The global animal feed market was valued at US$ 406,640.10 million in 2018 and is projected to reach US$ 548,936.55 million by 2027; it is expected to grow at a CAGR of 3.3% during the forecast period 2019-2027.
Industrialization of animal farming has led to an increase in demand for protein rich animal feed ingredients to increase the feed conversion rate. Industrially raised livestock are chiefly fed on concentrates made from cereal and vegetable protein such as soybean meals to assist them in gaining weight and producing protein rich meat. Farm animals depend on proteins and other elements as building blocks essential for growth. Proteins in animal feeds are an excellent source of minerals such as calcium and phosphorus, and essential amino acids such as lysine and methionine. The growing awareness about the health benefits of proteins on animal health has created substantial demand for protein feeds such as animal protein meals, feather meals, fish meals, bone meal, blood meal, and other protein meals and feeds. As livestock and farm animals contribute significantly to the global food supply chain, the demand for protein rich nutritious animal feeds is expected to grow during the forecast period. The constantly burgeoning demand for protein rich animal feeds to promote growth in livestock at all stages of life is anticipated to drive the overall animal feed market.
Based on form, the animal feed market is categorized into pellets, crumbles, mash, and others. In 2018, the pellets segment dominated the market and the same segment is anticipated to grow at a rapid pace during forecast period. Based on livestock, the animal feed market is segmented into poultry, ruminants, swine, aquaculture, and others. In 2018, the poultry segment dominated the global animal feed market and the same segment is expected to be the fastest growing segment during the forecast period.
Geographically, the animal feed market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East and Africa (MEA). Asia Pacific held the largest share of the global animal feed market, followed by Europe and North America. The region encompasses an ample amount of opportunities for the growth of the animal feed market. The region has been recognized as one of the prominent markets for the imports of animal feed from western nations. China is dominating the regional market, followed by other countries such as Australia, Japan, India, Thailand, Malaysia, and Indonesia. Further, the shift in consumer living standards has propelled the pet owners to maintain and uplift the health of their pets which is expected to lead to the growth of this market in the region.
COVID-19 from the outset started in Wuhan (China) in December 2019 and has spread across the globe at an energetic pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most affected nations as per the degree affirmed cases and pronounced passing’s as of April 2020.According to WHO, there are ~8,137,110 affirmed cases and 439,577 deaths worldwide. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global animal feed industry is one of the major business enduring genuine agitating impacts, for example, creation composes breaks, breaks in storing up because of lockdown and office shutdowns because of this emit. These segments have unimaginably affected the worldwide animal feed market.
Archer Daniels Midland Co, Cargill Inc., Charoen Pokphand Foods Plc., Evonik Industries AG, For Farmers N.V., Guangdong Haid Group Co. Ltd., Land O’Lakes, Inc., New Hope Group Co. Ltd. Nutreco NV, Perdue Farms, Inc. are among the key market players present in the global animal feed market.
Overall size of the global animal feed market has been derived using primary and secondary sources. The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global animal feed market. Additionally, multiple primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the animal feed.