Animal Feed Market Size, Share, Opportunities, And Trends By Type (Fodder & Forage, Compound Feed), By Livestock (Pork, Aquatic Animals, Cattle, Poultry, Others), By Raw Material (Soy, Corn, Rendered Meal, Others), And By Geography - Forecasts From 2024 To 2029

  • Published : May 2024
  • Report Code : KSI061610027
  • Pages : 143

The animal feed market is expected to grow at a CAGR of 3.80% from US$405.034 billion in 2022 to US$525.781 billion in 2029.

Animal Feed Market Analysis

Animal feed plays an important character in worldwide food production since it enables the economic production of animal additives. Animal feed is the most important source of nutrition intake by animals that ensures improved immunity, accelerated growth, and good health. Furthermore, with an increasing initiative for the production of sustainable protein animal feed acts as a high-value protein source for both livestock and fish.

The livestock and the animal feed market are harmonious with each other in growth. The prime factor which is expected to drive the growth of animal feed during the forecast period is the surging consumption of meat products for greater protein intake which has resulted in higher demand for nutritious feed aiming at better health for the animals. Lucrative growth in livestock industrialization also plays an important role in growth in the industry.

Furthermore, increased awareness regarding the importance of nutrition intake and animal health accompanied by the availability of goods has encouraged farmers and slaughterhouses to inculcate superior animal feed in their livestock diet.

animal feed market

Animal Feed Market Growth Factors

  • Growing meat consumption has significantly increased demand for healthy livestock which in turn drives the market for animal feed

The animal feed market is expected to surge in the coming years due to the rise in meat consumption around the world. According to OECD-FAO Agricultural Outlook 2021-2030, global meat production per capita is projected to increase by 0.3% P.A. to 35.4kg in retail weight equivalent by 2030. 

Overall, the bulk of meat production growth is attributed to developing regions, which will account for 80% of the additional output. It also stated that beef consumption is projected to increase to 76 Mt over the next ten years and will constitute approximately 16% of the total increase in meat consumption as compared to the base period.

Also, global pig meat consumption is projected to increase to 127 Mt over the next ten years and will account for 28% of the total increase in meat consumption. As a result of this, the increase in meat consumption followed by a growth in population is projected to drive the animal feed market.

  • An increase in research and developmental activities followed by a rise in expenditure activities along with the implementation of government policies is further expected to drive market growth.

For instance, in 2021, Right to Protein, a national public health campaign moved forward with the launch of India’s first feed label for animal protein products ‘Soy Fed’, which further coincided with the National Nutrition Months.

Moreover, after this launch, in 2022, Shalimar Group which is regarded to be a pioneer in the chicken sector, joined the league of adopters. Further, the development of livestock production has subsequently aided the rise in the demand for highly nutritious animal feed products, which is expected to drive the animal feed demand.

In 2021, the European Feed Manufacturers' Federation (FEFAC) reported that the production of compound feed for farm animals in the EU-27 countries reached 150.2 million tonnes, up 0.03% from 2020. Despite the COVID-19 pandemic, the global grain market rally, the skyrocketing grain prices, and the development of animal diseases in 2021 managed to stabilize or slightly boost their production.

Animal Feed Market Geographical Outlook

Based on geography, the animal feed market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.  The North American market for animal feed is anticipated to hold a significant share during the forecasted period. The outbursts of diseases amongst the animals coupled with the rising awareness about the nutritional content are amongst the major factors driving the demand in the North American region.

The United States is the major market in the region as the US animal food manufacturing industry strongly depends on the free-trade agreement with Canada and Mexico (North American Free Trade Agreement (NAFTA)), which has green-signalled the exports of feed and feed ingredients. This trade agreement, coupled with the growing livestock industry, is driving the animal feed market. A key factor expected to augment the market growth in the coming years is a significant shift of consumers towards animal-sourced proteins.

The Asia Pacific animal feed market is projected to grow at the fastest rate. The rise in disposable income and inculcation of an animal-based protein diet for sustaining a healthy life has increased the consumption of meat in the region. The market for animal feed in the European region is driven by increasing demand for meat and aquaculture products.

A significant increase in the demand is expected from countries like France, Germany, Netherlands, Bulgaria, Russia, Belgium, Denmark, Hungary, Italy, Spain, and the United Kingdom because of changing diet patterns, population, and economic growth.

Further, In 2021, the European Feed Manufacturers' Federation (FEFAC) reported that the production of compound feed for farm animals in the EU-27 countries reached 150.2 million tonnes, up 0.03% from 2020. Despite the COVID-19 pandemic, the global grain market rally, the skyrocketing grain prices, and the development of animal diseases in 2021 managed to stabilize or slightly boost their production.

