New York, United States, Nov. 17, 2023 (GLOBE NEWSWIRE) -- The Global Animal Feed Market Size is to grow from USD 501.9 Billion in 2022 to USD 872.1 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.
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Animal feed is what we give to animals to give them the nutrition they need for growth, health, and production. Animal feed can be made from grains, and meals high in protein, fats, and minerals. There are many different kinds of animal feed, each one designed for a certain animal type and application. For instance, feed made specifically for chickens and other poultry is intended to give the nutrients needed for egg production and growth in chickens and other poultry. Cattle feed, on the other hand, is designed specifically for cows and other ruminants and is rich in fiber to aid in digestion. Additionally, animal feed is crucial to the production of food on a worldwide scale since it enables the profitable manufacturing of animal additives. Animal feed serves as the primary supply of nutrients that animals rely on to maintain strong defenses, rapid growth, and overall health.
The key factors driving industrial growth include a rise in the demand for meat and products made from animals as well as an increase in commercial livestock production. The market for animal feed is benefiting from an increase in demand for dairy and meat products as sources of various nutrients due to growing consumer health consciousness. Additionally, a significant factor in the market's rise is the growing public consciousness of the advantages of using components derived from algae in animal feed. Furthermore, Prices for raw materials are expected to fluctuate, which would significantly limit this industry's ability to expand. The market's growth would be hampered by the high extraction-related capital costs. To lower the cost of raw materials, companies like Alltech and Charoen Pokphand (CP) are integrating backward to produce both animal feed end-products and raw materials (feed grains).
Covid 19 Impacts
The global spread of COVID-19 is a dangerous condition. The global economy has been significantly impacted by the epidemic. The agriculture sector that produces food and beverages is significantly impacted by this devastating virus. The closure of international ports and eateries all over the world has an impact on the animal feed sector as well. Market conditions for animal feed are greatly impacted by supply chain disruption. However, the global situation has improved as a result of the disease's recovery.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Animal Feed Market Size, By Type (Antibiotic, Antioxidants, Amino acids, Feed enzymes, Feed Acidifiers, Vitamin, & Others), By Form (Pellets, Crumbles, Mash, & Others), By Livestock (Poultry, Ruminants, Swine, Aquaculture, & Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032."
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The amino acids segment is influencing the largest market share during the forecast period.
The global market for animal feed is segmented into several categories based on type, including sectors for vitamins, amino acids, antibiotics, antioxidants, feed enzymes, feed acidifiers, and others. The amino acids segment is anticipated to have the greatest growth potential among these during the forecast period due to the rising demand for meat and dairy products, the need to reduce feed costs and increase feed efficiency, and the increased focus on animal agriculture's sustainability and environmental responsibility. To create novel, innovative amino acid-type animal feed solutions that can improve animal health, reduce feed costs, and diminish the negative environmental effects of animal agriculture, various feed makers are investing in R&D.
The pellets segment is dominating the market with the largest market share during the forecast period.
The global animal feed market is divided into many types based on form, including pellets, crumbles, mash, and others. Due to the rising need for more practical and efficient feed options, the pellets form segment of the market has shown the fastest development among these categories and will continue to dominate the market over the forecast period. Pelletized feed is easier to handle, and store, and is less likely to spoil or attract pests than loose feed. For farmers and feed manufacturers looking to improve the efficiency of their company operations, it makes it a beneficial option.
The poultry segment is influencing the market with the largest market share during the forecast period.
The global animal feed market is bifurcated into different segments based on livestock, including poultry, ruminants, swine, aquaculture, and others. During the projected period, the poultry category will dominate the market with the biggest revenue share because one of the key drivers fueling the expansion of the poultry feed market has been the increased demand for chicken meat and eggs. Poultry is a popular source of protein due to the expected ongoing expansion of the world's population. There are now more chicken farms than ever before, and more chicken feed is produced as well. Another element driving the market increase for chicken feed is the shift to more intensive agricultural practices. High-quality feed must be utilized to suit the birds' nutritional needs.
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Asia Pacific led the market with the largest market share over the forecast period.
Asia Pacific is expected to lead substantial market expansion during the forecast period due to Increasing production of meat, milk, and eggs in the region, high nutritional profiles of feed additives, and increased consumption of animal protein are all credited with accounting for the majority of this regional market. This is attributable to the rise of the animal feed business. Rising consumer awareness among feed consumers and the industrialization of the livestock industry are two factors that are driving the demand for animal feed in Asia-Pacific.
North America is predicted to experience strong revenue market growth throughout the forecast period owing to more consumers becoming aware of the benefits of using feed additives. Maize and dextrose are two other raw resources that are predicted to fuel the industry during the projection period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Animal Feed Market include Adisseo, Ajinomoto Co., Inc., ADM, BASF SE, BIOMIN Holding GmbH, Cargill, Incorporated, Chr. Hansen Holding A/S, DuPont, DSM, Elanco, Evonik Industries AG, Kemin Industries, Inc., Novozymes, NOVUS INTERNATIONAL, INC., Nutreco, Amco Protiens, Prinova Group LLC., and Others.
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Recent Development
- In January 2022, ADM opened an Aquaculture Innovation Lab at the Animal Nutrition Technology Centre (ANTC) in Decatur, Illinois. The laboratory broadens ADM's global research and development capabilities into a new field, building on already established aquaculture research facilities in Brazil, Mexico, and Vietnam. The new structure supports global initiatives to develop cutting-edge nutrition solutions.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Animal Feed Market based on the below-mentioned segments:
Global Animal Feed Market, By Type
- Antibiotic
- Antioxidants
- Amino acids
- Feed enzymes
- Feed Acidifiers
- Vitamin
- Others
Global Animal Feed Market, By Form
- Pellets
- Crumbles
- Mash
- Others
Global Animal Feed Market, By Livestock
- Poultry
- Ruminants
- Swine
- Aquaculture
- Others
Animal Feed Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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