Agusto & Co.’s animal feed milling report segments the Industry into poultry feed, fish feed, swine feed and ruminant feed. The animal feed milling industry has benefitted from recent policy initiatives of the Federal Government of Nigeria in the agriculture sector. As a result, animal feed production has grown at an estimated two year CAGR of 28.5% to 3.8 million metric tonnes in 2017. However, the downturn in the economy which culminated in a recession in 2016, adversely impacted the Industry’s performance as a number of animal husbandry farms (end users of animal feed) discontinued business due to high operating costs and weakening demand for animal products such as poultry meat, eggs, fish and pork. Furthermore, the entry of Olam International Limited, a global agri-business, into the feed milling industry in Nigeria in September 2017 increased aggregate supply particularly in the poultry feed segment, driving down market prices and margins.
Agusto & Co believes that the Industry is set for consolidations given the large number of fringe players and thinning margins. This, coupled with a full economic recovery will spur growth in the near term.
Agusto & Co.’s 2018 Animal Feed Milling Industry report provides insights to the feed milling industry in Nigeria. In particular, the report:
Information that the Report Provides