According to a recent publication by Meticulous Research®, the global animal feed probiotics market is projected to reach $961.2 billion by 2030, at a CAGR of 4.6% from 2023 to 2030. The market's growth is primarily driven by the increasing commercialization of the livestock sector, rising demand for animal-based products, and a growing emphasis on research and development in the animal feed industry. However, fluctuating raw material prices may pose challenges to market growth. Additionally, increased awareness about animal health is anticipated to create growth opportunities for market participants.
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Key players in the global animal feed market 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), and Guangdong HAID Group Co., Ltd. (China).
Market Segmentation:
Type: The market is segmented into compound feed, feed concentrates, and roughages. In 2023, compound feed is expected to hold the largest market share due to its higher price and increased demand among livestock farmers and pet owners for better nutrition, aiding in faster and healthier growth. The feed concentrates segment is projected to grow at the highest CAGR during the forecast period.
Source: The market is categorized into plant-based, animal-based, fodder & DDGS, and novel sources. In 2023, the plant-based segment is expected to dominate due to the abundant availability of raw materials, low cost Masater, and wide acceptance. Nonetheless, the novel sources segment is anticipated to grow at the highest CAGR due to its high nutritional profile, government approvals, and the need for new protein sources to meet the growing global demand.
Form: The market consists of dry feed and wet feed. In 2023, dry feed is expected to hold the largest share owing to its handling convenience, storage advantages, longer shelf life, lower cost, nutrient stability, controlled feeding, and higher nutritional density. This segment is also expected to grow at the highest CAGR, driven by increasing demand from the poultry sector and commercial livestock production.
Animal Type: The market is segmented into poultry, ruminants, swine, aquaculture, and others. In 2023, the poultry segment is expected to lead due to increasing demand for poultry meat, lower costs, expansion projects, and consumer preference for white meat over red meat.
Geography: Asia-Pacific is expected to account for the largest share of the market in 2023, driven by increased consumption of meat and animal products, high milk production, growth in livestock farming, and the presence of major animal feed producers.
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