South Korea Animal Feed Market (2024-2030) | Forecast, Industry, Trends, Outlook, Growth, Revenue, Companies, Value, Share, Size & Analysis

Topics Covered in the South Korea Animal Feed Market

South Korea Animal Feed Market report thoroughly covers the market by form, by species, and by type. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Korea Animal Feed Market Synopsis

South Korea Animal Feed Market shows excellent potential for growth with the increasing demand for high-quality meat products. There are opportunities for new entrants to provide organic feed products in addition to advancements in technology that can enhance animal feed production, making it more efficient. South Korea has emerged to be one of the biggest markets for animal feed in the world. With a growing population and an ever-increasing demand from the food processing and meat production industry, the demand for high-quality animal feed has seen a surge in South Korea.

According to 6Wresearch, the South Korea Animal Feed Market Size was valued at USD 10.54 billion and is expected to reach USD 12.87 billion, growing at a CAGR of 4% during the forecast period of 2024-2030. The growth of the market is driven by government support, rising demand for animal protein, increasing meat consumption, and livestock production. The government has implemented supportive policies to boost the agricultural sector, including offering subsidies to farmers, promoting biosecurity, and supporting research and development in animal feed technology. Despite the favorable government policies, the South Korea animal feed market faces several challenges. One of the challenges is the rising cost of raw materials used in the production of animal feed, including corn, soybeans, and wheat. In addition, the market is highly competitive, with several players seeking to gain market share, thus reducing margins. One of the significant trends in the South Korea animal feed industry is the shift towards organic and natural feed products. Consumers are increasingly concerned about food safety and are willing to pay a premium for livestock products such as meat, milk, and eggs, from animals raised on organic and natural feed. In addition, technological advancements in animal feed production, including precision feeding, have enabled farmers to optimize animal growth, minimize waste, and reduce environmental pollution. The South Korea animal feed market presents several opportunities for investors and businesses, particularly in the livestock industry. The market is projected to grow in the coming years, driven by increasing demand for animal protein, growth in livestock production, and favorable government policies. In addition, the rapid rise of e-commerce platforms in South Korea presents opportunities for animal feed producers to reach new customers and expand their market share.

Government policies and schemes introduced in the South Korea Animal Feed Market

South Korea, a country known for its innovative and modern advancements, has implemented several policies and schemes aimed at boosting the South Korea Animal Feed Market Growth. One of the latest government policies in the South Korea Animal Feed Market is the promotion of the production of domestically sourced feed ingredients. The government offers incentives to farmers who plant and harvest certain crops, including rice, corn, barley, and soybeans, which can be used for animal feed purposes. In addition to promoting domestic feed production, the government has also been focused on improving the safety and quality of animal feed. The Korean Animal Feed Quality Control Act was introduced to ensure that all animal feed produced in the country meets strict safety and quality requirements. This has resulted in a heightened awareness of potential health hazards posed by substandard animal feed and has led to a reduction in the number of cases of livestock diseases among farms in the country.

Leading players in the South Korea Animal Feed Market

The South Korea Animal Feed Market is home to several leading players, including CJ CheilJedang Corporation, Nonghyup Feed Inc., and Harim Group. CJ CheilJedang Corporation is the largest manufacturer of animal feed in South Korea, producing more than 20 types of feed for livestock, aquaculture, and pets. Nonghyup Feed Inc. is a subsidiary of the National Agricultural Cooperative Federation (NACF), responsible for the supply and distribution of animal feed in South Korea. Harim Group is a diversified company that operates several businesses, including animal feed production, poultry farming, and food processing.

Market analysis by Form

By Form, Pellets form is the only growing segment and predicted to lead the South Korea Animal Feed Market Share during the forecast period. The benefits of Pellets animal feeds include, ease of handling, & storage, reduced wastage, and enhanced nutritional content. Pellets are the preferred choice of feed, followed by Mash, Crumbles, and Others.

Market Analysis by Species

According to Ravi Bhandari, Research Head, 6Wresearch, Poultry animal feed has dominated the market due to the increasing popularity of chicken consumption in the country.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023.
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Korea Animal Feed Market Outlook
• Market Size of South Korea Animal Feed Market, 2023
• Forecast of South Korea Animal Feed Market, 2030
• Historical Data and Forecast of South Korea Animal Feed Revenues & Volume for the Period 2020 - 2030
• South Korea Animal Feed Market Trend Evolution
• South Korea Animal Feed Market Drivers and Challenges
• South Korea Animal Feed Price Trends
• South Korea Animal Feed Porter's Five Forces
• South Korea Animal Feed Industry Life Cycle
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Form for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Pellets for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Crumbles for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Mash for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Others for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Species for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Poultry for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Ruminants for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Aqua for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Swine for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Others for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Acidifiers for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Probiotics for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Enzyme for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Antioxidants for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Antibiotics for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Vitamins for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Minerals for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Animal Feed Market Revenues & Volume By Others for the Period 2020 - 2030
• South Korea Animal Feed Import Export Trade Statistics
• Market Opportunity Assessment By Form
• Market Opportunity Assessment By Species
• Market Opportunity Assessment By Type
• South Korea Animal Feed Top Companies Market Share
• South Korea Animal Feed Competitive Benchmarking By Technical and Operational Parameters
• South Korea Animal Feed Company Profiles
• South Korea Animal Feed Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Form

• Pellets
• Crumbles
• Mash
• Others

By Species

• Poultry
• Ruminants
• Aqua
• Swine
• Others

By Type

• Acidifiers
• Probiotics
• Enzyme
• Antioxidants
• Antibiotics
• Vitamins
• Minerals
• Others