Animal Feed Market Is Estimated To Record a CAGR of Around 4.86% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Animal Feed Market, 2023–2033. The global Animal Feed market is projected to exhibit a CAGR of around 4.86% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Animal Feed Market: Adisseo, Ajinomoto Co Inc, ADM, BASF SE, BIOMIN Holding GmbH, Cargill Incorporated, Chr. Hansen Holding A/S, DuPont, DSM, Elanco.
Market Highlights
The Animal Feed market is projected to be valued at USD 78.75 Billion by 2033, recording a CAGR of around 4.86% during the forecast period. Animal feed refers to the specialized and carefully formulated nutritionally balanced products consumed by domesticated animals, livestock, and poultry to meet their dietary requirements for growth, development, and maintenance of health. These feeds typically contain a combination of various ingredients such as grains, proteins, vitamins, minerals, and supplements, tailored to the specific nutritional needs of different animal species. Animal feed plays a crucial role in modern animal husbandry and agriculture, as it directly impacts the overall health, productivity, and quality of the animals raised for various purposes, including meat, milk, eggs, and other animal-derived products. Properly designed and manufactured animal feed ensures optimal growth, reproduction, and performance, contributing to the overall sustainability and efficiency of the global food supply chain.
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The COVID-19 pandemic had a profound and enduring impact on the Animal Feed market. Initially, the pandemic disrupted supply chains, leading to challenges in the production, transportation, and distribution of feed ingredients, causing price fluctuations and scarcity. Restrictions on international trade and travel also affected the availability of certain feed components, creating uncertainty in the market. Moreover, changes in consumer behavior and the closure of restaurants and food service industries had ripple effects on the demand for specific types of animal products, influencing feed preferences. However, the pandemic also spurred a focus on food security and self-sufficiency, driving investments in domestic agriculture and animal husbandry, which in turn influenced the demand for animal feed. As the world navigated through the pandemic, the animal feed industry adapted, showcasing resilience and embracing innovation, including digitalization and sustainable practices, to address emerging challenges and ensure the continuous supply of quality feed to support livestock and poultry production.
Segmental Analysis
The global Animal Feed market has been segmented based on Type, Form, Species, and region.
Based on the Type, the Animal Feed market is segmented based on Acidifiers, Probiotics, Enzyme, Antioxidants, Antibiotics, Amino Acids, Vitamins, Minerals, and Others. Acidifiers are expected to have the largest market share throughout the forecast period, while Probiotics is expected to grow at the fastest rate.
Based on the Form, the global Animal Feed market has been divided into Pellets, Crumbles, Mash, and Others. The Pellets segments are anticipated to dominate the market.
Based on the Species, the global Animal Feed market has been divided into Swine, Ruminants, Poultry, Aquaculture, and Others. The Swine segments are anticipated to dominate the market.
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Regional Analysis
The Animal Feed market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America region includes countries in North America, such as the U.S. and Canada, which have a significant role in the global animal feed industry due to their large livestock and poultry production. Encompassing countries in Europe, this region is another major player in the animal feed market, with advanced agriculture practices and a strong focus on animal nutrition and welfare. This region consists of countries in Asia and the Pacific, including China, India, Japan, and others. It is one of the fastest-growing regions in the animal feed market, driven by increasing demand for meat and dairy products from a growing population and rising income levels. Comprising countries in Central and South America, this region is an important player in the animal feed market, with a significant presence in meat and poultry production. This region includes countries in the Middle East, where livestock and poultry farming are crucial for the economy and food security. Africa region also plays a role in the animal feed market, with efforts to improve livestock and poultry production to meet the demands of a growing population.
