Animal Feed Industry | Forecast 2030
Animal Feed Industry Data Book – Poultry Feed, Cattle Feed, Swine Feed, Aquafeed and Pet Food Market
The economic value generated by the animal feed industry was estimated at approximately USD 570.72 billion in 2022. This economic output is an amalgamation of basic animal feed categories namely, poultry feed, cattle feed, swine feed, aquafeed, and pet food.
The global animal feed market has witnessed remarkable growth in the recent past due to increasing demand for quality meat and meat by-products. The outbreak of various diseases in livestock has increased concerns regarding the quality and safety of meat, which, in turn, is expected to boost the usage of animal feed. In addition, the rising consumption of processed aqua, dairy, and poultry products globally is likely to boost the market growth of animal feed.
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Vitamins are extensively utilized as additives in animal feed formulations. They act as an effective protection against viruses, parasites, and bacteria. Some of the prominent vitamins used as feed additives include riboflavin, Vitamin D, Vitamin A, Vitamin K, and Vitamin E. Additional supplements infused with vitamins to provide optimal nutrition are also added to livestock feeds. Thus, the aforementioned factors are anticipated to fuel the demand for vitamin additives in the animal feed market.
Poultry Feed Market Insights
The global poultry feed market size was valued at USD 175.9 billion in 2018, growing at a CAGR of 4.5% over the forecast period. The demand can primarily be attributed to the increasing poultry farming to cater to the rising demand for chicken meat and eggs globally.
Poultry is considered as one of the most economical sources of protein owing to which poultry products such as egg and meat are consistently witnessing growth in demand. According to the United States Department of Agriculture (USDA), the global production of chicken meat, with a growth of 2%, is likely to reach 97.8 million tons in 2019.
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Cattle Feed Market Insights
The global cattle feed market size was valued at USD 74.8 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2020 to 2027. The industrialization of cattle products like meat and dairy products, along with the growing population, has positively influenced the market globally. The increase in consumer awareness about the safety of meat and milk products, along with the nutritional content of the food, emerged as the key driver for market growth.
Cattle can be segmented into young ruminants and mature ruminants. Based on the age of these ruminants, the additives include amino acids, vitamins, feed acidifiers, antibiotics, feed enzymes, antioxidants, and others. Vitamin A and mineral pack products like Availa-4, 20-10 Plus Mineral are widely used to improve immune function, reproduction, and vision and reduce cattle’s deficiencies. Cattle feed mainly comprises fodder, legumes, grass, silage, and also includes hay and dry forages. Rising demand for feed to add nutritive value and increase the cattle’s efficiency is estimated to fuel the market growth.
Swine Feed Market Insights
The global swine feed market size was estimated at USD 106.4 billion in 2018 and is expected to expand at a CAGR of 3.5% over the forecast period. Rising consumption of pork meat is expected to drive the product demand in the market. The product provides nutrition to swine and nurtures them. The additives are an important source of nutrition as they enhance as well as make the product more digestible. Enzymes, amino acids, antimicrobials, and antioxidants are the additives found in the diet of swine.
Feed additives, in particular, have been gaining tremendous popularity in the market on account of rising consumer awareness regarding their benefits that help in promoting swine health. Moreover, natural additives and their consumption have a negligible side effect on the swine health. Additives help in promoting optimum nutrition absorption and do not add pressure or interfere with the natural digestive enzymes secreted by the gut of swine.
Aquafeed Market Insights
The global aquafeed market size was valued at USD 72.5 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. The product demand is anticipated to be driven by its increasing consumption in the cultivation of various aquatic species, such as tilapia, carp, catfish, and salmon. The global industry is highly fragmented owing to the presence of many players, such as BioMar Group, Cargill, Inc., and Charoen Pokphand Foods PCL.
These market players are focused on mergers & acquisitions, partnerships, portfolio expansions, and collaborations to strengthen their presence in the value chain. For instance, Cargill has recently launched a new line of plant-based aquafeed called “Ewos Naturligvis” in Norway. The product is made from sustainable ingredients, such as wheat, soy, and corn, and it is designed to provide optimal nutrition to fish while minimizing the environmental impact.
- BASF SE
- Cargill, Incorporated
- Kemin Industries, Inc.
- The J.M. Smucker Company
- Nestlé Purina
- General Mills Inc.
- Kent Foods