Compound Horse Feedstuff Market Forecast and CAGR
The animal feed industry is growing at a high pace owing to the increasing demand for healthy and energetic feed. Horse feed among all animal feed has witnessed steady market growth from past half decade and has created absolute $ opportunity of more than US$ 180 Mn during historic time frame. The straight feed being provided to horses as a source of energy has shown incompleteness for diet. Whereas, compound horse feedstuff made horses more energetic and active. According to the latest research by Fact MR., the compound horse feedstuff market is set to witness substantial growth during the forecast period of 2021-2031.
What is Driving Demand for Compound Horse Feedstuff?
Equestrian sports gained tremendous popularity over the past few years, people across the globe especially in developed economies are opting for such sport over others. Expeditious international recognition of equestrian sports, such as endurance riding, horse racing, dressage events and others drive the requirement for compound horse feed and create an open space for the feed manufacturers.
The compound horse feed not only boosts up the performance and meets the high energy requirement of horses but also protects them from various muscular disorders such as laminitis and azoturia. Horses need dietary fats to perform well even without gallbladder horses can digest dietary fats which provide nutritional advantages such as, high vitamin absorption, omega-6 and omega-3 fatty acid and others. Growing demand for extensive nutrition of horses is the major factor driving the requirement for compound feedstuff.
Horse Riding Likely to Augment Compound Horse Feedstuff Sales
COVID-19 pandemic posed a significant disruption to the sporting calendar worldwide. Sports events have been postponed or cancelled for a long period even the Summer Olympics in Tokyo was rescheduled to 2021. Players have no active games to play and spectators have not much games to watch, only a few countries such as Belarus, Hong Kong, Turkmenistan and Nicaragua continued to have sporting matches as planned.
Horse riding sports and events such as dressage, horse polo, diving etc. were also paused for a long period. The equestrian sector had a significant impact due to the pandemic. The mass gathering has been banned globally and the horse riding event has huge popularity in developed economics which led to a mass gathering of spectators. Perhaps with the development of vaccines and relaxation on various activities including sports and games again set to propel the interest to watch the event from the stadium itself.
Horse riding sport is one of the expensive sport across the globe owing to high expenditure on expensive equipments, food and nutrition for the horses, training and others. Above all, the need of providing high strength horse food is the supreme factor, which enables the horse to be healthy and outshine in the events throughout.
Compound horse feedstuff gives higher strength to the horse to perform well. Manufacturers are also improving their quality of horse food for better performance. When a horse performs well in an event, the food brand used by the owner or trainer to feed the horse gains popularity. Thus, sporting events pertaining to the horses plays a major role in creating opportunity for the market players to increase their sales, as a whole catering overall compound horse foodstuff business.
North America Compound Horse Feedstuff Market Outlook
North America accounted one of the highest horse population across the globe, the US have the highest count in terms of the horse population. The region is also known for the famous horse polo game in the US. Other activities and sports-related to the horses in the region also gained popularity in the last few decades.
The US have approx. one third horse population globally and create a large demand for multifunctional horse feedstuff for professional and sporting horses. In addition, North America especially the US organize five of the top 12 well-known horse races and the region is known for the large base of horse racing enthusiasts which led to the demand for compound horse feedstuffs. The manufacturers also main to continue their focus on the region due to huge requirement.
Horse riding events and sports were badly impacted by the COVID-19 pandemic owing to higher number of cases in the region. Government across the region imposed a ban on every mass gathering activity including sports and events which directly impacted the horse feedstuff manufacturers because the sale of nutritionally rich food grows with the requirement of high performance and energetic horse.
The US is accounted as the most developed country in the world, the population in the country have a potential to live luxurious life. Owing to the high income and luxury so many people used to keep a horse for passion as a personal belonging, they ride a horse for personal satisfaction, mental freshness and other daily activities for enjoyment.
Even in the COVID-19 scenario, the rich people in the region witnessed the substantial requirement for nutrient rich food for their horse to keep their pet healthy and strong. As per the Fact MR. analysis, North America continues to be the demand epicentre for the compound horse feedstuff market.
Europe Demand Outlook for Compound Horse Feedstuff
After North America, Europe is the region who impacted severally by the COVID-19 pandemic and created a harsh economic disruption in the region. Despite the pandemic effect the region started recovering their economy at a fast pace from the 4th quarter of 2020. As the pandemic disrupted every market, manufacturers across different industries experienced a severe loss in terms of sales. The horse feedstuff manufacturers in Europe also witnessed the downfall of sales.
Europe is the most prominent region for horse feedstuff manufacturers as the region accounts for the highest horse population globally. Germany followed by the Netherland, Poland and Sweden are the major horse-owning nations in the region. More than 18 clubs associated with horse are there in Europe.
The UK is most famous for horse sports and activities across Europe. Britishers are known for maintaining their royalty for decades and it tends to continues in the region which led to more demand for owning a horse. With the highest population of horses, the region is also witnessing high demand for compound horse feedstuff.
Who are the Key Manufacturers and Suppliers of Compound Horse Feedstuff?
Some of the leading manufacturers and suppliers of compound horse feedstuff include
- Big V Feeds
- Triple Crown Horse Feeds
- Bailey’s horse feeds
- Nutrena Animal Feeds
- Target Feeds Ltd
- Spillers Horse Feeds
- Omega Fields
- Horse Tech Inc
Globally the compound horse feedstuff market is considered moderately consolidated and the leading players account for more than one third of the overall market share. Key players placed their focus on strengthening forward and backward integration to secure a better position in the competitive market.
Manufacturers and suppliers are focusing on longstanding contract with breeder and trainers to provide better foodstuff in bulk quantity leading to a better profit margin. Thus, aforementioned strategies by the key players is allowing them to create ample opportunity in the compound horse foodstuff business.
By Nutrition Type
- High fiber
- Low Starch
- High protein
- High fats
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
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