Colombia Animal Feed Market - Forecasts from 2024 to 2029

Colombia Animal Feed Market - Forecasts from 2024 to 2029

The Colombian animal feed market is expected to grow at a CAGR of 3.80% throughout the forecast period and will reach a market size of US$2,675.834 million by 2029 from an initial value of US$2,061.069 million in 2022.

Major factors such as the ongoing expansion of the livestock sector, inclusive of swine, cattle, and poultry, coupled with the nation's agricultural and economic environment, are having a significant impact on the Colombian animal feed industry. To maintain and improve the health and productivity of livestock, this growth raises the demand for high-quality animal feed. As per the United States Department of Agriculture's “Grain and Feed Annual” report issued in March 2023, five percent of imported maize in Colombia is used for human consumption, while the remaining ninety-five percent is used for animal feed. Moreover, ninety percent of local production goes towards the food processing industry, while about ten percent is used for animal feed. Colombia is heavily dependent on imports, and the country's consumption of maize is rising rapidly. Furthermore, grain feed imports into Colombia are determined by trends in feed demand. With 65 percent of all feed imports in CY 2022, the poultry industry is the biggest consumer in the animal feed business. Ten percent went towards aquaculture and domestic pets, while the remaining twenty-five percent was consumed by the livestock and swine sectors. In addition, growing urbanization and population in Colombia increases the need for dairy and meat products and increases the demand for animal feed. The sector is growing as a result of changes in dietary preferences, with a rising amount of people choosing animal-based protein. Furthermore, producers are constantly looking for creative ways to increase productivity and satisfy changing customer requirements. These developments in feed technology and nutritional research are major factors positively impacting the animal feed market in the nation.

The rising consumption of meat and other animal-based products is driving the market growth.

The animal feed market in Colombia is significantly impacted by the rising consumption of meat and other animal-based products. As livestock producers work to fulfill the nutritional needs of a growing and healthy animal population, the increased demand for meat production drives a corresponding rise in the need for animal feed. For instance, pork consumption is rising in Colombia, which is anticipated to drive up the demand for animal feed, especially speciality formulations to assist swine production. This increase highlights how vital the animal feed business is to meet the dietary requirements of a developing and flourishing pig farming sector. As per the OECD, the consumption of pork has significantly increased in Colombia from 573.9 thousand tons in 2019 to as high as 624.614 thousand tons in the year 2023. According to the OECD, the consumption of beef has also increased in recent years, making up 651.984 thousand tons in 2023. The previous year’s beef consumption was 640.862 thousand tons. This growth is predicted to influence the animal feed market in the nation. Furthermore, Colombia is seeing a rise in the middle class, consistent economic development, and increased protein output, which is driving up demand for feed ingredients. The export of MBM from the United States has a great chance. The poultry industry in Colombia is the biggest user of animal feed, making up over 65 percent of all feed imports in 2022.

Overall, the market for animal feed in Colombia is closely related to changing patterns of consumption and dietary preferences, reflecting the dynamic interaction between agricultural techniques and consumer choices.

Segmentation:

By Type:

Fodder
Forage
Compound Feed
By Raw Materials:

Soya
Canola
Rendered Meat
Others
By Livestock:

Swine
Aquatic Animals
Cattle
Poultry
Others