The global animal feed market is expected to exhibit strong growth, reaching USD 582.4 billion by 2028. As per the report titled “Animal feed Market Size, Share & COVID-19 Impact Analysis, By Form (Pellets, Crumbles, Mash and Others), By Animal Type (Swine (Starter, Finisher, Grower, Ruminants, Calves, Dairy Cattle, Beef Cattle, Others), Poultry (Broilers, Layers, Turkeys, Others), Aquaculture (Carps, Crustaceans, Mackeral, Milkfish, Mollusks, Salmon, Others) and Others), By Ingredients (Cereals, Oilseed Meal, Molasses, Fish Oil and Fish Meal, Additives, Antibiotics, Vitamins, Antioxidants, Amino Acids, Feed Enzymes, Feed Acidifiers and Others) and Regional Forecasts, 2022-2028″ observes that the market size in 2021 stood at USD 476.5 billion and USD 582.4 billion in 2028. The market is expected to exhibit a CAGR of 3.40% during the forecast period.
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Charoen Pokphand Foods PCL Announced Plans to Purchase a Swine Business
In September 2020, the intention to purchase Chia Tai Investment Co. Ltd.'s swine business was announced by Charoen Pokphand Foods PCL (CTI). Both businesses would benefit from the regional expansion provided by this transaction.
Increase in the Number of Animals and the Demand for Animal Products would Boost Growth
Large-scale cattle production aids in supplying the soaring demand for animal goods. Farm animals perform a significant economic and social function and contribute to food production. Worldwide, many small-scale farmers still rely on cattle for their livelihoods. The livestock industry supports the livelihoods of 1.3 billion people worldwide, according to the Food and Agricultural Organization (FAO), accounting for close to 40% of global agricultural output in rich countries and 20% in developing countries. Additionally, 34% of the world's supply of food protein comes from the animal industry. Demand for animal products has increased due to changing diets, rising incomes, and expanding populations.
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Fluctuating Raw Material Costs and Pnerous Government Regulations will Limit Market Expansion
The expansion of the animal feed market is significantly impacted by growing raw material costs worldwide and strict government regulations in industrialized nations. Their cost and nutritional value mostly determine the type and volume of raw materials used in animal feed. The production of plant-based raw materials like corn, soybeans, and others, as well as their nutritional value and price, are significantly impacted by changes in weather. As the production and consumption of animals and their products change, so do the costs of meals made from animal byproducts.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the animal feed market plan acquisitions to improve their brand recognition globally. For instance, in July 2020, A US patent application for a technique to identify the African swine fever virus in feed was submitted by Kemin Industries.
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List of Key Players Profiled in the Report
- Archer-Daniels-Midland Company
- Cargill Incorporated
- Charoen Pokphand Group,
- Dupont De Nemours Inc.
- Evonik Industries AG (RAG-Stiftung)
- ForFarmers N.V.
- Kemin Industries Inc.
- Nutreco N.V (SHV Holdings)
- Perdue Farms Inc.
- Tyson Foods Inc.
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