"Animal Feed Market is estimated to reach a valuation of USD 617.61 BN by 2023 at a CAGR of 4.275 from 2019 to 2023, Global Animal Feed Industry Analysis by Form, Species and Region"
— The Global Animal Feed Market continues to expand in response to the increase in world population, urbanization, and increase in affordability, purveyed by rise in disposable income. There is a high demand for food of animal origin. This has necessitated the need to increase the supply of available animal origin food products such as meat, fish, milk and eggs. The need to meet this food scarcity challenge in a sustainable and safe way has augmented the need to increase the quality of animal feed in order to achieve the towering dietary requirements. Animal feed helps to improve the diet of animals and, in turn, aids in better quality animal products such as eggs, milk, and meat.
As power the analysis of Market Research Future (MRFR), the Global Animal Feed Market is expected to expand at a CAGR of 4.275 and reach a market valuation of USD 617.61 Bn by the end of the forecast period of 2018-2023. Volume-wise, the market is expected to scale USD 1339.26 Mn tons at a CAGR of 3.84% over the forecast period.
Globalization of trade in products of animal origin due to high demand for animal protein sources, including livestock, dairy, and fish has been a key growth enhancer. Consumption of animal-sourced protein sources accounts for the nutritional wellbeing of millions of people around the globe and animal feed ensures safety, abundance, and affordability of animal proteins.
Enhancement of food fortification process and animal feed has attracted deep interest of researchers which is likely to expedite developments within the market and boost market growth. On the other hand, high cost of raw materials and and stringent government regulations are likely to undermine the growth of the market over the forecast period.
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• Cargill, Inc. (U.S.)
• Charoen Pokphand Group (Thailand)
• Neovia Group (France)
• ForFarmers N.V. (The Netherlands)
• Archer Daniels Midland (ADM) Company (U.S.)
• Japfa Comfeed Indonesia Tbk (Indonesia)
• New Hope Group (China)
• NUTRECO N.V. (The Netherlands)
• COFCO Limited (Hong Kong)
• Land 'O Lakes Inc. (U.S.)
By Region, the Global Animal Feed Market has been Segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
APAC commanded the largest position in the Global Animal Feed Market and accounted for 35.185 share of the market in 2018. Huge opportunities provided by fish farming in the region will help the market reach a valuation of USD 226.91 Bn at a CAGR of 4.75% over the forecast period.
North America accounted for 23.80% share of the market in 2018 and is expected to enjoy steady growth over the forecast period. Expanding broilers industry, and the US and Canada being established horse feed producers contribute majorly to the growth of the market. Moreover, the aquaculture in the region is in its growing stage and is likely to provide ample growth opportunities over the forecast period.
Europe too is a significant market for animal feed and held almost 25.02% share of the global market in 2018. Growing production of aqua feed, broiler feed, and swine feed in the region is supporting the growth of the market. In addition, increasing demand for pet food is also likely to augment the growth of the market. Russia, Spain, France, and Germany are the key contributors to the Europe market which is expected to expand at a CAGR of 4.39% over the forecast period.
The Global Animal Feed Market has been segmented based on Form and Species.
By Form, the global animal feed market has been segmented into pellets, crumbles, mash, and others. The pellets segment captured the largest market in 2018 and is likely to reach USD 243.62 Bn by the end of 2023. Pellets can be easily digested and generate less animal waste which can be credited to its popularity. The crumbles segment is the second largest segment and is touted to reach USD 194.58 Bn by the end of 2023. Crumbles is highly desirable among broilers which is estimated to augment the growth of the segment.
By Species, the global animal feed market has been segmented into poultry, swine, aqua, ruminants, and others. The poultry segment is the largest segment and is anticipated to reach USD 246.76 Bn by the end of 2023. High demand for eggs and meat is likely to drive the segment over the forecast period. The aqua segment is the second largest segment and is driven by increased fishing activities in China. In addition, fast-track urbanization and burgeoning population are factors which is expected to motivate the growth of the segment.
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