The primary drivers of the market's expansion are the increased demand for meat and other animal products and the resulting rise in commercial livestock production. The demand for dairy and meat products as a source of different nutrients is rising due to consumers' rising health consciousness, favorably affecting the demand for animal feed. Another significant reason fueling the market's expansion is growing knowledge of the advantages algae-based compounds in animal feed have for human health. In order to boost animal feed with nutrients for the livestock's early developing stages, microalgae are essential. Additionally, it promotes physical growth while ensuring the production of eggs, milk, and meat of the highest caliber.
COVID-19 IMPACT
The global proliferation of COVID-19 is a dangerous condition. The epidemic has a significant impact on the world economy. This deadly virus significantly impacts the food and beverage agricultural industry. The closure of international ports and eateries all over the world has an impact on the animal feed sector as well. Market conditions for animal feed are greatly impacted by supply chain disruption. However, the global situation has improved as a result of the disease's recovery.
DRIVING FACTORS
Increased Consumer Demand for Meat and Dairy Products to Drive the Market
Demand for the production of cattle is being driven by urbanization. The Food and Agriculture Organization of the United Nations estimates that overall global meat output will rise by 5% to 339 Mt in 2021, with a little increase in pig meat production. In order to improve meat quality and output, there is an increasing need for high-quality feed that contains vitamins, minerals, enzymes, and probiotics. As a result, the demand for animal feed is being driven by the increasing usage of animal feed to boost meat quality and production. To sustain people's health globally, animal farming and consuming animal-based products improve nutritional absorption.
RESTRAINING FACTORS
Compliance with Strict Feed Regulations will Impede Market Expansion
Animal feed must be safeguarded by prominent regulatory agencies like the U.S. Food and Drug Administration (FDA) to guarantee its safety of it for the billions of animals in the area, including chickens, turkeys, cows, sheep, pigs, fish, cats, dogs, and horses. These organizations' strict feed requirements will probably restrain industry growth to some extent.
SEGMENTATION
By Form
Based on form, the animal feed market is segmented into crumbles, pellets, mash, and others. The crumbles category dominated the market in 2021. This segment has had a rapid expansion, mostly attributable to the growing use of broilers and small chickens in poultry for convenient consumption.
By Animal Type
By animal type, the market is segmented into swine (starter, finisher, grower, ruminants, calves, dairy cattle, beef cattle, others), poultry (broilers, layers, turkeys, others), aquaculture (carps, crustaceans, mackeral, milkfish, mollusks, salmon, others) and others. The poultry category dominated the market in 2021. The substantial market share of this sector is mostly attributable to increased demand for high-quality goods, rising consumption of poultry meat, and the relatively low cost of poultry.
By Ingredients
By ingredients, the market is segmented into cereals, oilseed meal, molasses, fish oil and fish meal, additives, antibiotics, vitamins, antioxidants, amino acids, feed enzymes, feed acidifiers and others. The cereals category dominated the market in 2021. Due to their widespread availability and superior nutritional composition, feed grains are ingested in higher quantities than other foods. The three main sources of feed grains are corn, wheat, and rice in developed and developing nations. Oats, sorghum, millet, and barley are other feed grains that livestock eat.
REGIONAL INSIGHTS
Asia Pacific is projected to hold the largest animal feed market share over the forecast period. The expansion of the animal feed sector, the rising output of meat, milk, and eggs in the area, the high nutritional profiles of feed additives, and the rising consumption of animal protein are all credited with accounting for most of this regional market. Factors including rising consumer awareness among feed consumers and the industrialization of the livestock industry are driving the demand for animal feed in Asia-Pacific.
On the other hand, North America animal feed market is anticipated to grow significantly over the forecast period. The demand for meat, fish and dairy products is high due to the economy's rapid growth, and this has caused these goods' consumption to increase quickly. The local meat and dairy industries are expanding to keep up with the high growth rate in consumption, which causes feed consumption to rise very quickly. With a considerable demand for cattle and poultry, the United States has the largest feed market in North America. In 2017, American meat producers produced 42.2 billion chicken, 25.6 billion pork, and 26.3 billion pounds of beef, according to the North America Meat Institute (NAMI). The country's feed market is driven by high meat production, high demand, and high livestock production.
LIST OF KEY COMPANIES PROFILED:
- Archer-Daniels-Midland Company
- Cargill Incorporated
- Charoen Pokphand Group,
- Dupont De Nemours Inc.
- Evonik Industries AG (RAG-Stiftung)
- ForFarmers N.V.
- Kemin Industries Inc.
- Nutreco N.V (SHV Holdings)
- Perdue Farms Inc.
- Tyson Foods Inc.
KEY INDUSTRY DEVELOPMENTS:
- January 2021: China has approved two genetically modified types of maize produced by Bayer AG and Syngenta AG. This was to satisfy the population's growing demand for animal feed.
- July 2020: To improve its innovation and research capabilities, Kemin Industries unveiled architectural renderings of a new quality control lab that would be constructed at its Des Moines, Iowa, headquarters.
| Attributes | Details |
| Study Period | 2016-2030 |
| Base Year | 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2023-2030 |
| Historical Period | 2016-2020 |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Form, By Animal Type, By Ingredients and By Geography |
| By Form |
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| By Animal Type |
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| By Ingredients |
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| By Region |
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