生猪养殖：高景气度延续，坚守龙头企业。国内非洲猪瘟疫情导致行业产能大幅下降，安全有效的疫苗推出尚待时日，叠加三元留种母猪生产效率下降的因素，生猪供应恢复到正常水平仍面临不少困难和挑战，我们预计未来生猪存栏或将缓慢震荡回升；猪肉进口量难以弥补猪肉供给缺口。我们判断2020 年上半年生猪均价有望超过30 元/公斤，全年保持在较高位臵。上市养猪企业自今年三季度以来加快了扩张节奏，2020 年多数上市养猪企业或将迎来量利齐升，市占率快速增长；推荐出栏规模快速增长的新希望和经营稳健的温氏股份。

猪肉价格大幅上涨影响CPI 同比扩大，农林牧渔景气度提升。2019 年11 月，我国CPI 同比上涨4.5%，其中食品项同比+19.1%，食品中猪肉同比+110.2%。2019 年11 月，我国农产品进口金额为136.45亿美元，同比+33.19%，出口金额为75.61 亿美元，同比+0.24%，贸易逆差60.84 亿美元，同比+125.16%。

根据Statista 数据，2017 年全球宠物行业市场收入突破1200 亿美元。2012-2017 年全球宠物行业复合增长率约6.8%。一方面，北美、西欧为宠物行业主要市场，其宠物行业发展成熟，当前行业发展推动因素主要为宠物新型粮食（处方粮、天然粮）和宠物医疗保健产品、服务（疫苗、药品、补充品）的需求增长。另一方面，随着可支配收入水平提高，亚洲和拉丁美洲等新兴国家宠物数量增长迅速，推动宠物经济快速发展。

Livestock is a major factor responsible for the growth of the global alfalfa hay market. Annual growth of meat production in developing countries is projected to be 2.4% and that of milk production 2.5% till 2030. This is expected to increase the developing countries' share in the world meat production to 66% (247 million metric ton) and in milk production to 55% (484 million metric ton). Furthermore, there has been an immense pressure on the livestock sector to meet the increasing demand for high-value animal protein. Alfalfa Hay Market: Population ‘000 Heads, Cattle Animal Numbers, China, 2014-2018 51,000   The demand for Alfalfa hay is increasing significantly in China and is driven due to changing production practices in the Chinese dairy industry. This is essentially due to increasing number of cows raised by modern dairy farmers, who prefer using imported hay and commercial feeds. Furthermore, the Chinese government is focusing on boosting the domestic production of Alfalfa, in 49,000 order to meet its high demand. The dairy sector is essentially boosting the demand for alfalfa hay in China. The country has about 15 million cows in the dairy industry, among which, 1.5 million are high producers (nine-ton annual milk yield).

The pest control market is segmented into type, pest type, application, and region. Based on type, the market is classified into chemical, mechanical, biological, and others. Based on pest type, the market is divided into insects, termites, rodents, and others. Based on application, the market is categorized into commercial, residential, agriculture, industrial, and others. Based on region, the market is analyzed across 15 Europe countries, which include Germany, UK, France, Italy, Spain, Netherlands, Switzerland, Poland, Czech Republic, Austria, Belgium, Greece, Slovakia, Portugal, Ireland, and rest of the Europe.

Aquaculture includes farming of fish, aquatic plants, algae, crustaceans, molluscs, and other organisms. Small-scale aquaculture market in developed and developing countries make critical contributions to employment. According to the FAO, aquaculture provides employment to more than over 41 million people globally. The vast majority of aquaculture activities are carried out in developing countries working in fish production. Fish and other seafood species constituting an important source of nutrients for the poor and is among the cheapest form of animal protein. As most capture fisheries worldwide considered fully exploited or overexploited, aquaculture is considered as an important sector to meet rising fish demand, which will continue to increase with population growth, rising incomes and increasing urbanization.

Adjuvants are used in agriculture to enha nce t he per forma nce o f t he pesticides, such as insecticides, herbicides, and fungicides. For the purpose of market sizing, utility and activator adjuvants have been covered under the market studied. The market sizing is done at the manufacturer level. China, India, Japan, Australia, Indo nesia, Thailand , Vietnam, South Korea, Malaysia, the Philippines, and Taiwan are considered in the scope of the study.