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The animal feed market size is projected to increase by USD 134.4 billion at a CAGR of 4.75% between 2023 and 2028. The market experiences dynamic growth, driven by various influential factors. Notable among these are the surge in investments and the enlargement of production capacities. New product launches, which cater to evolving consumer demands and nutritional requirements, further fuel market expansion. Strategic partnerships and acquisitions are also pivotal, enabling companies to broaden their reach and strengthen their market positions. These elements collectively contribute to the robust growth and development of the animal feed industry.
Increasing meat production, particularly of beef, veal, and chicken, is a primary factor, as vendors ramp up production to meet surging demand. With the largest livestock population and highest production and trade of meat products, APAC is a significant market facet.
The market shows an accelerated CAGR during the forecast period.
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In the realm of livestock nutrition, animal feed vitamins and antioxidants play pivotal roles, ensuring nutritious feed and fostering better health. This synergy translates into lucrative growth and improved animals' performance, influencing both swine feed and cattle feed quality. Amid concerns like meat consumption and global meat production, advancements in solid feed additives and molecular biology are enhancing feed quality while addressing animal disease risks. Insights from the National Bureau of Statistics illuminate market facets, guiding the industry towards safer meat and dairy products and bolstering food safety in slaughterhouses globally.
Increasing investments and expansion of production capabilities is a key factor driving the market. In particular, the poultry segment is seeing lucrative advancements, with a focus on improving animal productivity through nutritious feed. Animal feed manufacturers are expanding their production capabilities to cater to this demand, with investments in new facilities for vitamins, antioxidants, and trace minerals. For instance, De Heus opened a new feed additive plant in Ukraine for USD9.2 million, while Diamond V expanded its facility in the US. Livestock nutrition is a critical aspect of the industry, with a focus on feed quality and sustainability.
Furthermore, feed manufacturing for swine, cattle, and aquaculture requires stringent regulations to ensure animal welfare. Animal additives, such as antioxidants and trace minerals, play a crucial role in maintaining animal health and productivity. Meat consumption continues to rise globally, with developing regions showing significant increases in beef and pig meat consumption. Soy-fed animal diets are becoming increasingly popular due to their nutritious properties. The market is expected to continue its lucrative development, driven by changing diet patterns and the increasing demand for sustainable protein sources. Slaughterhouses and livestock diet are integral parts of the meat production process, with a focus on optimizing protein intake for better animal health. Compound feed, made from various feed ingredients, is a common solution for farm animals. Disposable income and the shift towards an animal-based protein diet are also factors driving the market.
Growth in aquaculture is a key trend influencing the market growth. The market is witnessing a significant growth trend in aquaculture. Aquaculture is the farming of aquatic organisms such as fish, crustaceans, and algae and requires the use of high-quality feed to ensure the optimal development and health of these aquatic organisms. The expansion of aquaculture is driven by factors such as increasing demand for seafood, growing consumer awareness of the nutritional benefits of seafood, and the development of new and innovative aquaculture feed products.
Additionally, the increasing popularity of aquaponics, a system that combines aquaculture and hydroponics to grow fish and plants in a symbiotic environment, is also contributing to the development of the market. Aquaponics systems require high-quality feed for fish, creating demand for specialized aquaculture feed products. Overall, boosting aquaculture is expected to further drive the market during the forecast period.
The development of clean meat products is challenging market growth. Increasing consumer demand for clean meat products is one of the factors that may adversely affect the expansion of the market during the forecast period. Pure meat products are developed in laboratories using cellular technology. Therefore, the development process does not include animal slaughter. This factor may adversely affect sales of pet food products during the forecast period. The number of suppliers of clean meat products is increasing worldwide.
In January 2021, New Wave Foods announced the official launch of its plant-based shrimp product. Therefore, initiatives by companies to develop clean meat products are likely to hamper the growth of the market during the forecast period.
The market share growth by the poultry segment will be significant during the forecast period. Rising consumption of poultry meat will boost the demand for poultry feed products during the forecast period. To meet the growing demand for poultry meat, market companies are ramping up poultry production. The introduction of new poultry feed products by market companies will also drive the growth of the poultry feed segment during the forecast period.
The poultry segment was valued at USD 183.80 billion in 2018.
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Poultry dominates the market because it does not have the religious connotations normally associated with eating beef or pork. Moreover, poultry falls into the white meat category, which is considered healthier for humans than red meat. Therefore, increasing demand for eggs and poultry meat will drive the growth of the poultry segment during the forecast period. It is also expected to boost the growth of the market during the forecast period.
APAC is estimated to contribute 49% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional market growth and trends influencing the market's trajectory throughout the forecast period.
The rising production of beef, veal, and poultry in APAC is one of the factors driving the growth of the market during the forecast period. Meat market companies are ramping up production to meet the growing demand for meat products. In turn, increased meat production will increase the demand for animal products in APAC during the forecast period. APAC has the largest number of livestock and is responsible for the largest production and trade of meat products. Additionally, the number of feed mills and feed production is increasing, especially in countries like India. These developments contrast with challenges faced by the North America poultry feed market, which relies significantly on imported ingredients and contends with fluctuating feed component prices. Despite these challenges, innovations in feed additives and management practices are expected to sustain growth in the North America poultry feed market, aligning with regional demand trends and regulatory requirements.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:
Adisseo Co., Alltech Inc., Archer Daniels Midland Co., Associated British Foods Plc, BASF SE, Biochem additives and product mbH, BRF, Cargill Inc., Charoen Pokphand Foods PCL, Chr Hansen Holding AS, Corbion nv, Evonik Industries AG, International Flavors and Fragrances Inc., Jefo, Kemin Industries Inc., Kent Nutrition Group Inc., Land O Lakes Inc., New Hope Group Co. Ltd., Trouw Nutrition, and Tyson Foods Inc.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the realm of enhanced animal productivity and welfare, the role of animal feed vitamins, trace minerals, and animal additives cannot be overstated. However, with stringent regulations shaping the feed manufacturing process, market players are compelled to innovate. Advancements in sustainable protein and feed ingredients cater to evolving livestock diets, especially in developing regions where protein intake is crucial.
Furthermore, amidst rising beef and pig meat consumption, soy-fed and nutritious animal feed premixes are gaining traction, reflecting changing diet patterns. As the industry delves deeper into vendor analysis and market research reports, a clear summation of data emerges, elucidating growth drivers and the market scenario. With a focus on animal-based protein diets, bolstered by considerations of digestibility and animal diseases, the market is poised for market advancement and sustained growth in global meat consumption.
Industry Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.75% |
Market growth 2024-2028 |
USD 134.4 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
4.45 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 49% |
Key countries |
China, US, Brazil, Russia, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adisseo Co., Alltech Inc., Archer Daniels Midland Co., Associated British Foods Plc, BASF SE, Biochem additives and product mbH, BRF, Cargill Inc., Charoen Pokphand Foods PCL, Chr Hansen Holding AS, Corbion nv, Evonik Industries AG, International Flavors and Fragrances Inc., Jefo, Kemin Industries Inc., Kent Nutrition Group Inc., Land O Lakes Inc., New Hope Group Co. Ltd., Trouw Nutrition, and Tyson Foods Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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