According to Future Market Insights (FMI), the global animal feed industry is set to be valued at US$ 530.0 billion in 2023. It is anticipated to reach US$ 929.0 billion by 2033. Over the next ten years, global animal feed demand is likely to increase at a CAGR of 7.3%.
The need for animal protein has increased due to the growing global population. As more people enter the middle class and switch to diets heavy in meat and dairy products, there is an increasing need for the production of livestock and poultry. To accommodate this demand, more animal feed is required.
A portion of the growing demand for animal feed comes from emerging regions’ economies expanding. Due to increased industrialization and urbanization, the populations of countries like China, India, and Brazil are requesting a wider variety of food options. People are eating more meat as a result, which has raised the need for animal feed.
The spread of aquaculture has had a substantial impact on the growth in demand for animal feed. Fish farming has become increasingly popular as a means of meeting the growing demand for seafood around the world.
Feed needs to be high in nutrients for fish to develop properly. The development of aquaculture increases the need for specialized feeds created for different species.
Tailored diets for poultry and cattle have been found to provide advantages in animal nutrition research and improvements. Farmers and producers are realizing the need of providing high-quality, balanced feed to improve animal health, growth rates, and output quality. As a result of increased awareness, the demand for specialty feed items is growing and feed formulations are becoming more sophisticated.
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Global demand for animal feed is on the rise, in part due to ongoing expansion of the pet food sector. Demand for premium pet food has soared as more people acquire pets and cherish them as beloved family members.
A sizable market has been generated for specialty pet food formulations that meet distinct dietary requirements of multiple animal species, including dogs, cats, and exotic pets. Demand for components used in animal feed is increased by the sector’s heavy reliance on it.
High-performance animal breeds that need specialized diet have emerged as a result of improvements in livestock genetics and breeding methods. These genetically enhanced animals have special nutritional needs to sustain their development, output, and general wellbeing.
To address the unique nutritional requirements of these animals, there is a growing demand for customized and specialized animal feed formulations. This trend is especially noticeable in the poultry and dairy sectors, where maximizing production and performance is highly valued.
Key Takeaways from the Animal Feed Market Report:
- The global animal feed industry elevated at a CAGR of 6.1% from 2018 to 2022.
- The United States animal feed industry is projected to witness a considerable CAGR of 6.3% in the next ten years.
- China animal feed industry is anticipated to reach a valuation of US$ 101.6 billion by 2033.
- The United Kingdom animal feed industry is likely to register a CAGR of 5.4% from 2023 to 2033.
- By source, the plant-based segment is projected to hold the most prominent animal feed market share in 2033.
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“Through a variety of factors, the retail sector is vital in driving up demand for animal feed. Retail businesses might directly affect consumer choices by providing an extensive selection of animal-based goods. It is hence expected to open door to new opportunities” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Who is winning?
Leading companies are placing a strong emphasis on quality assurance in the global animal feed industry. They are doing this by putting strict testing and quality control procedures into place at every stage of the manufacturing process.
They are further gaining certificates such as good manufacturing practices (GMP) or quality certifications for the production of organic or non-GMO feed. The credibility and confidence of customers can be increased with this tactic.
Brands might additionally distinguish their animal feed products by providing distinctive formulas, specialist ingredients, or particular advantages catered to certain animal species. They can differentiate themselves in the market and satisfy particular needs thanks to this tactic.
In order to address the rising demand for ecologically friendly products, numerous animal feed companies might implement sustainable and eco-friendly procedures. They can use less waste, water, and energy while obtaining materials from sustainable agriculture.
For instance,
- Evonik declared its intention to release an improved version of Biolys in May 2023. It would be a reliable source of lysine for animal feed. Clients will be able to more efficiently meet the essential amino acid L-lysine needs of their animals.
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Animal Feed Market Outlook by Category
By Species:
- Poultry (Commercial)
- Backyard Poultry
- Ruminants (Cattle, Sheep, Goats)
- Swine
- Equine
By Form:
- Wet/Moist Food
- Dry Kibble
- Semi-moist Food
- Frozen
- Freeze-dried Food
By Source:
- Plant-based
- Animal-based
- Micro-organisms
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Animal Feed Stores
- Veterinary Clinics
- Online Retailers
By Region:
-
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
- About Future Market Insights (FMI) Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Contact Us:
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Future Market Insights Inc.
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