Animal Feed Market Research Future Insights
The global animal-feed market is expected to register a CAGR of ~ 4.72% from 2022 to 2030 and hold a value of over ~USD 7,80,427.2 million by 2030.
The primary drivers of the market's expansion are the increased demand for meat and other animal-based goods and the resulting rise in commercial livestock production. Because of consumers' rising health consciousness, there is a rising demand for dairy and meat products as sources of different nutrients, positively affecting the animal feed market. Another significant element propelling the market's expansion is the growing awareness of the health advantages of animal feed ingredients derived from algae. Microalgae are essential for enhancing animal feed with nutrients for the livestock's early developing phases. Along with promoting physical growth, it also guarantees the production of eggs, milk, and meat of the highest caliber. Suppliers are adding non-Genetically Modified Organisms (non-GMO) crops in animal feed to satisfy consumer demand for natural food sources. Additional factors are anticipated to fuel the market, such as increased consumer spending power, significant research and development (R&D), and the adoption of supportive government regulations encouraging the use of high-quality animal feed.
Key Players
Some of the key market players are Archer-Daniels-Midland Company, Charoen Pokphand Group, Cargill Incorporated, Evonik Industries AG (RAG-Stiftung), Dupont De Nemours Inc., ForFarmers N.V., Nutreco N.V (SHV Holdings), Kemin Industries Inc., Perdue Farms Inc. and Tyson Foods Inc.
Market Segmentation
The global animal-feed market has been segmented into form and livestock.
Based on form, the market has been segmented into pellets, crumbles, and mash. The pellets segment accounted for the largest share of the market in 2021. Feed pellets offer a higher nutritional density, more substantial economic advantages, and a more complete nutritional profile.On the other hand, the mash segment was the fastest-growing segment during the forecast period. In addition, these mashes are easier to store and transport than conventional roughage, and the animals can digest, absorb, and conserve them better.
The market has been segmented based on application: poultry, ruminants, swine, aquaculture, and others. Poultry accounted for the largest revenue share in 2021 in the animal-feed market. Farm hens, ducks, geese, and other domestic birds eat poultry feed. Common ingredients in poultry feed include whole maize, cottonseed cake, maize germ, soybeans, sunflower seeds, and fish meal. Modern chicken feeds contain grains, and protein supplements, including soybean oil meal, minerals, and vitamins, fueling market expansion and expanding the global animal feed business.On the other hand, ruminants are to be the fastest growing segment during the forecast period. Feeding ruminants at the appropriate time to improve production and digestion is essential. It boosts their immune system and aids in improving feed conversion and absorption.
Regional Analysis
Animal feed market in Asia-Pacific dominated the market. Because there was a vast consumer base, particularly in the developing economies of China and India. Besides a regular diet made up of cereals, consumers have more money to spend on meeting their nutritional demands. In addition, with rising per capita disposable income and rising public knowledge of the benefits of eating animal protein, the market for animal feed is anticipated to soar. Moreover, animal feed is essential to the food business; as a result, the market for animal feed has expanded along with the APAC region's expanding food sector.
North America is expected to register lucrative growth in the market for animal feed. The regional market is anticipated to be driven by rising meat consumption, particularly in the United States, and strict meat quality restrictions. Additionally, the region's easy and abundant access to raw materials, including maize and dextrose, is anticipated to boost market expansion. Growing beef and poultry production in the nation is backed by a growing emphasis on improving the nutrient content for animal health. The primary factor driving this region's expansion of the animal feed market is the enormous and simple accessibility of the raw materials needed to create animal feed. The North American animal feed market has been significantly impacted by consumer lifestyle changes and increased knowledge of animal health issues.
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