India: Animal Feed Market 2024

Animal Feed Market Size in India

The Indian animal feed market declined modestly to $X in 2022, which is down by -1.8% against the previous year. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.9% against 2019 indices. Animal feed consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Animal Feed Production in India

In value terms, animal feed production reduced modestly to $X in 2022 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.9% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 15%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Animal Feed Exports

Exports from India

For the third consecutive year, India recorded growth in shipments abroad of animal and pet feed, which increased by 6.6% to X tons in 2022. Overall, total exports indicated a strong expansion from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.3% against 2019 indices. The growth pace was the most rapid in 2016 with an increase of 29% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, animal feed exports rose sharply to $X in 2022. In general, exports saw resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by 30%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Bangladesh (X tons), Nepal (X tons) and Saudi Arabia (X tons) were the main destinations of animal feed exports from India, with a combined 38% share of total exports. Norway, Vietnam, South Korea, Bhutan, the United States, Hong Kong SAR, Sri Lanka, the United Arab Emirates, the Netherlands and Mexico lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +387.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X) remains the key foreign market for animal and pet feed exports from India, comprising 22% of total exports. The second position in the ranking was held by Nepal ($X), with a 9.3% share of total exports. It was followed by Saudi Arabia, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value to Bangladesh stood at +13.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nepal (+14.4% per year) and Saudi Arabia (+67.2% per year).

Export Prices by Country

In 2022, the average animal feed export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2014 when the average export price increased by 18% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Animal Feed Imports

Imports into India

Animal feed imports into India declined markedly to X tons in 2022, dropping by -28.8% compared with the year before. Over the period under review, imports, however, posted a notable increase. The growth pace was the most rapid in 2015 with an increase of 25% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, animal feed imports declined to $X in 2022. Overall, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 28% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted in the following year.

Imports by Country

Vietnam (X tons), Sri Lanka (X tons) and China (X tons) were the main suppliers of animal feed imports to India, with a combined 52% share of total imports. Thailand, the United States, the Netherlands, Singapore, Belgium, Germany, Bangladesh, Spain, Greece and Taiwan (Chinese) lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Bangladesh (with a CAGR of +32.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest animal feed suppliers to India were Sri Lanka ($X), China ($X) and Thailand ($X), together comprising 52% of total imports. Singapore, the United States, Vietnam, Belgium, the Netherlands, Germany, Greece, Taiwan (Chinese), Spain and Bangladesh lagged somewhat behind, together accounting for a further 36%.

Greece, with a CAGR of +43.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average animal feed import price amounted to $X per ton, surging by 27% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.6%. The pace of growth was the most pronounced in 2021 an increase of 28%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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