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The animal food manufacturing market in Australia has stayed resilient in the last five years, despite difficulties linked to disease outbreaks and irregular weather patterns, and is expected to grow strongly in the next five, according to a new IBISWorld report.
The Prepared Animal and Bird Feed Manufacturing market research report, released yesterday, states that the industry’s performance is linked to agricultural and social trends, which are predicted to be more favourable in coming years.
“Variations in weather patterns, herd stocks and outbreaks of disease often dictate the wellbeing of stockfeed operations within the industry, as do pet ownership levels for pet food manufacturers,” said Ryan Lin, an analyst at the company.
A global economic recovery in the next five years, decreased risks from disease outbreaks due to innovation, and an increase in pet ownership are all expected to drive growth in a market of “medium” concentration, with the top four manufacturers accounting for 54 per cent of total revenue.