Report : Animal Feed Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Form (Pellets, Crumbles, Mash, Others); Livestock (Poultry, Ruminants, Swine, Aquaculture, Others); and Geography
Rise in Industrial Livestock Production is expected to escalate the global animal feed marketat a CAGR of 3.3%
Latest market study on "Global Animal FeedMarket to 2027 – COVID 19 Impact and Global Analysis - By Form (Pellets, Crumbles, Mash, Others); Livestock (Poultry, Ruminants, Swine, Aquaculture, Others); and Geography," Animal feed is the food grown to nourish poultry and livestock. Animal feed is produced by selecting and blending feed ingredients to offer 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 sources including fats, cereal grains, high-protein oil meals or cakes, by-products from processing of sugarcane, sugar beets, animals, fish, and others. 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.
The global animal feed market was valued at US$ 4,06,640.1 million in 2018 and is projected to reach US$ 5,48,936.5 million by 2027; it is expected to grow at a CAGR of 3.3% during2019 – 2027. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Industrial livestock production has undergone substantial transformation owing to technological advancements in animal vaccinations and antibiotics. According to the Food and Agriculture Organization (FAO) 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 have originated from industrial livestock production. The development of industrial livestock production across the globe has led to significant demand for highly nutritious animal feed products. The surge in the industrial production of mutton, beef, pork, and poultry over grazing and mixed farming has necessitated the demand for high grade animal feed products. Industrial livestock production has ensured high volume of meat production at low cost by taking advantage of economies of scales. The availability of dairy and meat products at low prices has led to an increase in the consumption and thereby contributed to the growth of the industrial livestock production industry. The robust growth witnessed by the industrial livestock production sector has spurred the demand for high quality animal feeds used in rearing a range of livestock including cattle, swine, goats, chicken, fish, shrimps, etc. The crucial role played by industrial livestock production in meeting the nutritional requirement of humans across the world has led to the proliferation of industrial livestock farms across the world and augmented the sales of animal feeds.
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food and feed processing is one of the major industries facing serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. China is the hub of manufacturing and the largest raw material supplier for various industries worldwide, and disturbed operations in the country are affecting several businesses from all other countries dependent on its manufacturing sector. The overall market breakdown due to COVID-19 is also affecting the growth of the animal feed market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The market for global animal feed is concentrated with some very well-established players. Archer Daniels Midland Co., Cargill Inc., Evonik Industries AG, ForFarmers N.V., and Land O'Lakes, Inc., Guangdong Haid Group Co. Ltd, New Hope Group Co. Ltd, Nutreco NV, and Perdue Farms, Inc. are some of the major key players operating in the global animal feed market.
The report segments the global animal feed marketas follows:
Animal Feed Market, by Livestock