The global animal feed market accounted for a value of USD 30.9 billion in 2019 and is projected to register growth at a CAGR of 3.1% during forecast period.
COVID-19 has impacted the animal feed market. The government has implemented lockdown across major countries to control the transmission of corona virus and this impacted the production units. The lockdown also caused panic buying among consumers and this has increased the sales and production of pet food. The producers and suppliers are trying hard to ensure availability of feed in market. The corona virus has significantly impacted animal feed market.
For more details, visit: Global Animal Feed Market By Product (Amino Acids, Antioxidants, Acidifiers, Others), By Livestock (Poultry, Cattle, Aquaculture, Others), By Form (Pellets, Crumbles, Mash, Others), By Region, Forecast & Opportunities to 2026
The meat consumption is largely increasing and with the outbreak of corona virus has generated need for additives in aqua, poultry and other animal based products. Additives are used to enhance the performance and health of animals. It also improves digestion and reproduction among animals. This increases the demand for additives and drives growth in animal feed market during forecast period.
On the basis of product, the animal feed market is segmented into vitamins, amino acids, antibiotics, antioxidants, enzymes, acidifiers and others. The amino acids segment accounted for largest market share of XX% in 2019 and it estimated to dominate the market during forecast period. The consumer awareness is increasing about the benefits of the use of feed additives. The feed additives help reducing the diseases among the animals. Amino acids act as protein building blocks for animal or livestock health. Amino acids help in enhancing gut health, reproduction, food intake and metabolic process. This increases the adoption of amino acids around the world and drive growth in amino acids segment during forecast period.
On the basis of livestock, the animal feed market is segmented into poultry, pork, aquaculture, cattle and others. The poultry segment dominated the animal feed market in 2019 and it is estimated to dominate the market during forecast period. The diseases such as bird flu proved to be dangerous for humans. This leads to implantation of stringent norms and regulations associated with the use of poultry products. The consumption of meat is largely increasing around the world and this increases the adoption of feed additives to ensure safety. Thus, drives growth in poultry segment in animal feed market during forecast period.
Asia-Pacific region is estimated to dominate the market during forecast period. The demand for feed is rapidly increasing in this region due increase in number of pets animals or livestock. The population is growing and the living standards are also increasing. The demand for meat is largely increasing and this increases the demand for animal feed market. China is largest consumer and producer of meat in the world and this increases the demand for animal feed and drives growth in Asia-Pacific region in animal feed market during forecast period.
The key market layers in animal feed industry are Neovia Group, Archer Daniels Midland Company, COFCO Ltd., New Hope Group, ForFarmers N.V., Charoen Pokphand Group, Cargill Inc., Japfa Comfeed Indonesia, Land’O Lakes Inc., Nutreco N.V., Novozymes, Prinova Group, Covington & Burling LLP, Novus International and Amco Proteins.
- What are the expected industry trends over the next three to five years?
- Which of the animal feed product is likely to lead by 2026?
- Which of the form segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?