NEW YORK, April 18, 2024 /PRNewswire/ — The global animal feed market size is estimated to grow by USD 146.56 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 5.34% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 46%.
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Technavio has announced its latest market research report titled Global Animal Feed Market 2023-2027
Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Alltech Inc., Archer Daniels Midland Co., Associated British Foods Plc, BASF SE, Biochem additives and product mbH, Bluestar Adisseo Co., BRF SA, Cargill Inc., Charoen Pokphand Foods PCL, Chr Hansen Holding AS, Corbion nv, Evonik Industries AG, International Flavors and Fragrances Inc., Jefo, Kemin Industries Inc., Kent Nutrition Group Inc., Land O Lakes Inc., New Hope Group Co. Ltd., Trouw Nutrition, Tyson Foods Inc.
Analyst Review
The Animal Feed Market encompasses the production and sale of nutritious feed for various livestock segments, including poultry, swine, and cattle. Animal productivity is a key focus, with an emphasis on providing high-quality feed to ensure better health and lucrative growth for animals. The market caters to the dietary needs of livestock through the use of vitamins, antioxidants, and solid feed additives. The global meat production continues to rise, driven by increasing meat consumption. This trend necessitates the development of innovative feed solutions to meet the growing demand for livestock products. Market facets such as food safety, animal disease prevention, and molecular biology play significant roles in shaping the Animal Feed Market. Feed additives, derived from various sources, are essential components of animal nutrition. They contribute to improved animals’ performance and overall health. Slaughterhouses represent the end-use of the animal feed market, ensuring the efficient conversion of livestock into valuable meat products for consumers.
Key Market Drivers
The global animal feed market is experiencing significant growth due to increasing beef and pig meat consumption, driven by changing diet patterns and rising disposable income. Soy-fed farm animals require nutritious animal feed, leading manufacturers to expand production capabilities. In 2020, Diamond V expanded its US facility for animal nutrition products, while De Heus opened a new feed additive plant in Ukraine in 2021. Compound feed, feed ingredients, and animal feed premixes are key market facets. Growth drivers include animal productivity, animal-based protein diets, and the competitive landscape. Market research reports indicate solid feed additives, chicken meat, and meat production as significant market areas. Molecular biology and food safety are crucial in animal nutrition, ensuring animals’ performance and digestibility. Animal diseases remain a challenge, necessitating continuous research and innovation in feed materials. The market scenario is favorable, with vendors well-positioned to cater to global demands.
Challenges and Opportunities
The animal feed market experiences lucrative growth, driven by the poultry segment’s demand for high-quality feed, including animal feed vitamins, antioxidants, and trace minerals. Animal productivity is a key focus in livestock nutrition, with poultry feed, swine feed, and cattle feed prioritizing nutritious ingredients for better health. Feed manufacturing adheres to stringent regulations, ensuring animal welfare and feed quality. Animal additives, such as sustainable protein and meat products, cater to changing diet patterns and increasing protein intake. Market advancement includes the summation of data on feed ingredients, market scenario, and vendor analysis. Soy-fed compound feed is a significant feed source for farm animals. Despite the high cost of non-GMO animal feed, its demand persists due to consumer perception of healthier alternatives. Developing regions, particularly those with increasing disposable income, are driving the market’s expansion. Beef and pig meat consumption continue to fuel global meat production, with animal diseases posing challenges. Slaughterhouses and livestock diet are integral components of the animal feed market.
The global animal feed market is experiencing significant growth, driven by the increasing consumption of meat, particularly in the poultry segment. Market facets include animal feed premixes, feed additives, and feed materials. According to market research reports, the competitive landscape is dynamic, with key players focusing on innovation in animal nutrition, feed additives, and feed manufacturing. Digestibility and animal performance are crucial factors, with solid feed additives and animal feed vitamins enhancing productivity. Meat production is a major application, with animal disease management and food safety being key concerns. Molecular biology and stringent regulations shape the industry, with a focus on animal welfare and feed quality. Antioxidants, trace minerals, and feed materials are essential components of livestock nutrition, including poultry feed, swine feed, and cattle feed. Aquaculture feed is another significant market, with ongoing research in feed quality and sustainability.
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Market Overview
The Animal Feed Market is a significant sector, driven by the production of livestock and poultry. Animals require proper nutrition for growth and productivity. Feed production involves the use of various ingredients such as grains, proteins, vitamins, minerals, and additives. Markets for animal feed are segmented based on animal type, feed type, and geography. The market for poultry feed is substantial due to the high demand for poultry products. Markets for cattle feed and aqua feed are also growing due to increasing meat consumption and aquaculture practices. The use of technology in feed production, such as automated feeding systems and precision nutrition, is increasing to improve efficiency and productivity. The market for animal feed is expected to continue growing due to the increasing demand for animal products and the need to maintain animal health and productivity.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio