According to the reports by MRFR, the animal feed market is expected to attain a valuation of nearly USD 730 Billion by 2027. It is likely to exhibit a robust CAGR of 4.50% during the review timeframe.
Animal feed or feed is a food developed or grown for livestock and poultry. Like humans, animals must get some nutrients. Some feeds, such as certain cereal grains, hay and silage crops, and pasture grasses, are specifically grown for animals. With growing customer demand, industrial livestock production, or industrial farming, animal feed is anticipated to grow during the assessment period.
The health benefits of meat, egg, and milk have boosted the development of industrial farming over recent years. This growth in industrial farming is one of the primary aspects propelling the global market’s growth. Additionally, the growing consciousness among people regarding their diets also acts as a catalyst for the market growth process. The rise in the propensity towards meat and dairy products and the increase in per capita income are also anticipated to propel the growth of the animal feed market. Furthermore, factors like the growing momentum of natural growth proponents, increased cattle farming, and rising demand among for animal-based products among people are projected to catalyze the growth of the animal feed market. However, the market growth is likely to be impeded by strict government regulations and high raw material costs.
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The global market for animal feed is divided into numerous segments based on form, species, and region.
The animal feed market is divided into mash, crumbles, pellets, and others based on form.
By species, the global market for animal feed is segmented into swine, aqua, ruminants, poultry, and others.
The global market for animal feed is studied across five major regions, including North America, Asia-Pacific, Europe, South America, and the Middle East Africa.
The Asia-Pacific region held the top position in the global animal feed market in 2018 with the maximum market share of 35.18 percent and is likely to reach USD 226.91 billion by 2023. The market is projected to record a CAGR of 4.75 % through the estimated timeframe. The regional market’s growth is primarily driven by strong economic growth in developing economies India, Indonesia, and China. Additionally, the development of animal healthcare enterprises and rising initiatives by regional governments are also likely to boost the market’s growth.
The North American region is anticipated to record healthy growth in the review timeframe owing to the rise of technological innovations to enhance IT infrastructure, such as the implementation of big data, AI, and IoT is one of the primary aspects driving the growth for the animal feed market for the region. The regional market is projected to acquire a size of USD 131.7 billion by 2013 due to factors like the rising broiler industry, the nascent aquaculture, and growing demand in the US and Canada.
In 2018, Europe accounted for a 25.02% market share owing to Spain, France, Germany, and Russia. The region is anticipated to benefit from a CAGR of 4.39 percent during the forecast timeframe. The increased production of swine feed, broiler feed, and aqua feed and growing demand for pet foods are anticipated to boost the growth of the animal feed market.
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For offering customers efficient goods, which are anticipated to boost demand for animal feed additives across the globe, the leading companies are focusing more on R&D activities. The leading players in the animal feed market include companies such as COFCO Limited (Hong Kong), Neovia Group (France), Land’ O Lakes Inc. (U.S.), Japfa Comfeed Indonesia Tbk (Indonesia), Charoen Pokphand Group (Thailand), New Hope Group (China), NUTRECO N.V. (The Netherlands), Cargill, Inc. (U.S.), ForFarmers N.V. (The Netherlands), Archer Daniels Midland (ADM) Company (U.S.), and several others.
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