South Korea Animal Feed Market Outlook

South korea has put a high priority on its animal feed market which is evidence of its robust and steady growth. the country is ranked as one of the top 10 grossing global markets in the animal feed sector, and it is estimated to reach us$19 billion by 2032. the demand for animal feed in south korea is driven mainly by the increasing population of livestock, including poultry and cattle that require feed on a daily basis. in terms of production and consumption, the beef and poultry industry are the main drivers of the overall animal feed sector, accounting for more than 75% of the total market share. as a result, the industry has experienced consistent growth over the past decade. in addition to the growing livestock population, the high consumption of processed products and aquatic feed has also contributed to the country’s strong demand for animal feed. according to the lps market research, salted fish, frozen seafood, and canned fish are some of the popular processed products available in the market, all of which require feed. in terms of import and export, south korea is considered to be among the leading countries in terms of both activities. it is estimated that the country imported w965 billion worth of feed in 2018, with the united states, thailand, and china emerging as the top three countries of origin for imported feed. on the other hand, exports of feed from south korea, which totaled w953 billion in 2018, were driven largely by its robust exports to china, japan, and vietnam. looking forward, recent government initiatives and regulation changes are likely to boost the animal feed sector in south korea. the country is actively working towards regulatory reforms and is past its half-way point towards full implementation of a national animal feed law and feed hygiene and safety law. these reforms are expected to bring greater efficiency to the market and increase its scope by introducing new products and services. in conclusion, south korea’s animal feed market outlook is exceptionally promising and is expected to contribute significantly to the overall economy in the coming years. with the country’s consistent focus on research and development as well as its growing exports, south korea is likely to remain pivotal in the development of the global animal feed industry.