Animal Feed Market Size, Share & Trends Analysis Report By Species (Poultry, Cattle, Swine, Aqua, Pet), By Additives (Antibiotics, Vitamins), By Region, And Segment Forecasts, 2023 - 2030

Animal Feed Market Size, Share & Trends Analysis Report By Species (Poultry, Cattle, Swine, Aqua, Pet), By Additives (Antibiotics, Vitamins), By Region, And Segment Forecasts, 2023 - 2030

Animal Feed Market Growth & Trends

The global animal feed market size is projected to reach USD 816.78 billion by 2030, as per a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 4.6% from 2023 to 2030. The growth is majorly driven by the rising demand for higher-quality food products like meat, eggs, and milk, which has led to an increased usage of animal feed in the region.

The market growth is faced with challenges such as the price volatility of raw materials and additives used in feed preparations. For example, a sudden increase in corn prices can affect small and medium-sized pig farm owners as it is less affordable for them. In addition, the growing trend of people adopting vegan and vegetarian diets and reducing meat consumption could reduce the demand for meat, negatively impacting the product demand. Furthermore, outbreaks of animal diseases like African Swine Fever (ASF) and Porcine Epidemic Diarrhea (PED) can also limit market growth.

According to the Food and Agriculture Organization (FAO), the worldwide average per capita demand for meat will rise by 2% between 2020 and 2032. This increase is mainly due to the growing consumption of meat in middle-income countries, which will play a vital role in driving this overall market growth. As middle-income countries experience urbanization, economic growth, and the expansion of the fast-food industry, substantial shifts in consumer meat preferences are expected. On the other hand, in low-income countries, higher meat consumption is primarily driven by the growth in population.

The market is fragmented with many local and regional players competing to expand their market shares. Some major players in the industry include Archer Daniels Midland, Cargill Inc., Land O' Lakes Inc., De Heus, and ForFarmers. Due to the fragmented supply of raw materials and the dispersed consumer base in developing markets, local feed manufacturers have significant opportunities to cater to niche customer groups and establish a strong foothold in the industry.

Animal Feed Market Report Highlights

• Based on species, the swine segment is projected to grow at the fastest CAGR of 5.9% over the forecast period owing to the increasing consumption of swine in the European and North American region. Higher demand for animal protein in the form of meat is increasing the consumption of pigs, which in turn is increasing the demand for the product
• In terms of additives, the amino acid segment dominated the market in 2022 with a revenue share of over 30.6% owing to its ability to build immunity and promote animal growth
• Different types of animal feed additives include enzymes, antioxidants, antibiotics, vitamins, amino acids, and acidifiers, which are used to increase efficiency and add nutritional value to the product
• Based on region, the Asia Pacific region is anticipated to witness the fastest CAGR of 5.0% over the forecast period owing to the increasing consumption of meat along with the rise in the production of oilseed, which is used as a raw material in the product manufacturing

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