The Imminent Rebound of Animal Husbandry Market

Magazine

By: Industry Outlook Team

Animal husbandry is one of those sectors of the industry that were on a roll until the Covid-19 pandemic struck them hard, stunting their growth by a large extent. With increasing disposable income and changing food habits among the populace, meat consumption was becoming more popular with every passing day. As a result new players were venturing into this field, looking to tap into the market potential. The Indian animal husbandry market was valued at Rs 900 billion in 2019 as per IMARC Group. The group predicts the market to grow moderately till 2025.

With the globalization of agriculture, animal husbandry has evolved into a globally connected event wherein the animal feed and products are transported from one corner of the world to the other. The places of production and consumption have become entwined in such a way that it is difficult to fathom where a produce is going to be consumed.

Impact of the Pandemic
With the pandemic knocking on the doors, the animal husbandry market has taken a back seat owing to rumors that coronavirus can spread through meat. The misconception has been debunked by several organizations but the visceral apprehensions are still lurking in the minds of people. In addition, the closure of food chain services has further added to the woes. As a result, the demand for animal products has nosedived. The Centers for Disease Control & Prevention made a public announcement with an aim to spreading awareness and busting the myth. It made it clear that coronavirus spreads only through human contact or being in the vicinity of an infected human, and not through livestock.

In future, however, the situation is expected to get back to normal gradually. And considering the fact that the market holds significant potential to be harnessed, there is room for further growth. Global figures of consumption suggest that the per capita meat consumption in India is considerably low if we compare it with the global one. Hence, players in this domain are looking to expand their reach and increase penetration.

Processed meat is one area which is expected to witness increased consumption as there is a rising reliability on processed and packaged goods. It is certainly going to grab a larger share of the total animal product sales. Wary of the hygiene of the fresh animal products available in the retail market, consumers are showing an increasing orientation towards processed and packaged meat products.

To support the growth of the industries under distress because of the pandemic, the government has set up the COVID-19 Economic Response Task Force to alleviate the concerns and cushion the impact of COVID-19 in the various sectors. Animal husbandry is also one of them. One of the initiatives in this direction has been taken by the state of Uttar Pradesh that organized a chicken fair in association with Poultry Farm Association of India.