Animal Feed Market will value USD 662.7 billion by 2030 : GreyViews

Pune India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the animal feed market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the animal feed market are present across various countries in the above-mentioned regions.

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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the form, livestock, type, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global animal feed market are Nutreco N.V, Evonik Industries, Chr. Hansen, Cargill, Elanco Animal Health, Novozymes, Adisseo France S.A.S., Prinova Group LLC, Novus International Inc., Archer Daniel Midland (ADM) among others. To achieve a substantial market share in the worldwide animal feed market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In the agriculture industry, animal feed refers to the products grown and manufactured for consumption by poultry, ruminants, swine, and aquatic animals. There has been a significant increase in the demand for protein feeds over the past few years due to the increasing awareness of the health benefits of proteins on animal health. They include animal protein meals, bone meals, fish meals, feather meals, blood meals, and many others. There are millions of people worldwide who benefit economically and nutritionally from livestock raising and animal product consumption. In the global food industry, animal feeds play a leading role and feeds are a major component in making sure animal proteins are safe, abundant and affordable. There are some factors which are hampering the growth of the market. In the forecast period, animal feed growth will be hampered by high raw material prices as well as a growing number of regulatory restrictions and bans. Since consumers are becoming more health-conscious, dairy and meat products are in high demand as sources of various nutrients, which positively impacts the demand for animal feed. As well as raising awareness of algae-based ingredients' health benefits, another major driving force behind the market's growth is the increasing use of these ingredients in animal feed.
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Scope of Animal Feed Market Report:

Segmentation Analysis

Pellets are expected to be the fastest-growing segment in 2022. 

The form segment includes crumbles, pellets, mash, and others. The pellets segment is expected to witness the highest growth rate during the forecast period. A grinding machine crushes maize, soybeans, and other ingredients that are needed for animal feed into powder form in order to produce pellets. Animals can easily digest and absorb the pellets, and storage and transport of feed pellets are easier than those of traditional roughage.

Poultry is expected to be the fastest-growing segment in 2022. 

The livestock segment includes aquaculture, poultry, ruminants, swine, and others. The poultry segment is expected to witness the highest growth rate during the forecast period. Among the ingredients used in poultry feed are grains, cotton seed cake, maize germ, soybeans, sunflowers, and fish meal. In modern poultry feeds, protein supplements, grains including soybean oil meal, minerals, and vitamins are included, which drives market growth and increases animal feeds worldwide.

Probiotics is expected to be the fastest-growing segment in 2022. 

The type segment includes probiotics, acidifiers, antioxidants, enzyme, vitamins, amino acids, minerals, and others. The probiotics segment is expected to witness the highest growth rate during the forecast period. Animal meals most typically contain the probiotic bacteria Bacillus, Lactobacillus, Streptococcus, Pediococcus, Bifidobacterium, Enterococcus, and Propionibacterium. Most commercially available probiotics like these are indicated to contain numerous species for maximum potency, and some also contain fungus and yeast.

Regional Analysis           

The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the animal feed market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.

The Asia Pacific region witnessed a major share. The increasing purchasing power of the people and the improvement of living standards in the region have resulted in increased meat consumption, directly affecting the regional animal feed market. Animal breeders are abundant in the region, so high-quality additives are essential in their feed formulations.

Country Analysis

• Germany

Germany's animal feed market size was valued at USD 37.13 billion in 2021 and is expected to reach USD 49.6 billion by 2029, at a CAGR of 3.7% from 2023 to 2030.
Pork and cattle account for more than 65% of the total animal feed consumption across Spain, as a result, Germany has emerged as the biggest driving force for the Spanish cattle feed industry, resulting in an increase in demand for meat products like chicken and beef, resulting in a rise in livestock population. The country's increased awareness of the benefits of animal feed is also driving a rise in demand for animal feed.

• China

China's animal feed market size was valued at USD 49.9 billion in 2021 and is expected to reach USD 67.7 billion by 2029, at a CAGR of 3.9% from 2023 to 2030.
With an ageing geriatric population and a heightened risk of ailments like cardiovascular diseases, neurological diseases, etc., China will become a lucrative market by expanding the use of these devices to alleviate cardiovascular concerns.

• India

India's animal feed market size was valued at USD 38.44 billion in 2021 and is expected to reach USD 51.8 billion by 2029, at a CAGR of 3.8% from 2023 to 2030.
With a rapidly growing cattle population due to the White Revolution 2.0, the Indian animal feed market has been driven by the growing dairy industry. As a result of India's large cattle population, India is becoming a significant market for cattle feed.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.

Furthermore, the growth of this market is mainly driven owing to the rising awareness about animal health across the countries.

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