Animal Feed Market to Hit US$ 5,48,936.55 million, Globally, By 2027 at 3.3% CAGR: The Insight Partners
Latest market study on "Global Animal Feed Market to 2027 – COVID 19 Impact and Global Analysis - By Form (Pellets, Crumbles, Mash, Others); Livestock (Poultry, Ruminants, Swine, Aquaculture, Others); and Geography," Animal feed is the food grown to nourish poultry and livestock. Animal feed is produced by selecting and blending feed ingredients to offer nutritious diets that promote the health of animals and improve the quality of end products such as milk, wool, eggs, and meat. Animal feeds can be broadly groped as concentrates or roughages. Concentrates include high in energy value food sources including fats, cereal grains, high-protein oil meals or cakes, by-products from processing of sugarcane, sugar beets, animals, fish, and others. While roughages include hays, straw, silage, root crops, pasture grasses, stover (cornstalks), and others. The rising demand for animal origin protein has led to the intensification of livestock production chiefly based on the uses of industrial compound feed. Animal feed costs vary widely from season to season and it is often possible for producers to realize substantial savings through wise selection of the feed ingredients used to formulate complete diets.
The global animal feed market was valued at US$ 4,06,640.10 million in 2018 and is projected to reach US$ 5,48,936.55 million by 2027; it is expected to grow at a CAGR of 3.3% during2019 – 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The development of animal immunisations and antibiotics has led to a significant revolution in industrial livestock production. The Food and Agriculture Organization (FAO) estimates that industrial livestock farming is the source of more than half of the world's pork and poultry, one-tenth of its beef and mutton, and more than two-thirds of its egg supply. Worldwide expansion of industrial livestock production has increased demand for highly nutrient animal feed products. Great quality animal feed products are in high demand due to the rise in the industrial production of mutton, beef, hog, and poultry over pasture and mixed farming. By utilising economies of scale, industrial livestock production has made it possible to produce a large amount of meat at a low cost. Low-cost access to dairy and meat products has increased demand, which in turn has fueled the expansion of the industrial livestock production sector. The need for high quality animal feeds used in the rearing of a variety of livestock, including cattle, swine, goats, chicken, fish, and shrimp, among other species, has increased as a result of the industrial livestock production sector's vigorous rise. Industrial livestock production is vital in supplying the world's population with the nutrition they need, which has caused industrial livestock farms to proliferate and increased sales of animal feed.
Because of lockdowns, travel restrictions, and company closures, the COVID-19 epidemic has had an impact on the economies and sectors of many different nations. One of the main businesses experiencing significant disruptions as a result of this epidemic is the food and feed processing industry. These disruptions include supply chain breaks, cancellations of technology events, and office closures. Since China is the world's greatest producer of raw materials and the centre of the manufacturing industry, disruptions in its business operations have an impact on many companies in other nations that depend on the manufacturing industry there. Owing to factory closures, supply chain obstructions, and the general market collapse brought on by COVID-19, the animal feed sector is also suffering due to its impact on the global economy and supply chain.
The market for global animal feed is concentrated with some very well-established players. Archer Daniels Midland Co., Cargill Inc., Evonik Industries AG, ForFarmers N.V., and Land O'Lakes, Inc., Guangdong Haid Group Co. Ltd, New Hope Group Co. Ltd, Nutreco NV, and Perdue Farms, Inc. are some of the major key players operating in the global animal feed market.
The report segments the global animal feed marketas follows:
Animal Feed Market, by Form
Pellets
Crumbles
Mash
Others
Animal Feed Market, by Livestock
Poultry
Ruminants
Swine
Aquaculture
Others
Global Animal Feed Market– By Geography
North America
US
Canada
Mexico
Europe
Germany
France
UK
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
South Korea
Rest of Asia Pacific
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of South America
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