March 30, 2020
As per the report titled ‘Asia Pacific Feed Phosphate Market Size, By Product, By Livestock, Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’ available with Market Study Report LLC, Asia Pacific feed phosphate market is projected to cross USD 2 billion by the year 2024.
Surging demand for meat products in China, Malaysia, Thailand, and Philippines, due to increasing middle-class population and rising disposable income, coupled with high preference for pork meat products in these nations are expected to augment the growth of Asia Pacific feed phosphate market. Enhanced feed quality and nutritional value are the major benefits favoring the demand for feed phosphate. It also helps in maintaining osmotic pressure, buffer capacity, and acid-base balance. Rapid urbanization and changing consumer lifestyle pattern are factors resulting in an increased meat consumption, which in turn is bolstering the demand feed phosphate in APAC.
According to the report, tricalcium phosphate market in Japan was worth USD 12.5 million in 2017 and is presumed to record substantial growth in the coming years. Shifting consumer focus from carbohydrate foods such as beans, pulses, rice, and wheat towards animal protein sources is supporting the regional market growth. Feed phosphate ensures healthy growth of an animal as the bone development in broilers is highly dependent on phosphorus, calcium, and Vitamin D3.
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Thailand feed phosphate market from aquaculture industry is expected to witness a growth of over 4% over 2018-2024, owing to the escalating demand for shrimp, tuna, and prawns. Several government initiatives promoting the establishment of fisheries is enhancing the industry outlook. Moreover, a vast network of river and canals are supporting the expansion of aquaculture industry. Feed phosphates strengthen the skeleton while accelerating the growth of fishes, indicating a high product demand across the region in the years to come.
Some of the prominent players in Asia Pacific feed phosphate market are Malaysian Phosphate, WengFu, Yara, and Elixir Group.
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