Animal Feed Market Size, Share, & Industry Growth 2029
Added: (Wed Jun 28 2023)
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According to a new market research report titled, ‘Animal Feed Market by Species (Poultry [Broilers, Layers], Ruminants [Bovine], Swine, Aquaculture, Other Species); Form (Pellets, Crumbles, Mash); Source (Plant-based [Cereals, Oilseed]; Animal-based [Meat, Fish Meal]; Other) - Global Forecasts to 2029,’ the animal feed market is projected to reach $631.6 billion by 2029, at a CAGR of 4.9% from 2022–2029.
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The increasing livestock production and the rising demand for alternative animal feed are the major factors driving the growth of the animal feed market. Furthermore, farmers and livestock producers’ growing need for nutritionally enhanced feedstuff for improving animal health and production yield has increased animal feed demand.
The animal feed market is segmented by species (poultry [broilers, layers, turkey, and other poultry animals]; ruminants [bovine animals, and other ruminants]; swine; aquaculture; and other species); form (pellets, crumbles, mash, others); source (plant-based [cereals, oilseed, and others]; animal-based [meat, fish oil and fish meal]; and other sources); and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
The Impact of COVID-19 on the Animal Feed Market
The COVID-19 crisis had both good and bad impacts on the animal feed market. To control the spread of the virus, governments worldwide announced partial or complete lockdowns, which severely impacted many industries, including food & beverages, pharmaceuticals, agriculture, dietary supplements, animal feed, and textile.
The COVID-19 outbreak created a severe public health emergency globally. Many countries worldwide announced complete nationwide, state-wide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
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According to the United States Department of Agriculture (USDA), some major agricultural exporters, such as Russia, Ukraine, and Vietnam, introduced export quotas or outright bans of international shipments, primarily food products. Agricultural production was also hampered due to low labor availability. According to the European Parliament, due to the pandemic’s impact on the agri-food sector, governments and commissions had to adopt various measures to support producers.
The global export of chicken, beef, and pork witnessed a significant decline due to the challenges posed by the outbreak of the COVID-19 pandemic. Furthermore, the U.S. government imposed curfews, resulting in many farmers resorting to panic-buying of animal feed to avoid potential shortages. According to the American Feed Association, estimated animal feed consumption at the beginning of 2020 was 252.6 million tons; later, the consumption rate fell to 1.7%, at an estimated 248.4 million tons, with 4.2 million tons less feed consumed. Additionally, the transportation & logistics sector was significantly affected due to employees contracting COVID-19, which reduced deliveries and compelled farmers to stock their animal feed supplies.
The volatile environment impacted animal feed supply chains due to declining livestock production, increased raw material costs, and more complex and time-consuming routing of goods. However, the rising preference for other alternative feed sources, including fish meal and insect-based meal, over traditional feedstock as a rich source of protein & immunity booster during the current outbreak of COVID-19 has created a new wave of interest in the animal feed market, which will in turn also boost the market at a relatively positive rate for companies to invest and launch animal feeds.
Based on species, the aquaculture segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing use of probiotics to support the health, performance and growth of farmed fish and shrimps. Furthermore, the increasing need to ensure the health and safety of fish in the aquaculture sector and the consistent growth of the aquaculture industry are expected to drive the growth of this segment.
Based on form, in 2022, the pellets segment is expected to account for the largest share of the overall global animal feed market. The large market share of this segment is mainly attributed to its benefits, such as increased animal performance, enhanced palatability, ease of storage and handling, decreased feed waste, and enriched nutritional properties. However, the crumbles segment is projected to register the highest CAGR during the forecast period of 2022–2029.
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Based on source, in 2022, the plant-based animal feed segment is expected to account for the largest share of the animal feed market.However, the animal-based segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is attributed to the enhanced nutrient uptake, increasing fish production, rising feed efficiency, and rising demand for fish meals as animal feed for swine and poultry.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the animal feed market. The major share of this regional market is attributed to the growing animal feed industry, increasing production of meat, milk, and eggs in the region, high nutritional profiles of feed additives, and growth in animal protein consumption. The factors such as increasing consumer awareness levels among feed customers and the industrialization of the livestock sector are driving the growth of the animal feed market in the Asia-Pacific region.
The animal feed market has witnessed several new product launches, partnerships, agreements, and collaborations in recent years. The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2019–2022). The key players operating in the animal feed market are ARCHER-DANIELS-MIDLAND COMPANY (U.S.), BRF S.A. (U.S.), Charoen Pokphand Foods Public Company Limited (Thailand), Cargill, Incorporated (U.S.), Nutreco N.V. (Netherlands), NEW HOPE LIUHE CO., LTD. (China), TYSON FOODS, INC. (U.S.), Kent Nutrition Group (U.S.), ForFarmers NV (Netherlands), and Evonik Industries AG (Germany).
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