Major Market Players

  • Alltech
  • Cargill, Incorporated
  • Kemin Industries, Inc.
  • Nutreco N.V.
  • Charoen Pokphand Foods PCL
  • BRF S.A.

Recent Development:

  • In November 2023: Refit Animal Care launched two animal feed supplements “SPEEDO+” and “ACTIPIEGION” which are manufactured using natural ingredients and would be used to enhance the pigeon’s overall health and performance.
  • In June 2023: Evonik launched a new generation of its “Biolys” for animal feed which contains 62.4% L-lysine. The new product also contains additional nutritional and energy components that caters to the booming demand for high-quality animal protein.
  • In March 2023: International Flavor and Fragrance Inc. launched “Axtra Prime” feed solution which is specifically designed to improve gut health and nutrient digestion of piglets. The product targets early obstacles faced during swine production. 
  • On March 11, 2021, FGV Holdings Berhad (FGV) introduced its premium animal feed brand, ALMA, through its subsidiary, FGV Integrated Farming Holdings Sdn Bhd (FGVIF), as part of its expanding animal feed and nutrition business. Dato’ Haris Fadzilah Hassan, FGV’s Group Chief Executive Officer, noted that the company's domestic sales of palm kernel expeller (PKE) and animal feed products surged from 8,000 metric tonnes (MT) in 2018 to 39,000 MT in the previous year, marking a compound annual growth rate (CAGR) of 121 percent.

Animal Feed Market Scope:

 

Report Metric Details
Market Size Value in 2022 US$405.034 billion
Market Size Value in 2029 US$525.781 billion
Growth Rate CAGR of 3.80% from 2022 to 2029
Study Period
2019 to 2029
Historical Data
2019 to 2022
Base Year 2023
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Billion
Segments Covered
  • Type
  • Livestock
  • Raw Materials
  • Geography
Companies Covered
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope Free report customization with purchase

 

Segmentation:

  • By Type
    • Fodder & Forage
    • Compound Feed
  • By Livestock
    • Pork
    • Aquatic animal
    • Cattle
    • Poultry
    • Others
  • By Raw Materials
    • Soy
    • Corn
    • Rendered Meal
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Vietnam
      • Philippines
      • Malaysia
      • Others 

Frequently Asked Questions (FAQs)

The animal feed market is expected to reach a total market size of US$525.781 billion by 2029.
Animal Feed Market was valued at US$405.034 billion in 2022.
The global animal feed market is expected to grow at a CAGR of 3.80% during the forecast period.
Growing meat consumption has significantly increased demand for healthy livestock which in turn drives the animal feed market.
The North American region is anticipated to hold a significant share of the animal feed market during the forecasted period.

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits for the stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ANIMAL FEED MARKET, BY TYPE

