Animal Feed Market (2024-2031)
The Animal Feed Market was valued at $699.3 billion in 2023. This market is expected to reach $1008.8 billion by 2031, from an estimated $730.2 billion in 2024, at a CAGR of 4.7% during the forecast period 2024-2031. Animal Feed Market Size & Forecast In terms of volume, the animal feed market is projected
- Published
- Jan 2024
- Pages
- 384
- Format
- PDF + Excel
- Report ID
- MRFB - 104709
- Base year
- 2023
- 2023 · BASELINE
- $699.3B
- 2031
- $1.01T
- CAGR 2024–2031
- 4.7%
2023 baseline · 2024–2031 forecast at 4.7% CAGR · hover a bar for the value
Key highlights
By Type: In 2024, the Compound Feed Segment to Dominate the Animal Feed Market
By Source: In 2024, the Plant-based Segment to Dominate the Animal Feed Market
By Form: In 2024, the Dry Feed Segment to Dominate the Animal Feed Market
By Animal Type: In 2024, the Poultry Segment to Dominate the Animal Feed Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 384 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 4.7% |
| Market Size (Value) | USD 1,008.8 Billion by 2031 |
| CAGR (Volume) | 3.1% |
| Market Size (Volume) | 2,965 Million Tons by 2031 |
| Segments Covered | By Type · Compound Feed · Feed Concentrates · Roughages · By Source · Plant-based · Cereal and Grains · Oilseed · Other Plant-based Sources · Animal-based · Fodder & DDGS · Novel Sources · By Form · Dry Feed · Pellets · Crumbles · Mash · Others · Wet Feed · By Animal Type · Poultry · Starter Feed · Grower Feed · Layer Feed · Finisher Feed · Other Poultry Feeds · Ruminants · Beef Cattle · Calf Feed · Backgrounding Feed · Feedlot Feed · Dairy Cattle · Calf Feed · Heifer Feed · Lactating Feed · Dry Cattle Feed · Other Ruminants · Swine · Starter Feed · Grower Feed · Finisher Feed · Aquaculture · Other Animal Types |
| Countries Covered | North America (U.S., Canada), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), Europe (France, Germany, Italy, Spain, U.K., Netherlands, Russia, Poland, and Rest of Europe), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa |
| Key Companies | 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). |
Report overview
Segments covered: type, source, form, animal type. Regions: North America, Asia-Pacific, Europe, Latin America.
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 can be attributed to several factors, including 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.
Report infographic
Market dynamics
3 factors across 2 forcesGrowing Commercialization of the Livestock Sector Driving the Growth of the Animal Feed Market
Increasing economic development and urbanization are driving the demand for meat, dairy, and other livestock products. To meet the rising demand for meat and other animal products, animal farming is rapidly increasing globally. Consequently, the livestock sector has become increasingly industrialized in recent years. Industrial systems have significantly improved agricultural productivity and increased meat and dairy output. Livestock populations are increasing, while at the same time, the number of farmers is decreasing, leading to much bigger herds per farm. According to projections by the Food and Agriculture Organization of the United Nations (2022), global livestock production is set to reach 1,961,400,000 heads in 2026 from 1,904,800,000 heads in 2023, an increase of 0.7% per year.
In large-scale livestock production, it becomes difficult for farmers to track and monitor animals’ health. Also, there are other issues, such as reducing the environmental impact of livestock production and ensuring optimal productivity. The industrialization of the livestock sector has resolved such issues with advanced technologies. For instance, in the animal feed industry, feed software is used for feed formulation to minimize costs and maximize profits. The software enables users to manage their feed production processes by providing them with information on ingredients, recipes, and costs. Additionally, the use of feed automation in livestock farming has gained momentum in recent years. Automated feeding systems provide daily information about feed consumption and costs. They offer various benefits to farmers, such as reducing feed waste and improving working conditions by reducing the time spent on the preparation and distribution of rations.
Large herds reared for meat and dairy products require high-quality, nutritious feed for proper growth and development, creating a strong demand for animal feed. Feed provides animals with the necessary nutrients, promotes growth and good health, and contributes to sustainable and efficient livestock production.
Thus, the increasing commercialization of the livestock sector and rising livestock populations are driving the growth of the animal feed market.
