Worldwide Animal Feed Market is projected to accrue over US $337.79 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
The burgeoning demand for meat and milk products globally has boosted the need for high-quality animal feed, which has in turn, amplified the demand for enhancing the meat quality and production. Various animal species are reared across the world for several purposes such as meat, milk, protein, etc. Although feed products add to the overall production cost, they are considered highly important for animal rearing as they enhance productivity, and consequently raise the profit percentage.
The feed type produced and used vary across different regions, depending largely on the animal population and their economic significance in the specific region. Hence, this industry makes significant contribution to both economic and nutritional well-being of people around the world. With the intentions of rearing animals becoming more commercialized gradually, the demand for commercially produced feed had increased immensely over the last decade, and would further enhance its demand in the coming decade, cites the report.
The animal feed industry growth is influenced by the rapidly growing world population, the varying socio-economic environment with a majorly involved consumer base, and the continued pursuit of greater efficiency. Growth in the worldwide population, along with rise in GDP, shows that the demand for cereal grain and meat protein will keep on increasing over the forthcoming years.
According to the latest report, the cost of these products is demanding the market participants to reconsider enhancing product efficiency. Various advancements in the processing of raw materials have led to the introduction of new feed stocks, which have altered the entire approach to the formulation of these products. Also, the inexpensive feed options traditionally given to animals are limited, therefore, the carefully formulated commercial products augment the efficiency in monogastrics and ruminants.
The various types of animal feed products include fodder, compound feed, and forage. Based on the animal type, the animal feed market is bifurcated into various categories of livestock, including cattle, poultry, pigs, pet animals, aquaculture, and others.
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On the basis of the geographical presence, the global animal feed market can be fragmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The recent findings of the report reveal that there has been increasing consumption of animal-derived products in the Asia Pacific region, which has resulted in higher demand for high-quality feed. The improving quality of life has amplified the demand for animal proteins.
The rapid growth in the demand for animal-derived food products, combined with changes in the international trade patterns, has helped in expanding China’s food industry, which has in turn dominated the feed manufacturing sector. Livestock production has increased over the past decade, in comparison to the other agricultural sub-sectors of the region, mainly due to the considerable growth of the pig and poultry farming industries.
The leading industry participants profiled in the report include Smithfield Foods, NongHyup Feed Inc., Haid Group, DaChan Food (Asia) Ltd., East Hope Group, JA Zen-Noh, Yuetai Group, Wen's Food Group, Shuangbaotai Group (Twins Group), Nutreco, Tyson Foods (broiler), De Heus, Purina Animal Nutrition, CP Group, Tangrenshen Group (TRS), BRF, ForFarmers N.V., Agrifirm Group, and New Hope Liuhe, among others.