In 2018, the global animal feed market was valued at approximately US$ 406,640.10 million and is anticipated to grow to around US$ 548,936.55 million by 2027, reflecting a compound annual growth rate (CAGR) of 3.3% from 2019 to 2027.
The industrialization of livestock farming has significantly increased the demand for protein-rich animal feed ingredients, which are crucial for enhancing feed conversion rates. Livestock raised in industrial settings primarily consume concentrates derived from cereal and vegetable proteins, such as soybean meals, to promote weight gain and the production of protein-dense meat. Farm animals require proteins and other nutrients as essential building blocks for their growth. Proteins in animal feeds also serve as excellent sources of vital minerals like calcium and phosphorus, along with essential amino acids such as lysine and methionine. The rising awareness of the health advantages of proteins for animal well-being has led to a notable demand for various protein feeds, including animal protein meals, feather meals, fish meals, bone meal, blood meal, and other protein-rich feeds. Given that livestock and farm animals play a crucial role in the global food supply chain, the need for nutritious, protein-rich animal feeds is expected to rise throughout the forecast period. The continuous increase in demand for such feeds to support livestock growth at all life stages is projected to propel the overall animal feed market forward.
The animal feed market is categorized by form into pellets, crumbles, mash, and other types. In 2018, the pellets segment was the market leader and is expected to experience rapid growth during the forecast period. Additionally, the market is segmented by livestock into poultry, ruminants, swine, aquaculture, and others. The poultry segment was the largest in the global animal feed market in 2018 and is predicted to be the fastest-growing segment in the coming years.
Geographically, the animal feed market is divided into North America, Europe, Asia-Pacific (APAC), South America (SAM), and the Middle East and Africa (MEA). The Asia-Pacific region held the largest share of the global animal feed market, followed by Europe and North America. This region presents numerous opportunities for the growth of the animal feed market and is recognized as a significant market for importing animal feed from Western countries. China leads the regional market, with other notable countries including Australia, Japan, India, Thailand, Malaysia, and Indonesia. Furthermore, the rising living standards among consumers have encouraged pet owners to prioritize the health of their pets, which is expected to further stimulate market growth in this region.
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. As of April 2020, countries such as China, Italy, Iran, Spain, South Korea, France, Germany, and the United States have been among the most affected, with the World Health Organization reporting approximately 8,137,110 confirmed cases and 439,577 deaths globally. The pandemic has severely impacted economies and businesses due to lockdowns, travel restrictions, and the closure of operations. The global animal feed industry has faced significant disruptions, including production halts and supply chain interruptions caused by lockdowns and business closures. These challenges have had a profound effect on the global animal feed market.
Key players in the global animal feed market include Archer Daniels Midland Co, Cargill Inc., Charoen Pokphand Foods Plc., Evonik Industries AG, For Farmers N.V., Guangdong Haid Group Co. Ltd., Land O'Lakes, Inc., New Hope Group Co. Ltd., Nutreco NV, and Perdue Farms, Inc.
The overall size of the global animal feed market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global animal feed market. Additionally, numerous primary interviews are conducted with industry participants and experts to validate and analyze the collected data. Participants in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the animal feed sector.