REDDING,
Calif., May 14, 2024 /PRNewswire/ -- According to
a new market research report titled 'Animal Feed Market
Size, Share, Forecast, & Trends Analysis by Type (Compound
Feed, Roughages), Source (Plant, Animal, Novel), Form (Dry
(Pellets), Wet), Animal Type (Poultry, Ruminants (Beef, Dairy
Cattle), Swine, Aquaculture) — Global Forecast to 2031, the
animal feed market is projected to reach $1,008.8 billion by 2031, at a CAGR of
4.7% during the forecast period 2024–2031. In terms of
volume, the animal feed market is projected to reach 2,965
million tons by 2031, at a CAGR of 3.1% during the
forecast period of 2024–2031.
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Animal feed is a formulated mixture of ingredients intended to
provide the necessary nutrients and energy for the proper growth,
development, productivity, and maintenance of animals. Animal feed
is an integral part of modern animal husbandry and is used for a
wide range of animals, including poultry, ruminants, swine, aquatic
animals, and pets at different stages of their life. Increasing
economic development and urbanization drive the demand for meat,
dairy, and other livestock products.
To meet the rising demand for meat and other animal products,
animal farming is rapidly increasing globally. Consequently, the
livestock sector has become increasingly industrialized in recent
years. Industrial systems have significantly improved agricultural
productivity and increased meat and dairy output. Large herds
reared for meat and dairy products require high-quality, nutritious
feed for proper growth and development, creating a strong demand
for animal feed. Feed provides animals with the necessary
nutrients, promotes growth and good health, and contributes to
sustainable and efficient livestock production. The increasing
commercialization of the livestock sector and rising livestock
populations are driving the growth of the animal feed market.
In recent years, the global animal feed market has witnessed
several product launches, expansions, mergers & acquisitions,
and partnerships, agreements, and collaborations. The key players
operating in the global animal feed market are Charoen Pokphand
Foods PCL (Thailand), New Hope
Liuhe Co., Ltd. (China), Cargill,
Incorporated (U.S.), Brf S.A. (Brazil), Tyson Foods, Inc. (U.S.), Nutreco
N.V. (Netherlands),
Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.),
ForFarmers N.V. (Netherlands), De
Heus Animal Nutrition (Netherlands), Royal Agrifirm Group
(Netherlands), and Guangdong HAID
Group Co., Ltd. (China).
The global animal feed market is segmented by type, source,
form, animal type, and geography.
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Key Findings in the Global Animal Feed Market Study:
Based on type, the animal feed market is segmented into compound
feed, feed concentrates, and roughages. In 2024, the compound feed
segment is expected to account for the largest share of
71.8% of the global animal feed market. However, the feed
concentrates segment is projected to register the highest CAGR
during the forecast period. The rapid growth of this segment is
mainly attributed to increasing demand for specialized diets for
animal feed and increasing farmers' awareness about the specific
nutritional needs of their animals.
Based on source, the animal feed market is segmented into
plant-based, animal-based, fodder & DDGS, and novel sources. In
2024, the plant-based segment is expected to account for the
largest share of 70% of the animal feed market. The large
market share of this segment is attributed to the abundant
availability of raw materials, widespread acceptance of plant-based
animal feed, and low cost of plant-based feed sources. However, the
novel sources segment is projected to register the highest CAGR in
the global animal feed market during the forecast period of
2024–2031.
Based on form, the animal feed market is segmented into dry feed
and wet feed. In 2024, the dry feed segment is expected to account
for the larger share of the animal feed market. The large share of
this segment is attributed to convenience for handling, storage,
& transport and, longer shelf life, less cost, nutrient
stability, controlled feeding, higher nutritional density, and bulk
purchase. Moreover, this segment is also expected to register the
highest CAGR during the forecast period of 2024–2031. The rapid
growth of this market is mainly attributed to increasing demand
from the poultry sector and an increase in commercial livestock
production.
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Based on animal type, the animal feed market is segmented into
poultry, ruminants, swine, aquaculture, and other types. In 2024,
the poultry segment is expected to account for the largest share of
33% of the global animal feed market. The large share of
this segment is attributed to increasing demand for poultry
meat-based products, lower-cost poultry meat, increasing poultry
expansion projects, and a shift in customer taste toward white meat
rather than red meat.
However, the aquaculture segment is projected to register the
highest CAGR during the forecast period of 2024–2031. The rapid
growth of this segment is mainly attributed to increasing
aquaculture production, demand for a nutritious diet for the proper
growth and development of aquaculture species, and rising
consumption of fish and fish-based products.
Geographically, the global animal feed market is segmented
into North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
Asia-Pacific is expected to
account for the largest share of 39.2% of the
global animal feed market. The Asia-Pacific animal feed market is estimated
to be worth USD 286.2 billion in
2024. Asia-Pacific's major market share is attributed to the
increased consumption of meat and other animal products by a
growing population, high milk production, the growth of the
livestock farming industry in the region, and the presence of major
animal feed producers in Asia-Pacific.
China is a major contributor to
the animal farming industry in Asia as well as globally. According to
OECD-FAO Agricultural Outlook 2022–2031, by 2031, feed use in
China is expected to expand by 16%
due to the rising demand in the pork and poultry industries. In
addition, milk production in China
is projected to reach 40.5 million tons by 2030 from 36.5 million
tons in 2020. The consolidation and modernization of the country's
feed industry is expected to support this growth
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Scope of the Report:
Animal Feed Market Assessment—by Type
- Compound Feed
- Feed Concentrates
- Roughages
Animal Feed Market Assessment—by Source
- Plant-based
- Cereal and Grains
- Oilseed
- Other Plant-based Sources
- Animal-based
- Fodder & DDGS
- Novel Sources
Animal Feed Market Assessment—by Form
- Dry Feed
- Pellets
- Crumbles
- Mash
- Others
- Wet Feed
Animal Feed Market Assessment—by Animal Type
- Poultry
- Starter Feed
- Grower Feed
- Layer Feed
- Finisher Feed
- Other Poultry Feeds
- Ruminants
- Beef Cattle
- Calf Feed
- Backgrounding Feed
- Feedlot Feed
- Dairy Cattle
- Calf Feed
- Heifer Feed
- Lactating Feed
- Dry Cattle Feed
- Other Ruminants
- Swine
- Starter Feed
- Grower Feed
- Finisher Feed
- Aquaculture
- Other Animal Types
Animal Market Assessment—by Geography
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Europe
- Germany
- Spain
- France
- U.K.
- Italy
- Netherlands
- Russia
- Poland
- Rest of Europe
- North America
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
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