农林牧渔行业海外饲料市场洞察之印尼篇：潜力蓝海待挖掘，产业布局正当时

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - Indonesia's aquaculture and poultry farming are expanding, with aquaculture production reaching 14.63 million tons and poultry meat production at 4.16 million tons in 2022, reflecting compound annual growth rates (CAGR) of 13.63% and 6.85% respectively from 2002 to 2022 [3][10] - The continuous growth of Indonesia's GDP is driving meat consumption upgrades, leading to an expansion in the aquaculture and feed demand, indicating a promising outlook for the feed market [3][12] - Leading feed producers like CPIN and Japfa are experiencing sales growth and increasing market share due to their integrated supply chain advantages [3][13] - Haida Group is actively expanding its overseas market, projecting a 40% year-on-year increase in overseas feed sales, reaching 2.4 million tons by 2024, highlighting significant growth potential [3][14] Summary by Sections 1. Rapid Development of Aquaculture and Poultry Farming - Indonesia's aquaculture industry is growing rapidly, with a CAGR of 13.63% from 2002 to 2022, while capture fisheries lag behind with a CAGR of only 2.63% [10][21] - The main aquaculture species include catfish, tilapia, and shrimp, which together account for nearly 70% of total production [10][25] - Poultry farming is also expanding, with poultry meat production increasing from 1.10 million tons in 2002 to 4.16 million tons in 2022, reflecting a CAGR of 6.85% [11][38] 2. Continued Expansion of Farming Scale and Promising Feed Market - Indonesia's GDP has increased over fivefold from 2002 to 2023, with a CAGR of 8.49%, driving an increase in meat consumption [12][47] - Per capita consumption of aquatic products and poultry has significantly increased, indicating a growing demand for animal protein [12][52] - The feed industry in Indonesia is highly concentrated, with poultry feed accounting for nearly 90% of total feed production [12][58] 3. Integrated Supply Chain Advantages of Leading Enterprises - CPIN, Japfa, and Malindo are the leading companies in Indonesia's feed production and poultry farming, with market shares of 35%, 21%, and 8% respectively [13][65] - CPIN's sales in the poultry feed segment reached 16.52 trillion IDR in 2023, reflecting a year-on-year growth of 21.27% [13][67] - Japfa's poultry feed sales volume was 500.8 thousand tons in 2023, showcasing its significant market presence [13][72] 4. Investment Recommendations - The report suggests focusing on Haida Group's overseas development, as its international business is expected to open new growth opportunities [15]