Top Drivers and Impediments
Rise in global meat consumption paired with the growing number of disease outbreaks have resulted in a higher requirement for better quality feeds in aqua, poultry, and more. Feeds are being instilled with nutrition enhancers that can improve the performance and health of animals. As a result, these products are indirectly affecting the characteristics of human food products. Consumption of feeds that contain sufficient nutrients leaves a positive impact on the livestock, including improvement in reproduction and digestion.
The rising preference for dairy and meat products across the globe could also buttress the market growth in the ensuing years. Rising spending on extensive research and development/R&D to boost food fortification techniques can also give rise to a host of lucrative opportunities over the coming years.
Over the years, the retail sector has become quite lucrative on the back of the increasing purchasing capacity of the consumers due to rising per capita income, industrialization as well as globalization, which has led to a major demand for processed dairy and meat products. On the technical front, various key manufacturers have been increasingly adopting automated systems for complete control of their extensive production lines. The use of automation systems is helping the firms to bolster their production rate, track inventory, boost operator efficiency, and monitor every high-speed process. Therefore, fortified supply chains of the leading firms in the market have also been favorable, in terms of growth.
The Animal Feed Market can anticipate growth at a moderate rate of 4.50% over the assessment period (from 2020 to 2027). The global market could acquire a whopping valuation of USD 730 Billion by the end of the review period, believes Market Research Future (MRFR).
The animal feed trends has been extensively categorized into form and species.
The various forms of animal feeds in the global market are mash, crumbles, pellets, and others.
The different species that consume animal feeds include swine, poultry, ruminants, aqua, and more.
Asia Pacific has managed to secure a massive share of 35.18%, while it is likely to achieve a valuation of USD 226.91 billion by 2027. The rate of the APAC market growth will be around 4.75%, indicating promising sales in the future. China is anticipated to be the biggest consumer and producer of meat and is witnessing immense urbanization backed by the rapid economic growth. These factors have placed the country at the vanguard of the regional market. India, Vietnam and Indonesia are also emerging as strong contenders, thanks to the evolving lifestyles paired with the surge in disposable income of the consumers that are interested in procuring nutrition-rich animal feed.
North America is a lucrative market for animal feed with about a share of 23.80%, as confirmed in 2018. The region can enjoy decent growth in the coming years and manage to hit a robust valuation of USD 131.7 billion by 2023, with significant backing from the United States. A thriving aquaculture sector, expanding broilers industry, and Canada emerging as a prominent horse feed producer could foster the market’s growth potential in subsequent years. Besides, the abundance of raw materials like maize, corn and dextrose available in the region will also ensure compelling market growth over the next couple of years.
In 2018, Europe grabbed a total animal feed market share of 25.02%, thanks to significant contributions from Germany, Russia, Spain and France. The region is presumed to record an expansion rate of 4.39% over the evaluation period, owing to the rising need for top quality pet food along with the large-scale production of broiler feed, swine feed and aqua feed.
The Key Animal Feed Market Players are NUTRECO N.V. (The Netherlands), New Hope Group (China), Japfa Comfeed Indonesia Tbk (Indonesia), Archer Daniels Midland (ADM) Company (U.S.), COFCO Limited (Hong Kong), Charoen Pokphand Group (Thailand), Neovia Group (France), Land 'O Lakes Inc. (U.S.), Cargill Inc. (U.S.), ForFarmers N.V. (The Netherlands), and more.
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