increasingly using feed for the supplementing of diets. Meanwhile, the market for the dairy segment was the largest in 2013, and is projected to grow with the increased demand for dairy products in the industry.
The demand for cattle feed is increasing due to its associated benefits such as improved health, increased milk yield, and enhanced quality of meat. Also backing the market's growth is the increased demand for meat and rising consumption of dairy products
While comparatively smaller than the general feed market, the cattle feed sector is projected to grow at a compound annual growth rate (CAGR) of 3.4% from 2013 to 2018. It is also forecast to reach US$187,564.4 million by 2018. Its growth is expected to benefit the cattle feed additive market as well.