Meticulous Research®—a leading global market research company, published a research report titled ‘Animal Feed Market by Species (Poultry [Broilers, Layers], Ruminants [Bovine], Swine, Aquaculture, Other Species); Form (Pellets, Crumbles, Mash); Source (Plant-based [Cereals, Oilseed]; Animal-based [Meat, Fish Meal]; Other) - Global Forecasts to 2029.’

According to this latest publication from Meticulous Research®, the animal feed market is projected to reach $631.6 billion by 2029, at a CAGR of 4.9% from 2022–2029. The growth of the animal feed market is mainly attributed to the rising consumer demand for meat and dairy products, increasing production of compound feed, growing demand for animal protein, and increasing demand for nutritious animal feed. However, fluctuating raw material prices are expected to hinder the growth of this market to a notable extent.

The animal feed market is segmented by species (poultry [broilers, layers, turkey, and other poultry animals]; ruminants [bovine animals, and other ruminants]; swine; aquaculture; and other species); form (pellets, crumbles, mash, others); source (plant-based [cereals, oilseed, and others]; animal-based [meat, fish oil and fish meal]; and other sources); and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on species, in 2022, the poultry segment is expected to account for the largest share of the animal feed market. The large market share of this segment is mainly due to the increase in poultry meat consumption with rising demand for quality products and the inexpensive nature of poultry.

Based on form, the crumbles segment is projected to register the highest CAGR during the forecast period of 2022–2029. The high growth of this segment is mainly attributed to the increasing adoption of broilers and small chickens in poultry for easy consumption.

Based on source, in 2022, the plant-based animal feed segment is expected to account for the largest share of the animal feed market. The large market share of this segment is attributed to the high nutritional content, higher yield, easy storage, and low financial needs.

Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the animal feed market. The major share of this regional market is attributed to the growing animal feed industry, increasing production of meat, milk, and eggs in the region, high nutritional profiles of feed additives, and growth in animal protein consumption. The factors such as increasing consumer awareness levels among feed customers and the industrialization of the livestock sector are driving the growth of the animal feed market in the Asia-Pacific region.

The animal feed market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the global animal feed market are ARCHER-DANIELS-MIDLAND COMPANY (U.S.), BRF S.A. (U.S.), Charoen Pokphand Foods Public Company Limited (Thailand), Cargill, Incorporated (U.S.), Nutreco N.V. (Netherlands), NEW HOPE LIUHE CO., LTD. (China), TYSON FOODS, INC. (U.S.), Kent Nutrition Group (U.S.), ForFarmers NV (Netherlands), and Evonik Industries AG (Germany).

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