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Redding, California - January 8, 2024

Animal Feed Market to be Worth $1,008.8 Billion by 2031

Animal Feed Market Size, Share, Forecast, & Trends Analysis by Type (Compound Feed, Roughages), Source (Plant, Animal, Novel), Form (Dry (Pellets), Wet), Animal Type (Poultry, Ruminants (Beef, Dairy Cattle), Swine, Aquaculture) - Global Forecast to 2031


Meticulous Research®—a leading global market research company, published a research report titled ‘Animal Feed Market Size, Share, Forecast, & Trends Analysis by Type (Compound Feed, Roughages), Source (Plant, Animal, Novel), Form (Dry (Pellets), Wet), Animal Type (Poultry, Ruminants (Beef, Dairy Cattle), Swine, Aquaculture) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the animal feed market is projected to reach $1,008.8 billion by 2031, at a CAGR of 4.7% from 2024–2031. In terms of volume, the animal feed market is projected to reach 2,965 million tons by 2031, at a CAGR of 3.1% during the forecast period of 2024–2031. The growth of this market is driven by the increasing commercialization of the livestock sector, the rising demand for animal-based products, and the growing focus on research & development in the animal feed sector. However, fluctuating raw material prices restrain the growth of this market. Additionally, the growing awareness about animal health is expected to generate growth opportunities for the players in this market.

Key Players

The key players operating in the global animal feed market are Charoen Pokphand Foods PCL (Thailand), New Hope Liuhe Co., Ltd. (China), Cargill, Incorporated (U.S.), Brf S.A. (Brazil), Tyson Foods, Inc. (U.S.), Nutreco N.V. (Netherlands), Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.), ForFarmers N.V. (Netherlands), De Heus Animal Nutrition (Netherlands), Royal Agrifirm Group (Netherlands), and Guangdong HAID Group Co., Ltd. (China).

The global animal feed market is segmented by type, source, form, animal type, and geography.

Based on type, the animal feed market is segmented into compound feed, feed concentrates, and roughages. In 2024, the compound feed segment is expected to account for the largest share of 71.8% of the global animal feed market. The large share of the compound feed segment is attributed to their comparatively higher price and rising demand for these formulated feed among commercial livestock farmers and pet owners to ensure appropriate nutrition for animals for faster and healthy growth because of the rising prevalence of animal diseases, the growing rate of livestock industrialization, and the high demand for quality meat and dairy products. However, the feed concentrates segment is projected to register the highest CAGR of 5.4% during the forecast period.

Based on source, the animal feed market is segmented into plant-based, animal-based, fodder & DDGS, and novel sources. In 2024, the plant-based segment is expected to account for the largest share of 69.9% of the global animal feed market. The large market share of this segment is attributed to the abundant availability of raw materials, widespread acceptance of plant-based animal feed, and low cost of plant-based feed sources.

However, the novel sources segment is projected to register the highest CAGR of 6.0% during the forecast period of 2024–2031. The growth of this segment is attributed to the high nutritional profiles of novel sources, government approvals to integrate these innovative sources into feed products, and the need to explore new protein sources to meet the rising global demand for animal protein due to the rapid population growth.

Based on form, the animal feed market is segmented into dry feed and wet feed. In 2024, the dry feed segment is expected to account for the larger share of 92.7% of the global animal feed market. The large share of this segment is attributed to convenience for handling, storage & transport, and longer shelf life, less cost, nutrient stability, controlled feeding, higher nutritional density, and bulk purchase. Moreover, this segment is also expected to register the highest CAGR of 4.8% during the forecast period of 2024–2031. The rapid growth of this market is mainly attributed to increasing demand from the poultry sector and an increase in commercial livestock production.

Based on animal type, the animal feed market is segmented into poultry, ruminants, swine, aquaculture, and other types. In 2024, the poultry segment is expected to account for the largest share of 32.9% of the global animal feed market. The large share of this segment is attributed to increasing demand for poultry meat-based products, lower-cost poultry meat, increasing poultry expansion projects, and a shift in customer taste toward white meat rather than red meat.

Based on region, the animal feed market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of 39.2% of the global animal feed market. The Asia-Pacific animal feed market is estimated to be worth USD 286.2 billion in 2024. Asia-Pacific’s major market share is attributed to the increased consumption of meat and other animal products by a growing population, high milk production, the growth of the livestock farming industry in the region, and the presence of major animal feed producers in Asia-Pacific.

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Key Questions Answered in the Report:

  • What is the current revenue generated by animal feed globally?
  • At what rate is the global animal feed demand projected to grow for the next 5–7 years?
  • What are the historical market sizes and growth rates of the global animal feed market?
  • What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
  • Which segments in terms of type, source, form, and animal type are expected to create major traction for the manufacturers in this market?
  • What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global animal feed market?
  • Who are the major players in the global animal feed market? What are their specific product offerings in this market? 
  • What are the recent strategic developments in the global animal feed market? What are the impacts of these strategic developments on the market?

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Related Reports
Animal Feed Market - Global Opportunity Analysis And Industry Forecast (2024-2031)
Report ID: MRFB - 104709 Pages: 384 Formats*:PDF Category: Food and Beverages
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