The growing demand for animal-based protein among consumers is leading to increased industrial livestock production, which is primarily driving the growth of the global animal feed market. Consumers are ready to pay more for protein-rich food sources and are increasing their consumption of meat products. This has influenced livestock farmers to be more conscious about the feed they offer to the animals, thus, leading to the adoption of high nutritive animal feed for the livestock.
The key players in the market are investing heavily in product development and undergoing fortification of animal feed to increase the nutritive content. Continuous R&D and improvement in processing technologies are supporting the growth of the animal feed market. The massive growth of the aquaculture sector is expected to provide a huge opportunity for the growth of animal feed market in the coming years. However, greater production of feed is directly related to emission or increased percentage of greenhouse gases. Thus, this is a major challenge faced by the feed industry to foster sustainable feed security. A highly efficient livestock farming practice is required to get a solution to this problem.
The global animal feed market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is projected to grow at the highest CAGR of 4.75% during the forecast period. The Asia-Pacific market is projected to reach USD 226.91 billion by the end of 2023. High consumption of pork in countries, such as China and Japan, is driving the production of swine feed in the region.
The animal feed market in Europe is projected to register the second highest CAGR of 4.39% during the forecast period. Countries such as Spain, Russia, France, and Germany are the major contributors in this region, being mentioned in the top 10 animal feed producing countries. In Europe, the production of swine feed, broiler feed, and aqua feed is massively growing, which is supporting the growth of the market in this region. North America accounted for 23.80% of market share, in terms of volume, in 2018 and is anticipated to have a continuous growth throughout the forecast period. In the rest of the world, South America and Africa are making a noticeable mark in the global animal feed market.
The global animal feed market has been segmented, on the basis of form, into pellets, crumbles, mash, and others. In 2017, the pellets segment accounted for majority of the market share and is projected to reach USD 243.62 billion by the end of 2023. The crumbles segment is projected to register a CAGR of 4.31% during the review period.
On the basis of species, the global animal feed market has been segmented into poultry, ruminants, swine, aqua, and others. The poultry segment held a major market share of 37.88% in 2018, and is projected to reach USD 246.76 billion by 2023. Moreover, the poultry segment is estimated to witness the highest growth rate of 4.49% during the forecast period from 2018 to 2023. However, the aqua segment is gaining tremendous growth and is projected to grow at a substantial growth rate of 4.34% during the forecast period.
The leading market players in the global animal feed market are Charoen Pokphand Group (Thailand), Cargill Incorporated (US), Archer Daniels Midland Company (US), Land ‘O Lakes Inc. (US), ForFarmers N.V. (The Netherlands), Japfa Comfeed Indonesia Tbk (Indonesia), New Hope Group (China), COFCO Limited (Hong Kong), Nutreco N. V. (The Netherlands), and Neovia Group (France).
• Animal feed manufacturers
• Feed additive manufacturers
• Raw material suppliers
• Retailers and wholesalers
• E-commerce companies
• Traders, importers, and exporters
• The pellets segment of the global animal feed market, by type, is expected to account for the largest market share during the forecast period, from 2018 to 2023. Moreover, the pellets segment is projected to register the highest CAGR of 4.48% during the review period.
• The poultry segment is expected to exhibit a CAGR of 4.49% during the forecast period to reach USD 246.76 billion by the end of 2023. The aqua segment is projected to register a CAGR of 4.34% during the review period.
Global Animal feed Market Research Report—Forecast till 2023:
As per MRFR analysis, the global animal feed market is estimated to reach USD 617.61 billion by the end of 2023 at a CAGR of 4.27% during the forecast period.
The report also offers a regional analysis:
• North America
o Rest of Europe
o Australia & New Zealand
o Rest of Asia-Pacific
• Rest of the World
o South America
o Middle East