The US animal feed market is projected to grow at a CAGR of 3.75% during the forecast period to reach US$80.399 billion by 2027, up from US$62.139 billion in 2020.
Growing consumer awareness about the safety of animal products, combined with infectious disease outbreaks in animals, is expected to be the primary factor driving up demand for animal feed during the forecast period. Furthermore, the presence of a large number of market players in the region is expected to fuel market growth significantly over the coming years. Compound feed production in the USA exceeded 215.79MT in 2020, according to IFIF. This, however, is the amount produced in the professional feed industry. According to the UN Food and Agriculture Organization (FAO), the world will need to increase food production by more than 60% by 2050. As a result, animal-based protein production is expected to rise in tandem. According to the FAO, between 2020 and 2050, this rise will be around 1.7 percent per year. During the same time period, meat production is expected to rise by about 70%, seafood products by 90%, and dairy products by 55%. The International Feed Industry Federation (IFIF) predicts that poultry, pig, and beef production will double by 2050, while dairy and fish production will triple. Because of the increased consumption of animal proteins, the animal feed sector's importance will grow. Because the feed industry is expected to be the largest factor in ensuring long-term progress in animal husbandry. Every boost in animal protein production necessitates a substantial increase in animal feed production to attain sustainable animal production.
It is expected that the market growth for livestock and livestock products such as meat, dairy, and eggs has helped fuel the expansion of US animal feed market production and animal feed exports among many of the country's biggest animal feed companies. The rising awareness among dairy producers about the safety of animal feed and items is also expected to drive US animal feed market growth. With the emphasis of governments and international organizations such as the Food and Agricultural Organization (FAO) on ensuring the health and safety of animal-based- based foods for human consumption, the animal feed market in the United States is expected to experience rapid growth.
Covid19 has impacted the US animal feed market by impacting the supply chain and production of the major players in the industry. According to the IFEEDER report, the consumption of USA animal feed at the start of 2020 was 252.6 million tonnes with an estimated value of $66.7 billion under conventional manufacturing conditions. As a result of coronavirus, the rate of consumption of animal feed slipped approximately to 1.7% to an estimated 248.4 million tonnes. A feed worth $1.6 billion was consumed, which has a disparity of 4.2 million tonnes less than the actual with an overall value of $66.7 billion post Covid19.
USA is expected to be the third in animal feed production. Due to China's decline in 2019, the United States, one of the leading producers, surpassed China to take first place in production. However, it fell back to second place in 2020, producing 215.9 million tonnes (IFIF). Around 62.9 million tonnes of beef feed, 47.8 million tonnes of broiler feed, and 45.8 million tonnes of pig feed were produced in the country (Source: IFIF). The United States has one of the highest feed and livestock industries. According to USDA data, livestock and poultry account for more than half of U.S. agricultural financial transactions, which frequently exceed $100 billion annually.
|Market size value in 2020||US$62.139 billion|
|Market size value in 2027||US$80.399 billion|
|Growth Rate||CAGR of 3.75% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Livestock, Raw Materials, And Production Systems|
|Companies covered||Tyson Foods, Alltech, Cargill, Incorporated, Purina Animal Nutrition (Land O’lakes), Kemin Industries, Inc., Basf Se, Hi-pro Feeds, Kent Nutrition Group, Perdue Farms|
|Customization scope||Free report customization with purchase|
PURINA ANIMAL NUTRITION (LAND O’LAKES)
KEMIN INDUSTRIES, INC.
KENT NUTRITION GROUP
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