The market is projected to grow at a CAGR of 3.8% during the forecast period (2020 - 2025). Globally, there is an increasing demand for animal sourced products such as meat, eggs, and milk as when compared to plant-originated foods, such as cereals. The demand for these animal products require alternative meals such as copra meal in ordre to boost its production, thereby, stimulating the copra meal growth in animal feed market. Globally, feed buyers are faced with adjusting the rations with respect to fluctuating market prices. As a result, copra meal became a preferred alternative feed option over other available meals.
Key Market Trends
Growing Inclination towards Animal Sourced Food
Meat products are growing rapidly due to the increasing health concern along with the growing disposable income especially in the developing countries such as India and Brazil. The growing demand for animal products and processed meat has created an opportunity for copra meal producers in order to enhance its usage. An increase in demand for various animal products, such as milk, dairy products, meat products, eggs, and other non-food items, has led to the growth in the usage of various alternative melas including copra meal, thereby, boosting the copra meal in the growth of the animal feed market. Farmers are relying on feed to obtain high-performance and quick weight gain in animals over a short period of time. To satisfy the demand for the meat processing industry, livestock farmers need to produce high-quality and hygienic meat, which is a big challenge. The expansion of the meat products industry has created an opportunity for coconut meal to spur the market, as these meals boost immunity and enhance the performance of animals, by stabilizing the immune system.
Increasing Consumption in Asia-Pacific Region
The feed industry is one of the fastest-growing industries in these countries, owing to the increasing meat consumption in the country and meat export opportunities. The positive outlook for the coconut crop industry and the high demand for feed from the livestock industry provide great opportunities for the coconut meal producers. Coconut meal is used as fodder for various animals including horses, cattle, sheep, dear, chicken, turkey, and pig. Coconut meal has high-quality protein which helps in animal fattening. This factor has driven the usage of the meal by many Asian countries as they are mostly intretsed in cheap alternative meals. This has pushed the usage of copra meal immensely in this region.
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