5.1. Introduction

5.2. Fodder and Forage

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Compound feed

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

6. ANIMAL FEED MARKET, BY LIVESTOCK

6.1. Introduction

6.2. Pork

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Aquatic animal

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

6.4. Cattle 

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

6.4.3. Geographic Lucrativeness

6.5. Poultry

6.5.1. Market Trends and Opportunities

6.5.2. Growth Prospects

6.5.3. Geographic Lucrativeness

6.6. Others

6.6.1. Market Trends and Opportunities

6.6.2. Growth Prospects

6.6.3. Geographic Lucrativeness

7. ANIMAL FEED MARKET, BY RAW MATERIALS

7.1. Introduction

7.2. Soy

7.2.1. Market Trends and Opportunities

7.2.2. Growth Prospects

7.2.3. Geographic Lucrativeness

7.3. Corn

7.3.1. Market Trends and Opportunities

7.3.2. Growth Prospects

7.3.3. Geographic Lucrativeness

7.4. Rendered Meal

7.4.1. Market Trends and Opportunities

7.4.2. Growth Prospects

7.4.3. Geographic Lucrativeness

7.5. Others

7.5.1. Market Trends and Opportunities

7.5.2. Growth Prospects

7.5.3. Geographic Lucrativeness

8. ANIMAL FEED MARKET, BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. By Type

8.2.2. By Livestock

8.2.3. By Raw Materials

8.2.4. By Country

8.2.4.1. United States

8.2.4.1.1. Market Trends and Opportunities

8.2.4.1.2. Growth Prospects

8.2.4.2. Canada

8.2.4.2.1. Market Trends and Opportunities

8.2.4.2.2. Growth Prospects

8.2.4.3. Mexico

8.2.4.3.1. Market Trends and Opportunities

8.2.4.3.2. Growth Prospects

8.3. South America

8.3.1. By Type

8.3.2. By Livestock

8.3.3. By Raw Materials

8.3.4. By Country 

8.3.4.1. Brazil

8.3.4.1.1. Market Trends and Opportunities

8.3.4.1.2. Growth Prospects

8.3.4.2. Argentina

8.3.4.2.1. Market Trends and Opportunities

8.3.4.2.2. Growth Prospects

8.3.4.3. Others

8.3.4.3.1. Market Trends and Opportunities

8.3.4.3.2. Growth Prospects

8.4. Europe

8.4.1. By Type

8.4.2. By Livestock

8.4.3. By Raw Materials

8.4.4. By Country

8.4.4.1. United Kingdom

8.4.4.1.1. Market Trends and Opportunities

8.4.4.1.2. Growth Prospects

8.4.4.2. Germany

8.4.4.2.1. Market Trends and Opportunities

8.4.4.2.2. Growth Prospects

8.4.4.3. France

8.4.4.3.1. Market Trends and Opportunities

8.4.4.3.2. Growth Prospects

8.4.4.4. Spain

8.4.4.4.1. Market Trends and Opportunities

8.4.4.4.2. Growth Prospects

8.4.4.5. Italy

8.4.4.5.1. Market Trends and Opportunities

8.4.4.5.2. Growth Prospects

8.4.4.6. Others

8.4.4.6.1. Market Trends and Opportunities

8.4.4.6.2. Growth Prospects

8.5. Middle East and Africa

8.5.1. By Type

8.5.2. By Livestock

8.5.3. By Raw Materials

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.1.1. Market Trends and Opportunities

8.5.4.1.2. Growth Prospects

8.5.4.2. UAE

8.5.4.2.1. Market Trends and Opportunities

8.5.4.2.2. Growth Prospects

8.5.4.3. Israel

8.5.4.3.1. Market Trends and Opportunities

8.5.4.3.2. Growth Prospects

8.5.4.4. South Africa

8.5.4.4.1. Market Trends and Opportunities

8.5.4.4.2. Growth Prospects

8.5.4.5. Others

8.5.4.5.1. Market Trends and Opportunities

8.5.4.5.2. Growth Prospects

8.6. Asia Pacific

8.6.1. By Type

8.6.2. By Livestock

8.6.3. By Raw Materials

8.6.4. By Country

8.6.4.1. Japan

8.6.4.1.1. Market Trends and Opportunities

8.6.4.1.2. Growth Prospects

8.6.4.2. China 

8.6.4.2.1. Market Trends and Opportunities

8.6.4.2.2. Growth Prospects

8.6.4.3. India

8.6.4.3.1. Market Trends and Opportunities

8.6.4.3.2. Growth Prospects

8.6.4.4. South Korea

8.6.4.4.1. Market Trends and Opportunities

8.6.4.4.2. Growth Prospects

8.6.4.5. Indonesia

8.6.4.5.1. Market Trends and Opportunities

8.6.4.5.2. Growth Prospects

8.6.4.6. Thailand

8.6.4.6.1. Market Trends and Opportunities

8.6.4.6.2. Growth Prospects

8.6.4.7. Vietnam

8.6.4.7.1. Market Trends and Opportunities

8.6.4.7.2. Growth Prospects

8.6.4.8. Philippines

8.6.4.8.1. Market Trends and Opportunities

8.6.4.8.2. Growth Prospects

8.6.4.9. Malaysia

8.6.4.9.1. Market Trends and Opportunities

8.6.4.9.2. Growth Prospects

8.6.4.10. Others

8.6.4.10.1. Market Trends and Opportunities

8.6.4.10.2. Growth Prospects

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Alltech

10.2. Cargill, Incorporated

10.3. Kemin Industries, Inc.

10.4. Nutreco N.V.

10.5. Charoen Pokphand Foods PCL

10.6. BRF S.A.

10.7. Purina Animal Nutrition LLC.

10.8. New Hope Group

10.9. ADM Animal Nutrition

10.10. Kent Nutrition Group


Alltech

Cargill, Incorporated

Kemin Industries, Inc.

Nutreco N.V.

Charoen Pokphand Foods PCL

BRF S.A.

Purina Animal Nutrition LLC.

New Hope Group

ADM Animal Nutrition

Kent Nutrition Group