According to Future Market Insights (FMI), the global animal feed industry is set to be valued at US$ 530.0 billion in 2023. It is anticipated to reach US$ 929.0 billion by 2033. Over the next ten years, global animal feed demand is likely to increase at a CAGR of 7.3%.
Increasing world population has boosted demand for animal protein. Demand for the production of livestock and poultry has surged as more individuals move into the middle class and adopt diets high in meat & dairy products. A greater amount of animal feed is needed to meet this demand.
Rising demand for animal feed is partly a result of economic growth in emerging markets. Populations of nations such as China, India, and Brazil are demanding more varied meals as a result of rising industrialization and urbanization of those nations. As a result, people are eating more meat, which has increased the need for animal feed.
Growth in demand for animal feed has been significantly influenced by expansion of aquaculture. In order to address the rising global demand for seafood, fish farming has gained immense popularity.
For fish to develop effectively, feed must be nutrient-rich. Need for specialized feeds made for various species increases as aquaculture develops.
Research & developments in animal nutrition have shown the advantages of tailored diets for livestock and poultry. In order to enhance animal health, growth rates, and product quality, farmers and producers are beginning to realize how crucial it is to provide balanced & high-quality feed. Due to this awareness, feed formulations are becoming more complex, and demand for specialty feed products is rising.
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Global demand for animal feed is on the rise, in part due to ongoing expansion of the pet food sector. Demand for premium pet food has soared as more people acquire pets and cherish them as beloved family members.
A sizable market has been generated for specialty pet food formulations that meet distinct dietary requirements of multiple animal species, including dogs, cats, and exotic pets. Demand for components used in animal feed is increased by the sector’s heavy reliance on it.
High-performance animal breeds that need specialized diet have emerged as a result of improvements in livestock genetics and breeding methods. These genetically enhanced animals have special nutritional needs to sustain their development, output, and general wellbeing.
To address the unique nutritional requirements of these animals, there is a growing demand for customized and specialized animal feed formulations. This trend is especially noticeable in the poultry and dairy sectors, where maximizing production and performance is highly valued.
Key Takeaways from the Animal Feed Market Report:
- The global animal feed industry elevated at a CAGR of 6.1% from 2018 to 2022.
- The United States animal feed industry is projected to witness a considerable CAGR of 6.3% in the next ten years.
- China animal feed industry is anticipated to reach a valuation of US$ 101.6 billion by 2033.
- The United Kingdom animal feed industry is likely to register a CAGR of 5.4% from 2023 to 2033.
- By source, the plant-based segment is projected to hold the most prominent animal feed market share in 2033.
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“Through a variety of factors, the retail sector is vital in driving up demand for animal feed. Retail businesses might directly affect consumer choices by providing an extensive selection of animal-based goods. It is hence expected to open door to new opportunities” – says a lead analyst at Future Market Insights (FMI).
Who is winning?
Leading companies are placing a strong emphasis on quality assurance in the global animal feed industry. They are doing this by putting strict testing and quality control procedures into place at every stage of the manufacturing process.
They are further gaining certificates such as good manufacturing practices (GMP) or quality certifications for the production of organic or non-GMO feed. The credibility and confidence of customers can be increased with this tactic.
Brands might additionally distinguish their animal feed products by providing distinctive formulas, specialist ingredients, or particular advantages catered to certain animal species. They can differentiate themselves in the market and satisfy particular needs thanks to this tactic.
In order to address the rising demand for ecologically friendly products, numerous animal feed companies might implement sustainable and eco-friendly procedures. They can use less waste, water, and energy while obtaining materials from sustainable agriculture.
For instance,
- Evonik declared its intention to release an improved version of Biolys in May 2023. It would be a reliable source of lysine for animal feed. Clients will be able to more efficiently meet the essential amino acid L-lysine needs of their animals.
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Animal Feed Market Outlook by Category
By Species:
- Poultry (Commercial)
- Backyard Poultry
- Ruminants (Cattle, Sheep, Goats)
- Swine
- Equine
By Form:
- Wet/Moist Food
- Dry Kibble
- Semi-moist Food
- Frozen
- Freeze-dried Food
By Source:
- Plant-based
- Animal-based
- Micro-organisms
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Animal Feed Stores
- Veterinary Clinics
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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