The North America animal feed market was valued at US$ 85,635. 32 million in 2018 and is projected to reach US$ 118,570. 29 million by 2027; it is expected to grow at a CAGR of 3. 6% during 2019-2027.
New York, July 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Animal Feed Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Form, Livestock, and Country" - https://www.reportlinker.com/p05934822/?utm_source=GNW
Animal feed is the food grown to nourish poultry and livestock.Animal feed is produced by selecting and blending feed ingredients to offer highly nutritious diets that promote the health of animals and improve the quality of end products such as milk, wool, eggs, and meat.
Animal feeds can be broadly groped as concentrates or roughages.Concentrates include high in energy value food Forms such as fats, cereal grains, high-protein oil meals or cakes, by-products from processing of sugarcane, sugar beets, animals, and fish.
While roughages include hays, straw, silage, root crops, pasture grasses, stover (cornstalks), and others.The rising demand for animal origin protein has led to the intensification of livestock production chiefly based on the uses of industrial compound feed.
Animal feed costs vary widely from season to season and it is often possible for producers to realize substantial savings through wise selection of the feed ingredients used to formulate complete diets.
Based on form, the North America animal feed market has been segmented into pellets, crumbles, mash, and others.The pellets segment dominated the animal feed market in 2018, and is expected to grow at a rapid pace during forecast period.
Feed pellets can be produced by using a grinding machine that can crush the maize & soya bean meal or any other ingredient into a fine powder; then the fine powder can be mixed with the wheat bran, bone meal, microelement, vitamin, and other raw materials to make the complete feed mesh.By using different animal feed machine, the mesh is made into feed pellets.
Crumbles are nothing but the smaller broken up pellets, which makes the feed easier to eat and are also a good option for baby chicks and smaller breeds.In simple terms, crumble is known as a coarse variety of mash, but it is not as compact as the pellets.
Feed mash is one of the simplest solid forms of feed that can be manufactured in small, medium, and large scales. It consists of grinding and mixing of all raw materials into uniform proportions to meet the nutritional requirements of the animals. Other segments of animal feed form comprise whole grains, micro pellets, crushed grain or scratch, grain mix, and others.
Geographically, the North America animal feed market is segmented into US, Canada, and Mexico.In 2018, The US dominated the animal feed market in North America, followed by Canada.
The production and consumption of animal feed are increasing in the US, owing to growing focus over healthy animal feed products.Canada is another strong contributor in terms of animal feed market.
The rise in the purchasing power of the consumer, along with the increasing demand for healthy animal feed products, have motivated the consumers to look forward to high-quality food products for their animals such as poultry, ruminants, swine, aquaculture, and others.Further, the population growth will again lead to increased demand for food, as the consumers are demanding for protein-rich food, especially in Mexico.
The strong presence of the retail network in the North American countries is expected to propel the growth of the animal feed market. Rise in industrial livestock production by animal farmers is one of the major factors influencing the animal feed market in North America. Additionally, the increase in per-capita income, coupled with the inclination toward meat & dairy products, can again buttress the growth of this market.
Archer Daniels Midland Co., Cargill Inc., Charoen Pokphand Foods Plc., Evonik Industries AG, Land O’Lakes, Inc., New Hope Group Co. Ltd, Nutreco NV, and Perdue Farms, Inc. are among the major players operating in the North America animal feed market.
COVID-19 outbreak initially started in Wuhan (China), in December 2019.Since then, it has spread at a fast pace across the world.
Currently, China, Italy, Iran, Spain, India, Russia, republic of Korea, France, Germany, and the US are some of the worst affected countries in terms confirmed cases and reported deaths.Due to the outbreak of COVID-19, there has been a severe downfall in the revenue of different industries.
Lockdowns, travel bans, and business shutdowns have drained the amount of money available with the people and companies, which in turn has restrained the economic flow in the market.The food and beverage industry shutdown and supply chain disruptions due to the lockdown of countries have curbed the supplies of food and beverage products worldwide.
Decrease in the out-of-home consumption has impacted the food and beverage industry figures adversely. The US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico. The food & beverages industry is likely to get adversely impacted as the overall supply chain is getting affected. The slowdown in research & development activities and manufacturing processes will also affect the animal feed market in North America.
Overall size of the North America animal feed market has been derived in accordance to both primary and secondary source.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the North America animal feed market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America animal feed market.
Read the full report: https://www.reportlinker.com/p05934822/?utm_source=GNW
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