Meticulous Research®, a globally recognized leader in market intelligence, has released its latest comprehensive report titled “Animal Feed Market Size, Share, Forecast, & Trends Analysis by Type (Compound Feed, Roughages), Source (Plant, Animal, Novel), Form (Dry (Pellets), Wet), Animal Type (Poultry, Ruminants (Beef, Dairy Cattle), Swine, Aquaculture) - Global Forecast to 2031.” The report forecasts that the global animal feed market will reach a staggering $1,008.8 billion by 2031, registering a compound annual growth rate (CAGR) of 4.7% between 2024 and 2031. In terms of volume, the market is expected to hit 2,965 million tons by 2031, growing at a CAGR of 3.1% over the same period.
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The market’s growth is fueled by the increasing commercialization of the livestock sector, heightened demand for animal-based products, and ongoing innovations in animal feed formulations. However, the market is not without challenges. Fluctuating raw material prices pose a significant restraint, though rising awareness regarding animal health is expected to provide new growth opportunities for market players in the years ahead.
Key Market Drivers and Trends
1. Increased Commercialization in Livestock Farming:
The livestock sector has become highly industrialized, pushing demand for nutritionally enhanced feed products that promote faster growth and higher yield in terms of meat, dairy, and other animal-based goods.
2. Rising Demand for Animal-Based Products:
With a growing global population and increasing urbanization, the demand for high-quality animal-based food products continues to rise, driving market expansion.
3. Advancements in Feed Formulations:
Significant research and development (R&D) efforts are underway to improve the nutritional content of animal feed, ensuring optimal health and growth for livestock while meeting stringent food safety standards.
4. Challenges from Raw Material Price Fluctuations:
Volatility in the prices of key raw materials like grains, oilseeds, and additives is a major factor that may hinder market growth. However, ongoing innovations and the exploration of alternative raw materials are helping to mitigate these risks.
5. Opportunities in Animal Health Awareness:
Increased global awareness regarding the importance of animal health is opening new avenues for premium feed products that are enriched with vitamins, minerals, and other essential nutrients.
Key Market Segments
The report provides an in-depth analysis of the animal feed market, categorizing it by type, source, form, animal type, and region. Below are some of the key insights:
• By Type:
The compound feed segment is expected to dominate, accounting for 71.8% of the market share in 2024. This is due to rising demand from commercial livestock farmers seeking to enhance animal nutrition and growth. Despite this, the feed concentrates segment is poised for the fastest growth, with a CAGR of 5.4% through 2031.
• By Source:
Plant-based feed remains the most popular choice, representing 69.9% of the market share in 2024, driven by its affordability and the abundant availability of raw materials. However, the novel sources segment, which includes innovative feed materials like insect protein and algae, is forecasted to grow at the highest CAGR of 6.0%, thanks to its superior nutritional value and growing regulatory approvals.
• By Form:
Dry feed will continue to dominate, comprising 92.7% of the market share in 2024. Its advantages include ease of handling, longer shelf life, cost efficiency, and nutrient stability. The segment is expected to see rapid growth, with a projected CAGR of 4.8% over the forecast period.
• By Animal Type:
Poultry feed is forecasted to hold the largest market share of 32.9% in 2024, primarily due to rising demand for poultry meat products and the affordability of poultry farming. Meanwhile, the aquaculture and swine segments are also expected to experience significant growth, driven by increasing global protein consumption.
Geographical Insights
Regionally, Asia-Pacific is set to lead the market with a commanding 39.2% share in 2024, valued at $286.2 billion. This growth is attributed to the region’s expanding population, increasing meat consumption, and robust livestock farming industry. Additionally, the presence of major market players in countries such as China, India, and Thailand further fuels this growth.
Key Market Players
The global animal feed market is highly competitive, with several prominent players driving innovation and growth. Key companies in this space include:
• Charoen Pokphand Foods PCL (Thailand)
• New Hope Liuhe Co., Ltd. (China)
• Cargill, Incorporated (U.S.)
• BRF S.A. (Brazil)
• Tyson Foods, Inc. (U.S.)
• Nutreco N.V. (Netherlands)
• Archer-Daniels-Midland Company (U.S.)
• Alltech Inc. (U.S.)
• ForFarmers N.V. (Netherlands)
• De Heus Animal Nutrition (Netherlands)
• Royal Agrifirm Group (Netherlands)
• Guangdong HAID Group Co., Ltd. (China)
These companies are focusing on expanding their market share through strategic mergers, acquisitions, product launches, and technological advancements.
Conclusion
With increasing demand for animal-based products, a growing global population, and the expansion of commercial livestock farming, the animal feed market is set for significant growth. Meticulous Research® anticipates that the market will continue to evolve, driven by innovation in feed formulations, increasing consumer awareness around animal health, and strategic investments by leading industry players.
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