The global animal feed market is expecting to touch a valuation of USD 617.61 billion by 2023, according to Market Research Future (MRFR). The market volume is forecasted to touch 1339.26 million tons (MT) by 2023, growing at a 3.84% CAGR from 2018 to 2023 (forecast period). Industrial farming or industrial livestock production can drive market demand during the forecast period thanks to increasing consumer demand. Health benefits of eggs, milk, and meat as well as the changing attitudes of buyers regarding their diet have expedited the industrial farming rate.
Key players in the Animal Feed Market include New Hope Group (China), NUTRECO N.V. (The Netherlands), Cargill, Inc. (U.S.), Land 'O Lakes Inc. (U.S.), Charoen Pokphand Group (Thailand), ForFarmers N.V. (The Netherlands), Japfa Comfeed Indonesia Tbk (Indonesia), COFCO Limited (Hong Kong), Neovia Group (France), and Archer Daniels Midland (ADM) Company (U.S.).
The animal feed market can be segmented by form and species. By form, the market is segmented into pellets, crumbles, mash, and others. By species, the market covers poultry, swine, aqua, ruminants, and others.
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The North America animal feed market accounted for 23.80% of the overall volume in 2018 and will enjoy a steady growth in this regard. It is touted to touch a size of USD 131.7 billion by 2023 owing to the U.S. which contributes to its revenue. The nascent aquaculture, the growing broilers industry, and Canada and the U.S. being major horse feed producers can bode well for the market in the coming years.
On the other hand, Europe accounted for 25.02% share of the global market in 2018 thanks to Russia, Germany, France, and Spain. It is projected to enjoy a 4.39% CAGR over the forecast period. The high requirement for pet foods and increased production of aqua feed, broiler feed, and swine feed are likely to augur the market growth till 2023.
Fortification of animal feeds with essential vitamins, minerals, and other nutrients to enhance its quality and strength is likely to find many takers from the agriculture sector. High demand for end-products will support this trend. Investments in research and development (R&D) by companies to improve the nutritive value of their products is expected to spur market growth. But high costs of raw materials and stringent government regulations can impede the animal feed market.
Browse the market data and information spread across 115 pages with 129 data tables and 11 figures of the report “Animal Feed Market Research Report - Forecast to 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/animal-feed-market-1611
October, 2018 Market Research Future Published a Cooked Research Report on Animal Feed Market Research Report.