Meticulous Research®—a leading global market research company, published a research report titled, ‘Animal Feed Market by Type (Compound Feed, Feed Concentrate, Roughages), Source (Plant, Animal, Novel Sources), Form (Dry (Pellets, Crumbles), Wet), Animal Type (Poultry, Ruminants (Beef Cattle, Dairy Cattle), Swine, Aquaculture), and Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the animal feed market is projected to reach $961.2 billion by 2030, at a CAGR of 4.6% from 2023–2030. The growth of this market is driven by the increasing commercialization of the livestock sector, the rising demand for animal-based products, and the growing focus on research & development in the animal feed sector. However, fluctuating raw material prices restrain the growth of this market. Additionally, the growing awareness about animal health is expected to generate growth opportunities for the players in this market.
The key players operating in the global animal feed market are Charoen Pokphand Foods PCL (Thailand), New Hope Liuhe Co., Ltd. (China), Cargill, Incorporated (U.S.), Brf S.A. (Brazil), Tyson Foods, Inc. (U.S.), Nutreco N.V. (Netherlands), Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.), ForFarmers N.V. (Netherlands), De Heus Animal Nutrition (Netherlands), Royal Agrifirm Group (Netherlands), and Guangdong HAID Group Co., Ltd. (China).
The global animal feed market is segmented by type, source, form, animal type, and geography.
Based on type, the global animal feed market is segmented into compound feed, feed concentrates, and roughages. In 2023, the compound feed segment is expected to account for the largest share of the global animal feed market. The large share of the compound feed segment is attributed to their comparatively higher price and rising demand for these formulated feed among commercial livestock farmers and pet owners to ensure appropriate nutrition for animals for faster and healthy growth because of the rising prevalence of animal diseases, the growing rate of livestock industrialization, and the high demand for quality meat and dairy products. However, the feed concentrates segment is projected to register the highest CAGR during the forecast period.
Based on source, the global animal feed market is segmented into plant-based, animal-based, fodder & DDGS, and novel sources. In 2023, the plant-based segment is expected to account for the largest share of the global animal feed market. The large market share of this segment is attributed to the abundant availability of raw materials, widespread acceptance of plant-based animal feed, and low cost of plant-based feed sources. However, the novel sources segment is projected to register the highest CAGR in the global animal feed market during the forecast period of 2023–2030. The growth of this segment is attributed to the high nutritional profiles of novel sources, government approvals to integrate these innovative sources into feed products, and the need to explore new protein sources to meet the rising global demand for animal protein due to the rapid population growth.
Based on form, the global animal feed market is segmented into dry feed and wet feed. In 2023, the dry feed segment is expected to account for the larger share of the global animal feed market. The large share of this segment is attributed to convenience for handling, storage & transport, and longer shelf life, less cost, nutrient stability, controlled feeding, higher nutritional density, and bulk purchase. Moreover, this segment is also expected to register the highest CAGR during the forecast period of 2023–2030. The rapid growth of this market is mainly attributed to increasing demand from the poultry sector and an increase in commercial livestock production.
Based on animal type, the global animal feed market is segmented into poultry, ruminants, swine, aquaculture, and other types. In 2023, the poultry segment is expected to account for the largest share of the global animal feed market. The large share of this segment is attributed to increasing demand for poultry meat-based products, lower-cost poultry meat, increasing poultry expansion projects, and a shift in customer taste toward white meat rather than red meat.
Based on region, the global animal feed market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global animal feed market. Asia-Pacific’s major market share is attributed to the increased consumption of meat and other animal products by a growing population, high milk production, the growth of the livestock farming industry in the region, and the presence of major animal feed producers in Asia-Pacific.
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