The production in the Prepared Animal Feeds sector in Turkey has shown a robust growth trajectory from 2013 to 2023. The sector reached a value of 48.34 Billion New Turkish Liras in 2023, with the year-on-year growth rate standing at 14.27%. This marks a maintained high performance, even though there is a slight deceleration compared to previous years. The compound annual growth rate (CAGR) over the past 5 years (2018-2023) averaged at 20.05%, reflecting continued strong demand and expansion in this sector.
Looking at future trends, the forecasted data from 2024 to 2028 predicts a more moderated growth, with the sector reaching 76.98 Billion New Turkish Liras by 2028. The expected 5-year CAGR stands at 7.24%, indicating a deceleration but still showing a healthy sector expansion. Overall, anticipated future growth remains positive with a forecasted 5-year growth rate of 41.84%.
Future trends to watch for:
- The potential impact of technological innovations on production efficiency.
- Shifts in regulatory landscapes affecting feed industry standards.
- Changes in domestic and international demand for animal products.
- Sustainability practices and their adoption in feed production processes.
