Food and Beverages

Animal Feed Market is Expected to Reach USD 850.29 Billion by 2031

May 2024

Food and Beverages

As per the report published by Kings Research, the global Animal Feed Market was valued at USD 605.99 billion in 2023 and is projected to reach USD 850.29 billion by 2031, growing at a CAGR of 4.3% from 2024 to 2031.

The animal feed market is experiencing significant growth, driven by the increasing demand for high-quality feed products for livestock and poultry. One key trend in the market is the rising awareness among consumers regarding the importance of nutrition in animal health and productivity. This trend is driving the demand for innovative and specialized feed products that cater to specific nutritional requirements of various animal species. Additionally, the market is witnessing a notable shift toward sustainable and organic feed ingredients, driven by growing concerns related to the environmental impact of conventional feed production methods. This shift is creating opportunities for companies to develop and market environmentally friendly feed products that meet the evolving needs of consumers. Moreover, major players in the market are focusing on product innovation, strategic partnerships, and acquisitions to gain a competitive edge and expand their presence in the market. The animal feed market is poised to experience substantial growth in the near future, driven by several factors such as the increasing global population, rising disposable incomes, and changing dietary preferences. As consumers continue to prioritize animal health and welfare, the demand for high-quality feed products is expected to remain strong, thereby creating new opportunities for companies to capitalize on this growing market.

Key Insights

  • Based on feed form, the powder segment held the largest market share of 46.21% in 2023
  • Based on livestock type, the poultry segment generated the highest revenue of USD 283.39 billion in 2023
  • On the basis of region, Europe accounted for the largest market share of 31.82% in 2023

De Heus Animal Nutrition Expanded its Presence by Inaugurating a Greenfield Animal Feed Factory in Ivory Coast

In 2023, De Heus Animal Nutrition inaugurated a greenfield animal feed factory in Ivory Coast, with an initial capacity of 120,000 metric tons of feed production for various animals, including cattle. This expansion caters to the region's growing demand for animal nutrition.

Increased Demand for Animal-Derived Protein to Propel Animal Feed Market Growth

The increasing demand for animal-derived protein, such as meat and dairy products, is directly impacting the growth of the animal feed market. As more people around the world adopt diets rich in animal protein, the need for efficient and high-quality animal feed is rising. This has led to a surge in investments and innovations in the animal feed industry to meet the growing demands of livestock producers. Additionally, companies are increasingly focusing on developing sustainable and cost-effective feed solutions to gain a competitive advantage in the market. This trend is expected to continue to drive the growth of the animal feed market, presenting numerous opportunities for expansion and diversification in the foreseeable future. Furthermore, as consumer preferences shift toward organic and natural products, there is a growing demand for feed that is free from harmful chemicals and additives.

To meet this surging demand, companies are investing heavily in research and development to create feed formulations that are both healthy and environmentally friendly. By staying attuned to market trends and consumer preferences, companies in the animal feed industry are positioning themselves for long-term success and profitability. The animal feed market is growing rapidly owing to the innovation & growth in providing sustainable and high-quality feed solutions for livestock producers worldwide.

Growing Commercial Livestock Production to Present Lucrative Opportunities for Animal Feed Market Growth

The growth in commercial livestock production is emerging as a major factor supporting the expansion of the animal feed market. This is largely attributed to the increasing consumer demand for meat, dairy, and eggs, prompting producers to increase their production levels. Moreover, there is an increasing requirement for premium animal feed to maintain livestock health and productivity. Moreover, advancements in the field of animal nutrition and feed technology have empowered producers to refine their feed compositions, thereby enhancing efficiency and performance. This evolution has fostered a competitive environment within the animal feed market, wherein entities are engaged in continuous innovation and product development to address the changing needs of the industry. The animal feed market is anticipated to witness sustained growth, driven by a burgeoning global population and a corresponding rise in demand for animal products. With continuous technological and nutritional advancements, the industry is well-positioned for ongoing growth and transformation in the forthcoming years.

Europe Dominated the Market with a Significant Share of 31.82% in 2023

Based on region, the global animal feed market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Europe has emerged as a leading region in the global animal feed market due to several key factors such as a strong emphasis on animal welfare and adherence to stringent quality control standards. This focus has led to the development of high-quality feed products that cater to the specific nutritional requirements of animals, thereby safeguarding their health and overall well-being. The advanced technology and research infrastructure in Europe have further played a crucial role in maintaining its dominance in the global market landscape.

Moreover, the region’s ability to constantly innovate and improve within the animal feed industry has allowed European companies to maintain a competitive edge. Furthermore, Europe's strategic location and well-established transportation networks have facilitated easy access to a wide range of raw materials, thereby enhancing the efficiency and competitiveness of European animal feed producers. The commitment to animal welfare, advanced technology, and efficient supply chain have contributed to the strong position of Europe in the global animal feed market.

Market Leaders Focus on Collaborations and Acquisitions to Sustain Growth

The global animal feed market is fragmented with key players such as ADM, BASF SE, Land O Lakes Purina, Nutreco N.V. (Trouw nutrition), Cargill Inc., Kemin Industries, Inc., ANOVA Group, ForFarmers N.V., Chr. Hansen Holding, and Alltech, Inc., among others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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