Animal Feed Market Competitive Analysis, Business Opportunities, Share, Forecast To 2023
Animal Feed Market Overview
Animal Feed is defined as a food item that is used for feeding animals used for agricultural and dairy farm activities. A new report on the global animal feed market, published by Market Research Future (MRFR), concludes that this market could assume advancement at 4.27% CAGR between 2018 and 2023. In terms of value, the market can be worth USD 617.61 Bn by the end of the forecast period.
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The Major Market driver for The Global Animal Feed Market growth is the increase in industrial livestock production. Health-conscious consumers are increasing the consumption of meat due to which the production rate of industrial livestock can propel. Meat usually comes from goat and chicken. Eating a healthy goat or chicken may enrich the health of the consumer, but such cattle can be healthy if it is fed with high-quality animal feed.
The demand for such animal feed can contribute to market growth. In most emerging economies, the increase in per-capita income and inclination towards meat as well as dairy products can enhance market growth. Investments in research and development (R&D) to enhance food fortification processes can also increase market growth.
Latest Industry News
Co-Alliance and Farmer’s Grain & Feed Co. have started a joint venture feed mill in Indiana. The feed mill is set to operate as Alliance Feed, LLC. Co-Alliance is an agribusiness active in agronomy, energy, grain marketing, and the production of animal feed that includes swine feed. 19 AUG 2019
Big players in The Global Animal Feed Market include Archer Daniels Midland (ADM) Company (USA), Cargill Inc. (USA), Charoen Pokphand Group (Thailand), COFCO Limited (Hong Kong), ForFarmers N.V. (The Netherlands), Japfa Comfeed Indonesia Tbk (Indonesia), Land ‘O Lakes Inc. (USA), Neovia Group (France), New Hope Group (China), and Nutreco N.V. (The Netherlands).
The Global Animal Feed Market segmentation encompasses form and species. MRFR’s take on the market explores various facets of the market in-depth.
The form-based segmentation of this market covers crumbles, mash, pellets, and others. The “Others” segment comprises of crushed grain or scratch, grain mix, micro pellet, whole grains, and others. With the largest market share of 39.08% in the global market since 2018, the pellets segment is the biggest market segment, and by 2023, its market worth can be worth USD 243.62 Bn. The reasons for this growth is the easy digestibility of pellets, easy availability, and minimum animal waste caused by it. However, crumbles hold the second largest 31.57% market share the value of this market segment can be worth USD 194.58 Bn by the end of the forecast period. Preference for crumbles by broilers is likely to increase the market demand for this segment in the coming years.
Regarding species, the market has been segmented into aqua, poultry, ruminants, swine, and others. By 2023, the poultry segment can be worth USD 246.76 Bn, growing at 3.98% CAGR due to high demand for poultry feed and equally proportionate consumption of eggs as well as meat by consumers. The aqua segment can be second-largest market segment due to increased fishing activities in China, rapid urbanization, and global population growth.
A Geographical Outlining Of The Global Animal Feed Market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).
With the largest market share of 35.18% in the global market since 2018, the Asia Pacific region can attain the market worth of USD 226.91 Bn by 2023, at 4.75% CAGR during the forecast period due to the bevy of opportunities in fish farming in China. In this region, the market is also growing due to the use of cattle in agriculture activities, presence of many agriculture-based economies. Other important country-specific markets in this region are India, Japan, and Vietnam.
With 23.80% share in the global market, North America is the second-largest regional market that is expected to have a steady growth during the forecast period, attaining the market worth of USD 131.7 Bn by 2023 due to the USA that contributes the highest market revenue. Most of the important market players are based in USA. Other factors aiding the market growth in this region are the growing broilers industry and nascent aquaculture. These factors make the USA and Canada, the major horse feed producers in this region. Mexico is also a significant country-specific market in this region.
Europe holds the 25.02% share of the global market with the major chunk of revenue coming from France, Germany, Russia, and Spain. It is projected to grow at 4.39% CAGR during the forecast period. The factors boosting the market growth in this region are a high requirement for pet foods and increased production of animal feed. This animal feed includes aqua feed, broiler feed, and swine feed. Other important country-specific markets in this region are Italy, the Netherlands, and the UK.
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