Growing Consumption Eggs and Meat is Escalating the Growth of the Animal Feed Market
Published: Dec, 2022
Food items produced and grown for ruminants, poultry, swine, aquatic animals, etc. are referred to as animal feed. The opportunities for the animal feed market to grow during the forecast period are being driven by rapid urbanization, rising meat consumption, and rising consumption of other end products like milk and eggs across various regions. Through the addition of enriched nutrients to the feed, the acceleration of growth and weight gain, and the development of immunity, the feed aids in improving the animal's abilities. By the end of 2050, the United Nations predicts that the world's appetite for food will have increased by more than 50%. To do this, animal food production must increase from its current level by almost two times for poultry, swine, and beef, and by about three times for dairy and fish. Aquaculture is predicted to grow by about 90%, dairy products are predicted to increase by about 55%, and meat production is predicted to increase by about 70% globally.
According to Marketlook Consulting’s research report “Global Animal Feed Market Analysis, 2021”, the Global Animal Feed market is anticipated to grow at a CAGR of 3.5% during 2022-29 The market would reach USD 616.87 Bn by 2029.
Based on Form Type, the market is segmented into Pellets, Crumbles, Mash, and Others. Pallets segment grabbed the major market share and dominated the market in 0221. Feed pellets offer a higher nutritional density, more substantial economic advantages, and a more complete nutritional profile.
Based on the Animal Type, the Animal Feed market is divided into Swine, Ruminants, Poultry, and Others. Owing to the uplifting demand for chicken and eggs, the poultry segment is predicted to develop at the fastest CAGR during the forthcoming years.
“Global Animal Feed Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Animal Feed providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia Pacific Dominated the Market
Due to a sizable consumer base, particularly in the developing economies of China and India, the animal feed market in the Asia Pacific region is estimated to hold a sizeable market share. The forecasted market growth is being aided by an expanding middle-class population with rising family incomes. Consumers are more willing to spend money to satisfy their nutritional needs outside of a regular diet of cereals. During the forecast period, this region is anticipated to grow at the fastest CAGR as stated in the Marketlook Consulting research report “Global Animal Feed Market Analysis, 2021”.
According to Marketlook Consulting’, the key players with a considerable market share in the global Animal Feed market are Archer-Daniels-Midland Company, Cargill Incorporated, Charoen Pokphand Group, Dupont De Nemours Inc., Evonik Industries AG (RAG-Stiftung), ForFarmers N.V., Kemin Industries Inc., Nutreco N.V. (SHV Holdings), Perdue Farms Inc., Tyson Foods Inc.
Market Segmentation:
- By Form Type (Pellets, Crumbles, Mash, Others)
- By Animal Type (Swine, Ruminants, Poultry, Others)
- By Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa)
- By Company (Archer-Daniels-Midland Company, Cargill Incorporated, Charoen Pokphand Group, Dupont De Nemours Inc., Evonik Industries AG (RAG-Stiftung), ForFarmers N.V., Kemin Industries Inc., Nutreco N.V (SHV Holdings), Perdue Farms Inc., Tyson Foods Inc.)
Key questions answered in the study:
- What are the current and future trends of the animal feed industry?
- How the industry has been evolving in terms of form and animal type?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the animal feed industry?
- What is the customer orientation, purchase behavior, and expectations from the animal feed firms across various regions?