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Over the last decade, Bangladesh has been experiencing unprecedented growth in all aspects of development. The country has exceeded global expectations in economic development with a GDP growth rate of 7-8 percent on average and a national per capita income of USD 1,698 in 2018.
With the passage of time, Bangladesh has witnessed a considerable increase in the consumption of protein-based and staple food categories. Subsequently, the country has achieved self-sufficiency in producing meat and fish along with rice and vegetables.
The per capita meat consumption of an average Bangladeshi amounted to 45.62 kgs, as stated by the Ministry of Fisheries and Livestock of Bangladesh. With the increase in consumption of meat, public concern regarding the safety of foods sourced from animals has heightened.
The animal feed industry of Bangladesh has been slowly growing over the last decade as a key backward linkage of the animal-based food system. The market size of total commercial feed stands at 5.03 MMT. It is identified that safeguarding animal feed and feed additives (including medicines) is a significant step in ensuring safe food for human consumption.
Furthermore, with increasing urbanization and the popularity of processed food in the millennial generation and working families segment, the demand for further processed meat has also increased.
During the COVID-19 virus pandemic, the agricultural sector is deemed to be a critical industry. The sustainability of the entire value chain of the Bangladesh livestock industry is under question owing to the outbreak.
A few major challenges for the Bangladesh livestock industry during Covid-19 are mentioned below:
The Bangladesh livestock sector is an essential part of the supply of protein for human beings. Owing to the pandemic, this sector is subject to facing privation.
The regulatory authorities must work in reducing the supply-demand deficit throughout the value chain. The government should raise awareness in clearing the misconceptions in the mind of consumers. It is to be duly noted that, with the fall of this sector, the whole nation would be looking at an economic downfall.
In short, the Bangladesh livestock sector, as a result of the Covid-19 pandemic, is in dire need of policy reforms and support from the government in order to fight its battle against the pandemic and survive.
The LightCastle team has been analyzing the macro and industry level picture and possible impacts wrought about by the Covid-19 crisis. Over the following days, we’ll be covering the major sectors shedding light on the possible short and long term ramifications of the global pandemic. Read all the articles in the series.
Author: Dipa Sultana, Business Analyst, LightCastle Partners
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