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Early Impacts of COVID-19 on Feed Market

(Publishing-NewsWire.com, May 23, 2020 ) Post COVID-19, the global feed market size is estimated to grow from USD 282.8 billion in 2020 and is projected to reach USD 289.0 billion by 2021, recording a CAGR of 2.2% during 2020–2021.



The major factors driving the growth of the feed market include increasing awareness regarding animal health and biosecurity. The rising awareness about livestock nutrition, modernization of the livestock industry, and the rise in the consumption of meat & other livestock-based products have led to an increase in the market size of feed additives. However, due to COVID-19, feed manufacturers and producers are becoming more aware of techniques and strategies to cope up with the situation. This, in turn, is projected to drive the demand for feed additives, as the market growth starts stabilizing.



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Cargill, a major producer of animal nutrition and health, has made an investment of USD 240 million to support livestock farmers in India (Kota, Rajasthan), as of February 2019. The motive behind the investment was to set up a greenfield premix plant in Kota, Rajasthan. The plans were shared at a meeting between the Cargill team, industries, and the government in Rajasthan.



Cargill Animal Nutrition is a global business unit of Cargill and has more than 23,000 employees with 280 facilities in 40 countries, serving customers in more than 100 countries. The company’s animal nutrition business manufactures and serves dairy, poultry, shrimp, and fish farmers with value-added products and services in India’s every state. Cargill sells its products under the animal health and nutrition brands, such as Bestmin Gold, UTPP, and G-promin.



Archer Daniels Midland Company (NYSE: ADM) acquired Neovia with USD 1.68 billion (€1.544), creating a global leader in value-added products and solutions for companion animals.



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According to the company, the acquisition of Neovia represents a major milestone in the execution of the company’s strategic plan to become a global leader in the livestock nutrition sector. The objective behind the acquisition is to expand its geographic reach and fulfill the need of its customers.









MarketsandMarkets™

Mr. Aashish Mehra

1-888-600-6441

raviraj.tak@marketsandmarkets.com

Source: EmailWire.Com

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