Market Trends of North America Feed Binders Industry
This section covers the major market trends shaping the North America Feed Binders Market according to our research experts:
Increasing Consumption of Animal Meat
The growth of the Feed binder market is primarily because of the expansion of the animal meat market. According to the United States Department of Agriculture, the consumption of animal meat has shown consistent growth from 2016. In 2018, animal meat consumption has witnessed highest of 266,359 thousand metric tons which were 258,513 thousand metric tons in 2015. Increased meat consumption and rise in health concerns in livestock in the region have made the market to consume a higher quantity of feed binders. The techniques involved in binding the feed to make pellets increase the cost of processing, thereby restraining the growth of feed binders market. Leading companies are looking for innovations in the field by venturing into R&D for better production and management techniques. Growth in the industrial production of livestock and processed meat industry are driving the demand for feed additives in North America. Expansion in animal-derived products market especially fish and fish products and increasing awareness for animal protein have further amplified the market growth.
United States Dominates the Market in Terms of Feed Production
Meat, particularly beef, is the centerpiece of the average American dinner. According to the United States Department of Agriculture (USDA), the year 2018 set a record of 222.2 pounds per capita of animal meat being consumed in the country, breaking the previous year's record of 216.9 pounds per capita. According to the AllTech feed survey in the year 2019, there are around 5715 mills with an annual production quantity of 214 million metric tons. The growing consumption of meat would stimulate the production of cattle, which, in turn, would bolster the United States feed additives market during the forecast period. The several uses of binders in the compound feed raise the demand for the same in the feed industry, thereby, driving the market growth in the study period. Binders are widely used in the shrimp feed industry in the region, as they offer a wide range of benefits, such as energy reduction and providing stable operating conditions with few blockages and more constant resistance in the dye, leading to less variation and fines in the finished products.
