Knowledge Sourcing Intelligence announces the publication of a new report on “Animal Feed Market – Forecasts from 2020 to 2025" to their offering. Animal feeds are essentially used to provide nutrients to the animals that are expected to yield milk, eggs, and meat for consumption by people.
The Animal feed market is estimated to be valued at US$362.323 billion in 2019 and is projected to expand at a CAGR of 3.40% to reach a market size of US$442.812 billion in 2025. With a rising need for protein-rich foods as a result of growing fitness trends, such as milk, eggs, and meat, among others, the market for animal feed is expected to get fuelled throughout the forecast period. Concern for animals’ health due to increasing epidemics associated with animals is a major contributor to the growth of this market. In addition, rapid urbanization in conjunction with rising disposable incomes of the people, across various developing countries, is also raising the demand for animal feed. However, high fluctuations in the prices of the raw materials, and a new shift towards adoption of vegan diets are expected to hamper the growth of this market. Nevertheless, the global demand for food is projected to increase by over 50% by the end of 2050 (Source: United Nations).To support this growth, meat production is anticipated to rise by 70%, and dairy production by about 55%. The players in this market are indulging in developments like investments, mergers, and acquisitions to bolster their footprint in this market. For instance, in January 2020, Cargill Inc. invested $20 million, with the ultimate objective of investing $240 million, in a new premix and supplement manufacturing facility in India to expand its presence. Another example being, Vermeer Corporation, which acquired a family-owned Schuler Manufacturing to enhance its feed production technology which can augment the growth of the animal feed market
Geographically, the Asia-Pacific region is projected to hold a substantial share of this market and grow rapidly in the forecast period owing to the rising population and disposable incomes of the people in this region. Countries like China are anticipated to face increasing demand for animal feed due to the high susceptibility of the spread of animal-related diseases. Also, the North American region is expected to witness a surge in this market because of growing awareness for health and wellness with the advent of an increasing number of diseases. A trade deal, signed in January 2020, between the United States and China to streamline the export of animal feed from China to the United States is expected to boost the market for animal feed in these countries. Some of the products mentioned in the deal include alfalfa hay pellets, almond meal pellets, cubes, and timothy hay.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/animal-feed-market
Some of the major players covered as part of the report are Cargill, Incorporated, Alltech, Kemin Industries, Nutreco N.V., Charoen Pokphand Foods PCL, BRF S.A., among others.
Animal feed market has been analyzed through the following segments:
- Compound Feed
- Aquatic Animals
By Raw Material
- Rendered Meal
Middle East and Africa
- Saudi Arabia
- South Korea
- North America