Rising Demand for Animal-based Products Increasing Livestock Production and Utilization of Animal Feed
Urbanization is driving a livestock revolution across many developing countries. Urbanization, population expansion, economic growth, and changes in consumers’ eating habits are driving a shift toward more livestock-intensive diets consisting of meat, milk, and eggs. According to the OECD-FAO Agricultural Outlook 2021–2030 report, the global consumption of meat proteins is projected to increase by 14% from 2021 to 2030, mainly driven by income and population growth. In addition, protein availability from beef, pork, poultry, and sheep meat is projected to grow by 5.9%, 13.1%, 17.8%, and 15.7%, respectively, from 2021 to 2030. Much of the increase in global meat production is expected from the U.S, Argentina, India, Mexico, Russia, and Turkey. In addition, per capita global meat consumption is expected to increase by 0.3% p.a. from 2021 to reach 35.4 kg RWE (Retail Weight Equivalent) in 2030.
Moreover, according to the Organisation for Economic Co-operation and Development and the United Nations Food and Agriculture Organization (OECD-FAO) Agricultural Outlook 2022–2031 report, global milk production is expected to increase by 1.19% per annum from 2021 to 2031, reaching 1,059.9 million tons in 2031 from 875.8 million tons in 2021. India and Pakistan are projected to account for over half of the growth in global milk production over the next ten years.
As the global demand for milk continues to rise, there is a growing need to produce more milk from fewer resources. Therefore, dairy farmers are focused on increasing milk yield and improving livestock health. Dairy animals have high nutritional requirements during lactation. High-quality feeds containing plant-based ingredients, supplements, and novel additives help increase milk production, improve milk quality, and boost immune function in dairy animals. Probiotics, prebiotics, enzymes, amino acids, vitamins, and minerals are commonly used in animal feed to improve feed digestibility, enhance nutrient absorption, and promote the growth of healthy gut bacteria.
Thus, the rising demand for animal-based products and increasing livestock production are driving the growth of the animal feed market.
Table of contents
12 chapters · 129 sections · 384 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Type | Compound Feed | Feed concentrates |
| By Source | Plant-based | Novel sources |
| By Form | Dry Feed | — |
| By Animal Type | Poultry | Aquaculture |
By Type
- The Compound Feed Segment to Dominate the Animal Feed Market
- 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.
- The rapid growth of this segment is mainly attributed to increasing demand for specialized diets for animal feed and increasing farmers' awareness about the specific nutritional needs of their animals.
By Source
- The Plant-based Segment to Dominate the Animal Feed Market
- 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.
By Form
- The Dry Feed Segment to Dominate the Animal Feed Market
- 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.
By Animal Type
- The Poultry Segment to Dominate the Animal Feed Market
- 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.
- However, the aquaculture segment is projected to register the highest CAGR of 6.4% during the forecast period of 2024–2031.
- The rapid growth of this segment is mainly attributed to increasing aquaculture production, demand for a nutritious diet for the proper growth and development of aquaculture species, and rising consumption of fish and fish-based products.
Geographic analysis
Asia-Pacific
Fastest growthIn 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. Additionally, this region is projected to register the highest CAGR of 5.9% during the forecast period, mainly due to growing support by the government to strengthen the agricultural sector, economic expansion, increasing focus on animal productivity, and modernization of the livestock & meat sectors. Asia-Pacific: Fastest Growing Market
Competitive landscape
- January 2023
De Heus Animal Nutrition (Netherlands) opened a feed factory situated in Attinguié, Ivory Coast, with an initial capacity of 120,000 MT per annum.
- December 2021
Nutreco (Netherlands) acquired Nutrimin (Denmark) to strengthen its Trouw Nutrition business in farms in Eastern Europe and Russia.
- September 2021
Alltech (U.S.) established a research facility in the Netherlands to expand its capacity for product development and production of aquaculture industry solutions.
- February 2021
ForFarmers (Netherlands) acquired De Hoop Mengvoeders B.V. (Netherlands) to strengthen its position in the poultry feed sector, mainly in the Netherlands, Belgium, and Western Germany
- 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
- Guangdong HAID Group Co., Ltd. · China
Frequently asked questions
Animal feed is a formulated mixture of ingredients intended to provide the necessary nutrients and energy for the proper growth, development, productivity, and maintenance of animals. Animal feed is an integral part of modern animal husbandry and is used for a wide range of animals, including poultry, ruminants, swine, aquatic animals, and pets at different stages of their life.
This global animal feed market report provides detailed market insights and market size & forecasts of animal feed in terms of value & volume by type and geography and in terms of value by type, source, form, animal type, and geography. Each segment provides the market size & forecast for five key geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the key countries.
Cite this report
Meticulous Research. (2024). Animal Feed Market - Global Opportunity Analysis And Industry Forecast (2024-2031) (Report No. MRFB - 104709). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/animal-feed-market-5393