The global animal feed market size is expected to reach USD 568.5 billion by 2028 according to a new study by Polaris Market Research. The report “Animal Feed Market Share, Size, Trends, Industry Analysis Report, By Form (Mash, Pellets, Crumbles, Others); By Livestock (Cattle, Poultry, Swine, Aquaculture, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is influenced by factors such as increasing adoption of protein-rich diets, greater demand for high-quality meat, and rising concerns regarding food safety. The demand for the product has also improved because of the growing disposable income of consumers, rising awareness regarding nutrition, increasing health concerns, and fitness.
Increasing demand from emerging economies of Asia Pacific, technological advancements, and significant investments in research & development of the product are factors expected to offer growth opportunities during the forecast period. However, the industry has been affected by disruption of the supply chain, port congestion, closure of restaurants, and workforce impairment during the COVID-19 outbreak, hampering the market growth.
The different livestock included in the report are cattle, poultry, swine, aquaculture, and others. The demand for the product is expected to be high from the poultry segment during the forecast period. Animal feed results in growth in poultry production while improving poultry performance and modifying host metabolism.
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The different forms of animal feed include mash, pellets, crumbles, and others. The demand for pellets is expected to be high during the forecast period. Pellets are formed by combining finely divided, unpalatable, and difficult to handle ingredients under specific heat, moisture, and pressure conditions.
Asia Pacific is likely to exhibit significant growth during the forecast period. Population growth, rising urbanization, and growing demand for meat and meat-based products drive the region's market growth. The population in the region is aware of food safety and the use of naturally produced products. Growing demand for pet food and increasing animal farms in the region is expected to boost the demand for animal feed in the coming years.
Some major industry participants include ADM Animal Nutrition, Agrifirm Group, Alltech, BRF S.A., Cargill, Incorporated, Charoen Pokphand Foods PCL, DaChan Food (Asia) Ltd., De Heus, East Hope Group, ForFarmers N.V., Haid Group, JA Zen-Noh, Kemin Industries, Inc., Kent Nutrition Group, New Hope Group, NongHyup Feed Inc., Nutreco N.V., Purina Animal Nutrition LLC., Shuangbaotai Group (Twins Group), Smithfield Foods, Tangrenshen Group (TRS), Tyson Foods, Wen's Food Group, and Yuetai Group.
Industry players are collaborating with each other for research and development, strengthening industry presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies for the development of high-quality products.
Polaris Market Research has segmented the animal feed market report on the basis of livestock, form, and region:
Animal Feed, Livestock Outlook (Revenue, USD Billion, 2016 – 2028)
Animal Feed, Form Outlook (Revenue, USD Billion, 2016 – 2028)
Animal Feed, Regional Outlook (Revenue, USD Billion, 2016 – 2028)