Fortification of animal feeds with essential vitamins, minerals, and other nutrients to enhance its quality and strength is likely to find many takers from the agriculture sector. High demand for end-products will support this trend. Investments in research and development (R&D) by companies to improve the nutritive value of their products is expected to spur market growth. But high costs of raw materials and stringent government regulations can impede the animal feed market.
The Global Animal Feed Market is expecting to touch a valuation of USD 617.61 billion by 2023, according to Market Research Future (MRFR). The market volume is forecasted to touch 1339.26 million tons (MT) by 2023, growing at a 3.84% CAGR from 2018 to 2023 (forecast period). Industrial farming or industrial livestock production can drive market demand during the forecast period thanks to increasing consumer demand. Health benefits of eggs, milk, and meat as well as the changing attitudes of buyers regarding their diet have expedited the industrial farming rate.
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Key players in the animal feed market include-
- New Hope Group (China)
- NUTRECO N.V. (The Netherlands)
- Cargill, Inc. (U.S.)
- Land ‘O Lakes Inc. (U.S.)
- Charoen Pokphand Group (Thailand)
- ForFarmers N.V. (The Netherlands)
- Japfa Comfeed Indonesia Tbk (Indonesia)
- COFCO Limited (Hong Kong)
- Neovia Group (France)
- Archer Daniels Midland (ADM) Company (U.S.)
Aquaculture is gaining traction at more than expected speed. Fish is a good source of protein, fatty acids, vitamins, minerals, and essential micronutrients. Fish oils are also in demand from various industries. Market predictions suggest that the industry can even grow bigger than the beef and pork production capacities. China is already proving its mettle in the sector.
The animal feed market can be segmented by form and species.
By form, the market is segmented into pellets, crumbles, mash, and others. Pellets held the major share (39.08%) of the market in 2018 and will reach USD 243.62 billion by 2023. This can be credited to the easily digestible form of pellets and the minimum animal waste it causes. On the other hand, crumbles held 31.57% market share in 2017 and is touted to reach a valuation of USD 194.58 billion by 2023. Preference of crumbles by broilers is likely to augment the segment demand in the coming years.
By species, the market covers poultry, swine, aqua, ruminants, and others. Among these, the poultry segment can reach a valuation of USD 246.76 billion by 2023. High demand for poultry feed can be attributed to the equally proportionate consumption of eggs and meat by consumers. It can register a 3.98% CAGR to accrue 572.90 MT by the end of the forecast period. The aqua segment has secured the second position in the animal feed market owing to the increased fishing activities in China. Rapid urbanization and explosive growth of the global population are factors likely to bolster its demand in the forthcoming years.
The Animal Feed Market covers the latest trends and opportunities across North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The North America animal feed market accounted for 23.80% of the overall volume in 2018 and will enjoy a steady growth in this regard. It is touted to touch a size of USD 131.7 billion by 2023 owing to the U.S. which contributes to its revenue. The nascent aquaculture, the growing broilers industry, and Canada and the U.S. being major horse feed producers can bode well for the market in the coming years.
The APAC region accounted for 35.18% share in 2018 and projected to reach a size of USD 226.91 billion by 2023, at a CAGR of 4.75% during the forecast period. It can accrue a market volume of 485.75 MT by 2023 thanks to China and the bevy of opportunities in fish farming.
On the other hand, Europe accounted for 25.02% share of the global market in 2018 thanks to Russia, Germany, France, and Spain. It is projected to enjoy a 4.39% CAGR over the forecast period. The high requirement for pet foods and increased production of aqua feed, broiler feed, and swine feed are likely to augur the market growth till 2023.