The latest report by IMARC Group, titled “Animal Feed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global animal feed market size reached US$ 482.1 Billion in 2021. Animal feed is a type of food product that is grown and manufactured for the consumption of poultry, ruminants, swine, and aquatic animals. It is produced through blending high nutritional products such as hay, silage, straw, sprouted grains, oil, and legumes. Animal feed is responsible for improving overall health and abilities of animals by providing them with a nutrient-rich diet. A well-balanced feed enhances the well-being of animals and forms an integral part of the livestock industry. Besides this, animal feed also acts as a source of energy to sustain life processes and support muscular activity in animals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Animal Feed Market Trends:
The market is primarily driven by the increasing demand for meat and animal-based products among consumers. In addition, the rising commercial livestock production is also fueling market growth. Nowadays, the increasing livestock population and health problems in animals are also escalating the demand for quality animal feed. Milk producers are increasingly replacing traditional cattle feed with more nutritionally balanced compound feed as they exhibit tangible benefits in terms of yield improvement. The growing awareness regarding the health benefits of algae-based ingredients in animal feed has resulted in the development of micro-algae-infused animals, which assists in the early developmental stage of the livestock. Furthermore, extensive investments in research and development (R&D) activities for improving food fortification processes are creating a positive outlook for the market. Looking forward, the market value is expected to reach US$ 589.4 Billion by 2027, exhibiting a CAGR of 3.5% during the forecast period (2022-2027).
- Based on the form, the market has been segmented into pellets, crumbles, mash, and others.
- On the basis of the animal type, the market has been classified into swine (starter, finisher, and grower), ruminants (calves, dairy cattle, beef cattle, and others), poultry (broilers, layers, turkeys, and others), aquaculture (carps, crustaceans, mackerel, milkfish, mollusks, salmon, and others), and others.
- The market has been categorized based on the ingredient into cereals, oilseed meal, molasses, fish oil and fish meal, additives (antibiotics, vitamins, antioxidants, amino acids, feed enzymes, feed acidifiers, and others), and others.
- 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 (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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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