Pune, India, April 15, 2021 (GLOBE NEWSWIRE) -- Animal Feed Market: Key Insights
According to our new research study on “Animal Feed Market to 2027 – Global Analysis and Forecast – by Form and Livestock,” the Animal Feed Market was valued at US$ 406,640.10 million in 2018, and it is expected to grow at a CAGR of 3.3% during 2019–2027 to reach US$ 548,936.55 million by 2027. Increase in the demand for livestock products fuels the animal feed market growth. However, the implementation of stringent regulations in different regions is hampering the market growth.
Animal Feed Market: Competition Landscape and Key Developments
A few of the key players operating in the global animal feed market include Archer Daniels Midland Co.; Cargill Inc.; Evonik Industries AG; ForFarmers N.V.; Land O'Lakes, Inc.; Guangdong Haid Group Co. Ltd; New Hope Group Co. Ltd; Nutreco NV; and Perdue Farms, Inc. The major companies in the market are implementing strategies such as expansions and product launches to have wide geographic presence and clientele. For instance, in October 2019, Nutreco NV announced the acquisition of Animal Nutrition and Health (ANH), a South African premix company. This move would help Nutreco NV in underpinning its activities in South Africa, by allowing it to offer its leading product lines to a greater number of farms.
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Asia Pacific held the largest share of the global animal feed market in 2018. The animal feed industry in countries of in this region has experienced a huge shift in consumption preferences over the years. Asia Pacific registers the fastest rate of production and consumption of pet food, which can be mainly attributed to increase in number of animal farms in the region. Moreover, shift in consumer living standards has propelled the pet owners to maintain the health of their pets. The region has emerged as one of the prominent importers of animal feed from western countries. China is dominating the animal feed market in Asia Pacific, followed by other countries such as Australia, Japan, India, Thailand, Malaysia, and Indonesia.
Industrial livestock production has undergone substantial transformation owing to technological advancements in animal vaccinations and antibiotics, in terms of production and administration. According to the Food and Agriculture Organization (FAO), the industrial livestock production accounts for more than half of the world's pork and poultry, one-tenth of its beef and mutton, and more than two-thirds of its egg supply. The surge in the industrial production of mutton, beef, pork, and poultry, compared to the production through grazing and mixed farming, has escalated the demand for high-grade animal feed products. Industrial livestock production ensures high volume of meat production at low cost by leveraging the economies of scales. Thus, the crucial ability of industrial livestock production to meet the nutritional requirements of humans worldwide has led to the proliferation of industrial livestock farms across the world, thus augmenting the sales of animal feed.
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Animal Feed Market: Segmental Overview
Based on form, the animal feed market is segmented into pellets, crumbles, mash, and others; the pellets segment dominated the market in 2018. The pellet form of feed ensures higher nutrition density, higher economic benefits, and more comprehensive nutrition. These pellets can be digested, absorbed, and conserved better by the feeding animals; moreover, they are easier to store and transport than other forms.
Based on livestock, the animal feed market is segmented into poultry, ruminants, swine, aquaculture, and others. The poultry segment dominated the market in 2018. Poultry feed is food for farm chickens, ducks, geese, and other domestic birds. The common ingredients used in poultry feed are whole maize, cottonseed cake, maize germ, soya beans, sunflower, and fish meal (omen). Modern poultry feeds consist of grain; protein supplements, including soybean oil meal; mineral supplements; and vitamin supplements.
Impact of COVID-19 Pandemic on Animal Feed Market
As of March 2021, India, Brazil, Russia, China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among of the worst-hit countries by the COVID-19 pandemic, in terms confirmed cases and reported deaths. The outbreak has been affecting economies and industries in various countries due to government impositions such as lockdowns and travel bans, and business shutdowns. Food and feed processing is one of the major industries suffering serious consequences of the pandemic in the form of supply chain breaks, technology events cancellations, office shutdowns, etc.
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China is the global hub of manufacturing and largest raw material supplier for various industries, and it is also one of countries that faced early consequences of the outbreak. The lockdown of various plants and factories in China is affecting the global supply chains and hampering the manufacturing, delivery schedules, and sales. In addition, travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are limiting the animal feed and agriculture industry growth, thereby restraining the growth of other markets related to this industry.
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April 15, 2021 at 09:30PM
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Animal Feed Market to Hit $548,936.55 Million by 2027 to Grow Steady at 3.3% CAGR - Global Analysis by The Insight Partners | Covers Impact of COVID-19 Pandemic - GlobeNewswire
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