Agrochemicals are the chemicals used in the management of agricultural ecosystems and micro-organisms in the farming area. The use of agrochemicals is critical in increasing the crop yield. Agrochemicals include various fertilizers, herbicides, insecticides, fungicides, soil conditioners, and others. Fertilizers are used in the agricultural lands to increase the growth of plants and crop yield. The term agrochemicals may also include synthetic fertilizers, hormones, and other chemical growth agents, as well as concentrated stores of raw animal manure.

Animal protein is a type of protein ingredient that is specifically derived from the sources such as egg, dairy, fish, and others. Animal protein is widely used in food & beverage industry, cosmetics industry, nutraceuticals industry as a foaming agent, emulsification, and others. There are different variants of animal protein available in the market that include egg protein, fish protein, gelatin, and dairy Protein The global animal protein market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the market. These include market forecast, drivers, restraints, opportunities, and roles of different key players operating in the market. The report is analyzed for animal protein by product type including gelatin, d airy protein, egg protein and fish protein.

A mushroom is a vegetable with a fleshy fungus that provides nutrients such as vitamins, potassium, and selenium. With sufficient light, humidity, ventilation, temperature, nutrients, pH, and air pressure, mushrooms need a regulated climate. Button mushroom, shiitake mushroom, and oyster mushroom are the most common variety of mushrooms; button mushroom, however, leads in terms of consumption worldwide as it finds its use in salads, soups, and casseroles. As a food ingredient as well as in raw form, mushrooms are mainly used in the food & beverage industry. As fresh mushrooms are a source of high fiber and nutrients and free from preservatives, the demand for fresh mushrooms over canned or preserved mushrooms is growing. For bitter taste, mushrooms are used, so they find their use in plenty of foreign cuisine as a flavor enhancer. In addition, for nutritious foods, mushrooms are well recognized and are also widely used in the nutraceutical industry. It is a recommended food for heart and diabetes patients due to the low sugar and lipid content of mushrooms.

Milk protein concentrate (MPC) is a milk extract that contains high level of encapsulated bioavailable calcium. It contains high concentration of protein and has a wide range of applications in food & beverages. Although majorly used in the preparation of packaged dairy products, but has application in protein supplements. For the purpose of analysis, the report segments the milk protein concentrate market based on application and concentration. The report outlines the details about the applicable use of milk protein concentrate in the market such as packaged products, nutritional products, infant formula, and others (ice cream and desserts). In addition, it summarizes the information about the different concentration of milk protein concentrate available in the market such as low concentration, medium concentration, and high concentration.

农业板块跑赢沪深300指数1.23个百分点，农业配置、PE处历史底部，PB处历史均值水平，畜禽养殖、动物保健板块表现较优。猪价仍处于下行周期，预计2021年我国生猪出栏量同比上升12.9%，非瘟疫情常态化，上市猪企集中度加速提升，牧原、家佳康盈利能力突出，正邦、温氏成本或 已见顶。白羽肉鸡价格仍处下行通道，2021年黄羽鸡行业有望维持高景气。

农林牧渔：2020年业绩同比大增，2021Q1业绩继续上行。生猪养殖：2021年猪价进入下行周期，盈利空间快速萎缩。禽类养殖：鸡价承压，2020年业绩同比大幅下滑。饲料：生猪存栏上升带动饲料需求，板块业绩同比上升。动物保健：猪用疫苗用量上升，板块业绩显著回暖。维持对行业中性评级。

从肉类消费结构上看，猪肉一直是我国第一大肉类消费品类，2012-2018年，猪肉消费量稳定在5400万吨左右，占我国肉类消费总量的比重稳定在64%左右， 2018-2020年，受非洲猪瘟疫情影响，猪肉消费占比从63.45%下降至53.85%；禽肉消费占比从23.41%提升至30.91%，替代效应明显；牛、羊肉消费占比均有小幅抬升。从市场规模上看，根据国家统计局数据，2012-2018年，我国生猪出栏量维持在7亿头左右，2019-2020年，非洲猪瘟疫情加速行业产能去化，出栏量降至5.3亿头左右，按照生猪出栏均重110kg、生猪均价按照22省市生猪均价测算，除2018年外，我国生猪行业市场规模始终稳定在1万亿元以上。

生猪养殖：周期下行，盈利分化。肉禽养殖：黄鸡盈利反转，白鸡上游改善。饲料：毛利率承压，龙头盈利高增。种子：库存去化，收入回升。投资建议：把握核心资产，关注饲料及种植景气。1）猪价周期向下的背景下，建议积极布局成本 端持续具备优势的自繁自养龙头猪企，同步推荐食品业务持续拓展的圣农 发展。 2）生猪补栏需求有望带动猪料行业景气向上，高端鱼虾蟹的消费升级有望带动 水产料行业的结构升级，预计饲料行业景气有望持续上行。