Westford, USA, Aug. 12, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Animal Feed Market will reach a value of USD 751.24 Billion by 2031, with a CAGR of 3.5% during the forecast period (2024-2031). The animal feed market is notably influenced by augmented demand for ethically sourced and sustainable raw materials in consumables for animals. Consumers aware of this trend are forcing manufacturers to have key focus on the roots and influence of ingredients. This sustainability drift is forcing feed and ingredients producers to utilize circular economy values, explore substitute materials and reduce carbon footprint related with production of feed.
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Browse in-depth TOC on the "Animal Feed Market"
Pages – 255
Tables – 99
Figures – 76
Animal Feed Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 570.5 Billion |
| Estimated Value by 2031 | USD 751.24 Billion |
| Growth Rate | Poised to grow at a CAGR of 3.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Species, Additives, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Expanding Consumption of Feed |
| Key Market Drivers | Constant Advances in 5G and Associated Technologies |
Continuous Broiler Production in Most Regions is Propelling the Poultry Domain
By species, poultry segment registered a larger market share in the past years and is expected to lead over the forecast period owing to constant growth in the production of broilers in different regions. Poultry is a vital part of the agricultural sector emphasized on production of turkey, chicken, ducks and several other farmed birds for eggs, meat, and other consumables that offer nutritious food to million individuals worldwide. Conversely, aqua segment is expected to witness speedy growth in the coming years owing to rising aquaculture production, growth of aquaculture fishes and other species, demand for better nutritious diet, and growing consumption of fish-based and fish foods.
Amino Acid Segment to Lead the Market, driven by Additives Attributes for Better Animal Health
By additives, amino acid segment is held majority share of the market in 2022 and will lead in future as well owing to the nature of additives that support in building strong immunity and encourage growth of animals. The unique feed additives available in the market are antibiotics, enzymes, amino acids, vitamins, acidifiers, and more that add nutritional value and enhance efficiency to products. Moreover, due to urbanization and growing spending power of consumers, increased consumption is witnessed in the emerging economies. Nonetheless, the antibiotics segment is predicted to be fastest-growing owing to its widespread use as growth promoters. This ultimately results in the growth of antibiotic-resilient bacteria. The widely used additives vitamin include D, A, K, E, and riboflavin, used in animal feed to maintain good health.
Amplified Meat Consumption in Key Countries to Boost Market in Asia Pacific
Asia Pacific led the market in the past and is expected to lead over the estimated period due to high levels of meat consumption and animal production, mainly seen in the developed countries. Fish, dairy, and meat are witnessing mounting consumption backed by the economy’s speedy growth, helping the market grow remarkably. North America is expected to be the fastest-growing segment due to significant demand for poultry and cattle, mainly from the United States. The animal feed market in the region is also led by high production of livestock and high production of meat. Moreover, growing meat consumption, and rising awareness among consumers will fuel the market.
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Animal Feed Market Insight
Drivers:
- Growing Demand for Animal-Based Proteins
- Rising Health Awareness Among People
- Increasing Demand to Satisfy Taste and Nutritional Preferences
Restraints:
- Fluctuations in Prices of Raw Materials
- Increasing Tariffs and Trade Barriers
- Regulatory Bans and Restrictions on Some Antibiotics and Feed Additives
Prominent Players in Animal Feed Market
The following are the Top Animal Feed Companies
- Cargill Inc.
- Archer Daniels Midland Company
- Nutreco N.V.
- Alltech Inc.
- Land O'Lakes Inc.
- Purina Animal Nutrition LLC
- Charoen Pokphand Foods Public Company Limited
- New Hope Group Co. Ltd.
- ForFarmers N.V.
- Guangdong Haid Group Co. Ltd.
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Key Questions Answered in Global Animal Feed Market Report
- What is the expected growth rate of Animal Feed Market by 2031, as per SkyQuest Technology?
- What are the fragments of the Global Animal Feed Market based on Species?
- Which are the main regions and countries profiled in the Animal Feed Market?
This report provides the following insights:
- Analysis of key drivers (growing population on the global scale, increasing spending power of consumers, changing diet choices), restraints (change in climate and its effect on agriculture, rising prices of feed ingredients, epidemics of animal diseases like African swine), opportunities (growth and adoption of modernized feed additives, growing number of new market participants that will stimulate NPDs, rise in dairy and meat products, high consumption of meat production), and challenges (changing regulatory compliances, growing contamination in feed, environmental issues that negatively impact feed production) influencing the growth of animal feed market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the animal feed market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the animal feed market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Animal Health Market
Cattle Feed Market
Feed Acidulants Market
Animal Intestinal Health Market
Animal Parasiticides Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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