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Animal Feed Market Future Demand and Leading Players, Size, Share, Global Industry Research Reports and Development till 2023




(MENAFN - GetNews) Animal Feed Market is Projected to Reach at a CAGR of 4.275 & Market Valuation of USD 617.61 BN Till 2023

The Global Animal Feed Market continues to expand in response to the increase in world population, urbanization, and increase in affordability, purveyed by rise in disposable income. There is a high demand for food of animal origin. This has necessitated the need to increase the supply of available animal origin food products such as meat, fish, milk and eggs. The need to meet this food scarcity challenge in a sustainable and safe way has augmented the need to increase the quality of animal feed in order to achieve the towering dietary requirements. Animal feed helps to improve the diet of animals and, in turn, aids in better quality animal products such as eggs, milk, and meat.

Globalization of trade in products of animal origin due to high demand for animal protein sources, including livestock, dairy, and fish has been a key growth enhancer. Consumption of animal-sourced protein sources accounts for the nutritional wellbeing of millions of people around the globe and animal feed ensures safety, abundance, and affordability of animal proteins.

As power the analysis of Market Research Future (MRFR), the Global Animal Feed Market is expected to expand at a CAGR of 4.275 and reach a market valuation of USD 617.61 Bn by the end of the forecast period of 2018-2023. Volume-wise, the market is expected to scale USD 1339.26 Mn tons at a CAGR of 3.84% over the forecast period.

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Enhancement of food fortification process and animal feed has attracted deep interest of researchers which is likely to expedite developments within the market and boost market growth. On the other hand, high cost of raw materials and and stringent government regulations are likely to undermine the growth of the market over the forecast period.

Competitive Landscape

  • Cargill, Inc. (U.S.)
  • Charoen Pokphand Group (Thailand)
  • Neovia Group (France)
  • ForFarmers N.V. (The Netherlands)
  • Archer Daniels Midland (ADM) Company (U.S.)
  • Japfa Comfeed Indonesia Tbk (Indonesia)
  • New Hope Group (China)
  • NUTRECO N.V. (The Netherlands)
  • COFCO Limited (Hong Kong)
  • Land ‘O Lakes Inc. (U.S.)

Segmentation

The Global Animal Feed Market has been segmented based on Form and Species.

By Form

  • Pellets
  • Crumbles
  • Mash

The pellets segment captured the largest market in 2018 and is likely to reach USD 243.62 Bn by the end of 2023. Pellets can be easily digested and generate less animal waste which can be credited to its popularity. The crumbles segment is the second largest segment and is touted to reach USD 194.58 Bn by the end of 2023. Crumbles is highly desirable among broilers which is estimated to augment the growth of the segment.

By Species

  • Poultry
  • Swine
  • Aqua
  • Ruminants

The poultry segment is the largest segment and is anticipated to reach USD 246.76 Bn by the end of 2023. High demand for eggs and meat is likely to drive the segment over the forecast period. The aqua segment is the second largest segment and is driven by increased fishing activities in China. In addition, fast-track urbanization and burgeoning population are factors which is expected to motivate the growth of the segment.

Regional Analysis

By Region, the Global Animal Feed Market has been Segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).

APAC commanded the largest position in the Animal Feed Market and accounted for 35.185 share of the market in 2018. Huge opportunities provided by fish farming in the region will help the market reach a valuation of USD 226.91 Bn at a CAGR of 4.75% over the forecast period.

North America accounted for 23.80% share of the market in 2018 and is expected to enjoy steady growth over the forecast period. Expanding broilers industry, and the US and Canada being established horse feed producers contribute majorly to the growth of the market. Moreover, the aquaculture in the region is in its growing stage and is likely to provide ample growth opportunities over the forecast period.

Europe too is a significant market for animal feed and held almost 25.02% share of the global market in 2018. Growing production of aqua feed, broiler feed, and swine feed in the region is supporting the growth of the market. In addition, increasing demand for pet food is also likely to augment the growth of the market. Russia, Spain, France, and Germany are the key contributors to the Europe market which is expected to expand at a CAGR of 4.39% over the forecast period.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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Animal Feed Market Future Demand and Leading Players, Size, Share, Global Industry Research Reports and Development till 2023

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