农林牧渔行业：饲料出海系列之印尼：养殖产业链高集约化，一体化龙头优势显著

Investment Rating - The report provides a "Buy" rating for key companies in the Indonesian agriculture, forestry, animal husbandry, and fishery industry, particularly focusing on feed production and integrated farming enterprises [3]. Core Insights - Indonesia, as the fourth most populous country, shows a growing trend in meat protein consumption, with significant reliance on aquatic and poultry products [8][11]. - The country ranks as the third largest aquaculture producer globally, with a high degree of farming intensification and concentration in species such as tilapia, catfish, and shrimp [11][17]. - The poultry farming sector is dominated by broiler chickens, with major integrated companies leading the market and increasing their market share [19][21]. - The feed industry is experiencing sustained growth, with a high concentration of production among leading companies [31][33]. - The report suggests that the growth potential in Indonesia's aquaculture and poultry sectors will drive continued demand for industrial feed [2][19]. Summary by Sections 1. Population and Protein Consumption Trends - Indonesia's population reached approximately 277 million in 2023, with a significant portion consuming aquatic and poultry products, which accounted for 71.9% and 23.3% of meat consumption respectively [8][11]. - The compound annual growth rates (CAGR) for per capita consumption of aquatic products and poultry from 2011 to 2021 were 2.96% and 7.38% respectively [8]. 2. Aquaculture Development - Indonesia is the third largest aquaculture producer, with a total aquaculture output of 14.6 million tons in 2021, of which 5.72 million tons were from cultured species [11][13]. - The main aquaculture species include tilapia, catfish, shrimp, and others, with shrimp being a significant export product [11][17]. 3. Poultry Farming Dynamics - The poultry sector is primarily focused on broiler chickens, with a total production of approximately 3.9 billion birds in 2022 [19]. - Major companies like CPIN, Japfa, and Malindo dominate the market, controlling significant shares of the poultry supply chain [21]. 4. Feed Industry Growth - The total feed production in Indonesia reached 19.17 million tons in 2023, with poultry feed accounting for 85% of this total [31]. - The feed industry is characterized by high concentration, with leading companies such as CPIN and Japfa holding substantial market shares [31][33]. 5. Investment Recommendations - The report emphasizes the growth potential in Indonesia's aquaculture and poultry sectors, suggesting that companies expanding feed production capacity in Indonesia should be closely monitored for investment opportunities [2][19].