Animal Feed Industry Set to Witness Remarkable Growth in 2023-2030
Animal Feed Industry | Forecast 2030
The economic value generated by the animal feed industry was estimated at approximately USD 570.72 billion in 2022. This economic output is an amalgamation of basic animal feed categories namely, poultry feed, cattle feed, swine feed, aquafeed, and pet food.
The global animal feed market has witnessed remarkable growth in the recent past due to increasing demand for quality meat and meat by-products. The outbreak of various diseases in livestock has increased concerns regarding the quality and safety of meat, which, in turn, is expected to boost the usage of animal feed. In addition, the rising consumption of processed aqua, dairy, and poultry products globally is likely to boost the market growth of animal feed.
Access the Global Animal Feed Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Vitamins are extensively utilized as additives in animal feed formulations. They act as an effective protection against viruses, parasites, and bacteria. Some of the prominent vitamins used as feed additives include riboflavin, Vitamin D, Vitamin A, Vitamin K, and Vitamin E. Additional supplements infused with vitamins to provide optimal nutrition are also added to livestock feeds. Thus, the aforementioned factors are anticipated to fuel the demand for vitamin additives in the animal feed market.
Poultry Feed Market Growth & Trends
The global poultry feed market size is likely to be valued at USD 238.9 billion by 2025, growing at a CAGR of 4.5% over the forecast period, as per a new report by Grand View Research Inc. This can be attributed to the rising demand for poultry farming products such as chicken meat and eggs globally.
Poultry is considered as one of the most economical sources of protein, therefore, poultry products such as egg and meat are consistently witnessing growth in their demand. The market is likely to witness strong growth owing to increasing demand for protein-rich diet and increased production of feed across North America. The presence of well-established industry is another major driver triggering the product demand and, in turn, the overall market growth.
The market is fragmented and competitive with the presence of major global players. In the U.S., nearly 35 companies (federally inspected) are engaged in raising, marketing, and the processing of chicken. These companies are vertically integrated throughout the poultry value chain to ensure the quality of feed product.
Order your copy of the Free Sample of “Animal Feed Industry Data Book - Poultry Feed, Cattle Feed, Swine Feed, Aquafeed and Pet Food Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030, published by Grand View Research
Cattle Feed Market Growth & Trends
The global cattle feed market size is anticipated to reach USD 96.2 billion by 2027 expanding at a CAGR of 3.2%, according to a new report by Grand View Research, Inc. Growing concerns of farmers regarding the yield and cattle health have resulted in high demand for high-quality ingredients and additives across the globe. According to the Veterinary Feed Directive (VFD), antibiotics in feed without a prescription from VFD should be avoided owing to infectious agents present in them.
Thus, as a replacement, ingredients like ionophores, prebiotics, probiotics, and enzymes are used as feed additives. Ionophores like Rumensin and Bovatec improve feed efficiency and reduce the risk of bloat and acidosis. XPC, Fermenten are some of the major products used to enhance productivity, minimize infections, and provide better immune to cattle. Thus, the cattle feed segment has tremendous growth opportunities due to a rise in the customization of meat and dairy products.
Swine Feed Market Growth & Trends
The global swine feed market size is expected to reach USD 135.7 billion by 2025, accelerating at a CAGR of 3.5% over the forecast period, according to a new report by Grand View Research, Inc. Focus on improving the overall quality of pork has been a critical factor, which is triggering the demand for the product.
Increasing awareness among consumers concerning the quality of pork is compelling swine farmers to utilize additives that keep swine healthy as well as immune to diseases and disorders. Also, the use of enhanced additives is expected to reduce the occurrence of infections as well as illnesses in swine, thereby contributing to the increasing demand for the product worldwide.
Aquafeed Market Growth & Trends
The global aquafeed market size is expected to reach USD 102.3 billion by 2030, registering a CAGR of 4.4% over the forecast period, as per the new report by Grand View Research, Inc. The growth is majorly driven by the rising consumption of aquafeed by species like carp, catfish, salmon, and shrimps, among others due to its rich protein content. The future of the global market is dependent on the increasing acceptance of aquafeed, which contains essential oils, feed acidifiers, natural extracts, and palatants, which are important for aquaculture species in their overall growth across each stage of development. The widespread fish mortality due to various infections, which are caused by parasites is driving the product demand. These feed products are consumed by various fish species, such as catfish, salmon, trout, tilapia, shrimps, largemouth bass, and eel.
Go through the table of content of Animal Feed Industry Data Book to get a better understanding of the Coverage & Scope of the study
Pet Food Market Growth & Trends
The global pet food market size is expected to reach USD 139.29 billion to expand at a CAGR of 4.4% from 2024 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly driven by rising demand for organic and natural pet food products due to its numerous nutritional properties.
The global pet food products have witnessed substantial demand over the past few years owing to the advent of online purchasing and notable contribution of e-commerce in shaping and strengthening the industry. Trends influencing the growth of this industry include launches of new products, online private brands, treats, and novel technologies.
Competitive Insights
Manufacturers formulate animal feed as per the standard nutritional requirements of domesticated animals. The manufacturing process is similar to processed food, except for ingredients. Meat-based raw materials are processed/rendered to separate protein components, water, and fat. The manufacturing process also entails grinding, cooking, and mixing the aforementioned raw materials with other ingredients. The entire mixture is shaped into various forms depending on the requirements. Key manufacturers in the market comprise The J.M. Smucker Company; The Hartz Mountain Corporation; Mars, Incorporated; Hill’s Pet Nutrition, Inc.; Nestlé Purina; LUPUS Alimentos; Total Alimentos; General Mills Inc.; and WellPet LLC.
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