Global Animal Feed Market to Reach US$ 674.7 Billion by 2032, Propelled by Rising Demand of Meat and Dairy Products

April 04, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Animal Feed Market Report by Form (Pellets, Crumbles, Mash, and Others), Animal Type (Swine, Ruminants, Poultry, Aquaculture, and Others), Ingredient (Cereals, Oilseed Meal, Molasses, Fish Oil and Fish Meal, Additives, and Others), and Region 2024-2032," the global animal feed market size reached US$ 518.4 Billion in 2023. Animal feed refers to a wide variety of food products manufactured by selecting and blending various healthy ingredients, which contribute to energy and nutrients to the diet consumed by animals. It comprises hay, straw, silage, compressed and pelleted grains, oil, oil cakes, legumes, and various surplus food crops, such as wheat, cereals, fruits, vegetables, and roots. It also consists of various by-products from processing sugar beet, grape, olives, almonds, broccoli, and lettuce, along with numerous agricultural by-products. It is widely consumed by various animals, such as horses, cows, buffaloes, sheep, goats, and poultry. Animal feed also contains brewers grains and pineapple barn, which is necessary for improving the nutrient uptake, energy status, and growth in various animals. It helps improve the quality and taste of various end products, such as milk, meat, and eggs, procured from animals for human consumption. Animal feed provides carbohydrates, fibers, proteins, fats, minerals, vitamins, and water for enhancing growth, maintaining proper reproductive cycles, and building disease resistance capacity in animals. 

Global Animal Feed Market Trends:

At present, the rising demand for animal feed due to the increasing consumption of meat and meat-based products around the world represents one of the primary factors influencing the market positively. Besides this, the growing consumption of protein-rich and nutritious food products due to rising health consciousness among the masses is offering a favorable market outlook. In addition, the wide availability of various non-genetically modified organisms (GMO) crops and the incorporation of algae-based ingredients in animal feed is propelling the growth of the market. Apart from this, the rising awareness about the benefits of providing good quality animal feed to cattle and poultry in the production of premium quality eggs, milk, and meat is contributing to the growth of the market. Additionally, the increasing demand for meat and dairy products among gym goers and fitness enthusiasts to maintain muscle mass and gain energy is supporting the growth of the market. Moreover, the rising utilization of milk in the food and beverage (F&B) industry to manufacture yogurt, ice cream, cheese, condensed milk, butter, and powdered milk is strengthening the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 674.7 Billion by 2032, exhibiting a CAGR of 2.9% during 2024-2032. 

Market Summary:

  • On the basis of the form, the market has been segmented into pellets, crumbles, mash, and others. Pellets currently represents the largest segment.
  • Based on the animal type, the market has been segregated into swine (starter, finisher, and grower); ruminants (calves, dairy cattle, beef cattle, and others); poultry (broilers, layers, turkeys, and others); aquaculture (carps, crustaceans, mackeral, milkfish, mollusks, salmon, and others); and others. At present, poultry (broilers, layers, turkeys, and others) holds the largest share in the market.
  • On the basis of the ingredient, the market has been classified into cereals, oil seed meal, molasses, fish oil and fish meal, additives (antibiotics, vitamins, antioxidants, amino acids, feed enzymes, feed acidifiers, and others), and others. Presently, cereals exhibit a clear dominance in the market.
  • Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others) enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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., and Tyson Foods Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Form, Animal Type, Ingredient, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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. and Tyson Foods Inc.
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Global Animal Feed Market to Reach US$ 674.7 Billion by 2032, Propelled by Rising Demand of Meat and Dairy Products
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