Asia Pacific Feed Phosphate Market size is projected to reach $2 billion by 2024. Growing demand for meat and meat products including beef, chicken and pork across Asia Pacific region may boost feed phosphate market size. Asia Pacific being the largest meat producer which accounts for 40 to 45% of global meat production and increasing meat consumption in China, India and Japan may further increase product demand.
Feed phosphates are essential elements required for animal nutrition and provides distinct functions which includes fertility, growth, reproduction, bone development and lactation. These are given to various livestock including poultry, cattle, swine, aquaculture, cattle, and pets and providing them with adequate nutrition coupled with rich source of calcium and phosphorus, thereby promoting growth of Asia Pacific feed phosphate market size.
China feed phosphate market demand from poultry may surpass USD 545 million up to 2024 owing to rapid urbanization in the country has led to increasing consumption of meat which is no longer considered under luxury foods. Increase in GDP and rise in disposable incomes, people are favoring pork, poultry and beef products in their daily income. As a result of high GDP and growing middle class population, people can afford high quality meat products, thereby enhancing the meat consumption, thus stimulating market growth.
India monocalcium phosphate market size may witness gains at over 4% in the predicted timeframe. Increasing demand for more protein rich foods along with rising awareness regarding proper human nutrition is driving the demand for meat products in the region, the addition of monocalcium phosphate to animal feed may aid in normal energy functioning, neural, immunity reproductive systems and protein metabolism. The product is extracted from minerals which found in the nature and is used as an additive in the animal feed owing to the high requirements of calcium and phosphorous, thus helping in bone development of animals.
PhosArgo, Mosaic Company, EuroChem and PotashCorp are some of the key paticipants in Asia Pacific feed phosphate market share. Manufacturers are now concentrating on new product development to increase the production and reducing feed prices to achieve competitive edge in the market.
Segments We Cover:
Feed Phosphate Market Size, By Product
Feed Phosphate Market Share, By Livestock
The above information is provided on a country basis for the following: