Animal Feed Market Overview
The Global Animal Feed Market is growing at a rapid scale, mainly due to the demand for milk and meat products growing with the rising global population. In order to supply this growing demand for food animals, operators have to take optimal care of their cattle/ poultry. They ensure to feed their animals with the best possible nutrition and care, which, as a result, is fostering the market growth.
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According to Market Research Future (MRFR), the global Animal Feed Market is expected to wise up to USD 617.61 BN by 2023. In its recent study report, MRFR also asserts that the market would register a 4.27% CAGR throughout the forecast period (2018 – 2023). The rising prevalence of metabolic diseases in animals such as dairy cattle/ goat/swine etc. is driving enormous market demand.
Food being the dominant factor in the care chain, the Animal Feed Market invariably witnesses voluminous demand. Animal feed, if provided adequately, gives good production of milk and meat. As a result of the global demand for nutrition, dairy cattle feed is increasing. Simultaneously, the growing demand for milk products such as chocolate, milk powders, yogurts is providing impetus to the global animal feed market, consecutively.
Market Players
Players leading the Animal Feed Market include Archer Daniels Midland (ADM) Company (US), Neovia Group (France), COFCO Limited (Hong Kong), ForFarmers N V (The Netherlands), New Hope Group (China), Charoen Pokphand Group (Thailand), Japfa Comfeed Indonesia Tbk (Indonesia), Cargill, Inc. (US), Land’ O Lakes Inc. (US), and NUTRECO N V (the Netherlands), among others.
Industry/ Innovation/ Related News
October 08, 2019 —- Nutreco NV (the Netherlands), a producer of animal nutrition & fish feed, announced the acquisition of Animal Nutrition and Health (South Africa), a premix company from Kaonne Investments. The acquired company will now be fully integrated into Trouw Nutrition South Africa.
The said deal is part of Nutreco’s strategy to expand its base in Africa. This move will ensure that the company can bring its products to even more farms in the country. South Africa is the continent’s largest producer and feed market and acquiring such a stable business will undoubtedly help Nutreco to grow at a larger scale. Under the acquisition, Kaonne and Trouw Nutrition will continue to work together.
Global Animal Feed Market – Segments
The market is segmented into three dynamics to widen the scope of understanding,
By Form : Pellets, Crumbles, Mash, and others.
By Species : Poultry, Ruminants, Aqua, Swine, and others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Animal Feed Market – Regional Analysis
The Animal Feed Market in the region is expected to grow from USD 179.93 BN to USD 226.91 BN by 2023, showcasing a CAGR of 4.75% during the forecast period. Whereas volume-wise, the production in the APAC can go up to 485.75 MN tons by 2023, with a 4.20% rise during the assessment period.
North American Animal Feed Market can register a growth up to USD 131.7 BN with a CAGR of 3.93% during the review period. In terms of volume, the market can go up to 270.3 MN tons by 2023, with a CAGR of 3.81%. The market projection of the US, which is the largest market in the region, is estimated to go up to USD 97 BN by 2023.
The Europe Animal Feed Market can scale up to USD 155.39 BN by 2023 from USD 125.33 BN in 2018 at a 4.67% CAGR during the anticipated period. Spain accounts for the largest market in the region, accounting for the valuation of USD 21.06 BN. The total production of animal feed in Europe is estimated to go up to USD 335.89 MN tons by 2023.
Global Animal Feed Market – Competitive Analysis
Characterized by the presence of many large and small-scale players, the Animal Feed Market appears to be highly competitive and fragmented. To gain a substantially larger share in the market, players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product launch.
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Strategic partnerships between manufacturers support the growth and expansion plans of these players. They invest substantially to drive these strategic initiatives and R&D to develop a new production technology. Manufacturers are investing significantly in cutting-edge research & development to support innovation pipeline. These players compete based on pricing, quality, reputation, and services.
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