According to IMARC Group’s latest report, titled “Animal Feed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global animal feed market reached a value of US$ 448 Billion in 2020. Animal feed includes raw, processed, and semi-processed products grown and manufactured for the consumption of poultry, swine, ruminants, and aquatic animals. It is rich in fibers, proteins, carbohydrates, minerals, antibiotics, and antioxidants. It aids in maintaining the overall health of animals and improving the quality of animal products like eggs, milk, and meat.
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Due to the growing health-consciousness among consumers, there is a considerable rise in the sales of dairy and meat products across the globe. This, in confluence with the escalating demand for algae-based ingredients in animal feed, is propelling the growth of the market. Microalgae assists in providing essential nutrients to livestock for their early development. Furthermore, the vendors are focusing on incorporating non-Genetically Modified Organisms (non-GMO) crops in animal feed to meet the requirement of end users for all-natural food sources. Other major factors, including extensive research and development (R&D) activities, coupled with various initiatives undertaken by governing agencies for promoting quality animal feed, are anticipated to impel the market growth. Looking forward, IMARC Group expects the market to grow at a CAGR of 3.5% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Breakup by Form:
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