According to Future Market Insights (FMI), the global animal feed industry is experiencing robust growth, projected to reach a staggering USD 929.0 billion by 2033. This translates to a compelling compound annual growth rate (CAGR) of 7.3%, signifying a highly attractive market for B2B investors seeking long-term returns. This trend surpasses the historical CAGR of 6.1% observed between 2018 and 2022, highlighting the market’s accelerating momentum.
Feeding the World’s Growing Appetite for Protein
Animal feed plays a critical role in satisfying the world’s ever-increasing demand for protein. Rising global population, coupled with a growing middle class adopting diets rich in meat and dairy products, has fueled demand for livestock and poultry production. To meet this surging need, a larger quantity and wider variety of animal feed are required.
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Several key drivers are propelling the animal feed market forward:
- Population Surge and Dietary Shifts: A growing global population, particularly in emerging markets like China and India, is leading to increased demand for animal protein. As these populations shift towards more affluent lifestyles, their dietary preferences are evolving to include more meat and dairy products, further driving demand for animal feed.
- Economic Development in Emerging Markets: Rapid economic development in emerging economies is fostering a rise in disposable income. This translates to increased consumer spending on protein-rich foods, ultimately impacting animal feed production.
- Aquaculture Expansion: The burgeoning aquaculture industry is creating a significant demand for specialized fish feed. As fish farming becomes increasingly popular as a means to meet the growing demand for seafood, the need for tailored feed formulations to optimize fish growth and health intensifies.
- Focus on Animal Nutrition: Advancements in animal nutrition research have underscored the importance of balanced and high-quality feed for animal health, growth rates, and product quality. Farmers and producers are increasingly recognizing this, leading to a shift towards more sophisticated feed formulations and a growing demand for specialized feed products.
- Thriving Pet Food Sector: The booming pet food industry is another major contributor to the growth of the animal feed market. As pet ownership continues to rise globally, and pet owners increasingly treat their companions as valued family members, the demand for high-quality and nutritious pet food skyrockets. This, in turn, fuels demand for the animal feed ingredients that form the foundation of pet food formulations.
- Advancements in Livestock Genetics: The development of high-performance animal breeds through advancements in genetics and breeding techniques necessitates specialized feed formulations. These genetically improved animals have specific dietary requirements to support their growth, productivity, and well-being, leading to a rise in demand for tailored animal feed solutions.
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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