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FO200397 |
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Jan 2023 |
Animal feeds are a crucial product in livestock and animal production chain. It is the process that includes stages like crop cultivation, followed by animal feed protein manufacturing and processing. These feeds contain essential constituents such as lipids, minerals, vitamins, micronutrients and others, which help to improve the growth and metabolic activities of the animals.
Increasing the product demand for animals will be a significant animal feed market driver
Increase in the number of meat consumers and frequent occurrence of diseases in animals have created the requirement of animal feed containing nutrients, additives and others in the animal-based foods; these factors are expected to drive the growth of the market. Furthermore, rapid growth in the animal feed manufacturing in the developed and developing countries is anticipated to enhance the animal feed market growth. In addition, rising consciousness among farmers about feed quality for the improvement of animal growth and health, which will increase the demand of the animal feed, is projected to boost the market growth in the coming years. Moreover, the increase in the requirement of animal feed protein from the animals and livestock is additional growth factor for the animal feed market.
Increase in the number of meat consumers globally and new product launches are anticipated to generate investment opportunities for the animal feed market growth
Growing number of meat customers coupled with increase in the demand of animal foods are creating major growth opportunities for the animal feed market. In addition, manufacturers are increasing the number of product launches and focusing on the improvement of substantial technologies for the manufacturing of animal feed; this is anticipated to enhance the growth of the market in the coming years.
Animal Feed Market, Product Trends:
Aquaculture feed product is estimated to be lucrative throughout the estimated period
Aquaculture feed product will witness a surge at a significant rate during the forecast period, owing to increase in the consumption of aqua products across the globe. For example, fish contain high amount of omega 3 fatty acids, which play major role in the body cholesterol control and brain functioning, which is further anticipated to propel the growth of the market in the coming years. Poultry feed product accounted for the majority of the animal feed market share followed by ruminant, aquaculture and others. The market for poultry is anticipated to grow at a substantial growth during the forecast time. This growth is majorly attributed to increase in the consumption of poultry products globally. In addition, growing concerns about diseases in birds, for example bird flu has led to the demand of the animal feed with specific nutrients and additives to overcome these diseases. This factor has directly increased the requirement of animal feed, which is expected to drive the market size in the coming years. Ruminant feed product generated the second highest market size, due to high consumption of beef in the North America and Europe regions.
Animal Feed Market, Regional Trends:
Europe region will have vast opportunities for the top investors to grow in the future
Europe region is projected to experience significant growth during the estimated time. This growth is mainly attributed to presence of major animal feed producers in this region. Europe region market is majorly driven by Germany, UK and Russia and these countries are the major revenue contributors in the Europe region. Furthermore, rise in the pork meat consumption along with increasing the livestock production across Europe to meet the consumer’s requirement will further propel the market growth in the Europe region. Asia-Pacific region has dominated the global animal feed market and has accounted for the highest market size in the 2018 and it is anticipated to continue its growth during the estimated period. China, India and south east countries of Asia-Pacific have led the animal feed market in the Asia-Pacific region. This growth is majorly due to increase in the number of meat consumers in this region. In addition, Asia-Pacific region has highest number of animal farmers across the globe, which is directly impacting the demand of animal feed in Asia-Pacific. For example, in India, the poultry meat consumption has increased by 946.4 thousand metric tons in 2019 from 2013, this factor is anticipated to boost the market growth in the coming years.
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Source: Research Dive Analysis
The top gaining animal feed market players include Cargill Inc., Evonik Industries AG, ForFarmers, SHV Holdings N.V., Perdue Farms, Inc., ADM, Charoen Pokphand Foods PCL, Guangdong Haid Group Co. Ltd., Novozymes, Land O'Lakes, Inc. among others. These manufacturers are increasing their efforts on the R&D activities, new product launches and geographical expansion to gain majority of the market size in the overall animal feed industry.
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Aspect |
Particulars |
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Historical Market Estimations |
2018-2019 |
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Base Year for Market Estimation |
2018 |
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Forecast timeline for Market Projection |
2019-2026 |
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Geographical Scope |
North America, Europe, Asia-Pacific, LAMEA |
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Segmentation by Product |
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Key Countries Covered |
U.S., Canada, Germany, France, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia |
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Key Companies Profiled |
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Source: Research Dive Analysis
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