Animal Feed Market to Reach $1,008.8 Billion by 2031--Exclusive Report by Meticulous Research®

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May 14, 2024, 11:01 ET

REDDING, Calif., May 14, 2024 /PRNewswire/ -- According to a new market research report titled 'Animal Feed Market Size, Share, Forecast, & Trends Analysis by Type (Compound Feed, Roughages), Source (Plant, Animal, Novel), Form (Dry (Pellets), Wet), Animal Type (Poultry, Ruminants (Beef, Dairy Cattle), Swine, Aquaculture) — Global Forecast to 2031, the animal feed market is projected to reach $1,008.8 billion by 2031, at a CAGR of 4.7% during the forecast period 2024–2031. In terms of volume, the animal feed market is projected to reach 2,965 million tons by 2031, at a CAGR of 3.1% during the forecast period of 2024–2031.

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Animal feed is a formulated mixture of ingredients intended to provide the necessary nutrients and energy for the proper growth, development, productivity, and maintenance of animals. Animal feed is an integral part of modern animal husbandry and is used for a wide range of animals, including poultry, ruminants, swine, aquatic animals, and pets at different stages of their life. Increasing economic development and urbanization drive the demand for meat, dairy, and other livestock products.

To meet the rising demand for meat and other animal products, animal farming is rapidly increasing globally. Consequently, the livestock sector has become increasingly industrialized in recent years. Industrial systems have significantly improved agricultural productivity and increased meat and dairy output. Large herds reared for meat and dairy products require high-quality, nutritious feed for proper growth and development, creating a strong demand for animal feed. Feed provides animals with the necessary nutrients, promotes growth and good health, and contributes to sustainable and efficient livestock production. The increasing commercialization of the livestock sector and rising livestock populations are driving the growth of the animal feed market.

In recent years, the global animal feed market has witnessed several product launches, expansions, mergers & acquisitions, and partnerships, agreements, and collaborations. The key players operating in the global animal feed market are Charoen Pokphand Foods PCL (Thailand), New Hope Liuhe Co., Ltd. (China), Cargill, Incorporated (U.S.), Brf S.A. (Brazil), Tyson Foods, Inc. (U.S.), Nutreco N.V. (Netherlands), Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.), ForFarmers N.V. (Netherlands), De Heus Animal Nutrition (Netherlands), Royal Agrifirm Group (Netherlands), and Guangdong HAID Group Co., Ltd. (China).

The global animal feed market is segmented by type, source, form, animal type, and geography.

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Key Findings in the Global Animal Feed Market Study:

Based on type, the animal feed market is segmented into compound feed, feed concentrates, and roughages. In 2024, the compound feed segment is expected to account for the largest share of 71.8% of the global animal feed market. However, the feed concentrates segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing demand for specialized diets for animal feed and increasing farmers' awareness about the specific nutritional needs of their animals.

Based on source, the animal feed market is segmented into plant-based, animal-based, fodder & DDGS, and novel sources. In 2024, the plant-based segment is expected to account for the largest share of 70% of the animal feed market. The large market share of this segment is attributed to the abundant availability of raw materials, widespread acceptance of plant-based animal feed, and low cost of plant-based feed sources. However, the novel sources segment is projected to register the highest CAGR in the global animal feed market during the forecast period of 2024–2031.

Based on form, the animal feed market is segmented into dry feed and wet feed. In 2024, the dry feed segment is expected to account for the larger share of the animal feed market. The large share of this segment is attributed to convenience for handling, storage, & transport and, longer shelf life, less cost, nutrient stability, controlled feeding, higher nutritional density, and bulk purchase. Moreover, this segment is also expected to register the highest CAGR during the forecast period of 2024–2031. The rapid growth of this market is mainly attributed to increasing demand from the poultry sector and an increase in commercial livestock production.

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Based on animal type, the animal feed market is segmented into poultry, ruminants, swine, aquaculture, and other types. In 2024, the poultry segment is expected to account for the largest share of 33% of the global animal feed market. The large share of this segment is attributed to increasing demand for poultry meat-based products, lower-cost poultry meat, increasing poultry expansion projects, and a shift in customer taste toward white meat rather than red meat.

However, the aquaculture segment is projected to register the highest CAGR during the forecast period of 2024–2031. The rapid growth of this segment is mainly attributed to increasing aquaculture production, demand for a nutritious diet for the proper growth and development of aquaculture species, and rising consumption of fish and fish-based products.

Geographically, the global animal feed market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 39.2% of the global animal feed market. The Asia-Pacific animal feed market is estimated to be worth USD 286.2 billion in 2024. Asia-Pacific's major market share is attributed to the increased consumption of meat and other animal products by a growing population, high milk production, the growth of the livestock farming industry in the region, and the presence of major animal feed producers in Asia-Pacific.

China is a major contributor to the animal farming industry in Asia as well as globally. According to OECD-FAO Agricultural Outlook 2022–2031, by 2031, feed use in China is expected to expand by 16% due to the rising demand in the pork and poultry industries. In addition, milk production in China is projected to reach 40.5 million tons by 2030 from 36.5 million tons in 2020. The consolidation and modernization of the country's feed industry is expected to support this growth

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Scope of the Report:

Animal Feed Market Assessment—by Type

Compound Feed
Feed Concentrates
Roughages

Animal Feed Market Assessment—by Source

Plant-based
- Cereal and Grains
- Oilseed
- Other Plant-based Sources
Animal-based
Fodder & DDGS
Novel Sources

Animal Feed Market Assessment—by Form

Dry Feed
- Pellets
- Crumbles
- Mash
- Others
Wet Feed

Animal Feed Market Assessment—by Animal Type

Poultry
- Starter Feed
- Grower Feed
- Layer Feed
- Finisher Feed
- Other Poultry Feeds
Ruminants
- Beef Cattle
  - Calf Feed
  - Backgrounding Feed
  - Feedlot Feed
- Dairy Cattle
  - Calf Feed
  - Heifer Feed
  - Lactating Feed
  - Dry Cattle Feed
- Other Ruminants
Swine
- Starter Feed
- Grower Feed
- Finisher Feed
Aquaculture
Other Animal Types

Animal Market Assessment—by Geography

Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
Europe
- Germany
- Spain
- France
- U.K.
- Italy
- Netherlands
- Russia
- Poland
- Rest of Europe
North America
- U.S.
- Canada
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East & Africa

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