DUBLIN, Jan. 18, 2024 /PRNewswire/ — The “Global Horse Feed Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global horse feed market was valued at US$10.039 billion in 2021 and is expected to grow at a CAGR of 4.93% during the forecast period
The growing popularity of horse-related sports coupled with awareness about animal health and improved standard of living of people are expected to drive the growth of the horse feed market. Moreover, the continuous new product launches and innovative better nutritional health feed are further expected to drive the market growth of horse feed.
Increased Awareness about Animal Nutrition
Horse riders and trainers are now more aware of the nutritional requirements of their horses and mostly they get customized plans from experts to improve their overall health. Many leading health and lifestyle companies have released animal nutrition guidelines to be followed by owners while feeding their animals including horses. For instance, a guideline by Oregon State University released a guide to principles of animal nutrition based on 20 years of teaching experience. The UN Food and Agriculture Organization released a Nutrition and Livestock named technical guideline in 2020 for improved nutrition. The expert guidelines coupled with customized horse feed are anticipated to grow the horse feed market during the forecast period.
Growing Horse Population
The population of horses is rising and the rising population needs feeds for survival, growth, and health. This growing demand and its requirement will boost the horse feed market in the coming years. The population of horses in the USA reached 9.2 million in the year 2021 as per the reports of the American Horse Council which is an increase of nearly 3 million from the year 2016. Moreover, the total number of horse farms in the US was 459,526 in 2017 as per the National Economic Impact of the US Horse Population Survey conducted by the American Horse Council. As horse feed is necessary for the survival and longevity of horses, the growing population is propelling the horse feed market growth.
Health Benefits of Horse Feed
There are numerous health benefits related to the hose feed which are crucial for the horses and their survival. The horse feed provides energy, improves performance, and protects from muscular disorders. Moreover, it regulates body temperature and enhances chemical reactions in the body. The diet requirement of each horse varies to a certain extent and it is not appropriate to provide the same horse feed to every horse thus horse feed provides customized palate as per the nutritional requirements and weight estimates. These health benefits of horse feed serving the needs of all the trainers and riders are expected to propel the horse feed market size
The popularity of Horse Related Sports Events
The popularity of horse-related events is increasing and consequently, the need for improved horse feed is also increasing. The horse-related events are dressage, endurance riding, horse racing, show jumping, and others which are boosting the growth of the horse feed market.
For instance, the Kentucky Derby saw a viewership of 8.3 million in 2020 which was covered by NBC and NBS Sports Digital and it was the most-watched sporting event of the year of the UK. The increased audience and the number of people interested in the horse sporting event are expected to boost the market potential of the horse feed market.
Opportunities for The New Entrants
The continuous innovations and product launches make the horse feed market a good opportunity for new entrants with a focus on improved health benefits of horse feed. The requirement of horse feed in the competition lines with improved recovery from performance is crucial at this time of growing popularity of horse-related events.
Moreover, the company gets famous whose product is being fed to the winning horse during any big horse events and it gets the marketing advantage. The opportunity in the horse feed market is phenomenal for the new entrants keeping in mind the growth prospects of the horse feed market.
Horse Feed Market Players
- Royal Horse is one of the globally leading horse feed companies. It provides horse feeds through its sports & leisure line, competition line, breeding line, and complementary feed. The products of the company are H-150 pellet/fiber feed for competition horses, complement alimentaire C-400, and others.
- BASF SE is in the animal nutrition market for more than 50 years. It provides high-quality horse feed through its products such as Natugrain TS, Natuphos E, and Balangut AQ, among others. Moreover, it provides a digital solution through its Trinamix, opteinics, and Cloudfarms software technology for animal feed analysis.
- CHR Hansen serves the market audience for more than 150 years in food culture, animal health, plant health, human health, and probiotics. The company provides early feed-out solutions, aerobic stability enhancers, and fermentation enhancers.
Segmentation:
By Form
- Pellets
- Cubes
- Powder
By Ingredient
- Cereals
- Supplements
- Cakes/Meals
- Others
By Type
- Performance
- Senior/Old
- Professional
- Mare and Foal
- Others
Company Profiles
- Royal Horse
- BASF
- Chr. Hansen Holding
- DSM
- Evonik Industries
- NOVUS
- Alltech
- Associated British Foods
- Charoen Pokphand Foods
For more information about this report visit https://www.researchandmarkets.com/r/molobp
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SOURCE Research and Markets
