Animal Feed Market Report and Forecast 2024-2032

According to this report, the global animal feed market size reached a value of USD 559.37 billion in 2023. Aided by the rising demand for high-quality animal products and the growing awareness of animal health and nutrition, the market is projected to further grow at a CAGR of 4.1% between 2024 and 2032 to reach a value of USD 803.07 billion by 2032.

Animal feed is a critical component in the livestock, poultry, and aquaculture industries, ensuring that animals receive balanced and nutrient-rich diets. The feed consists of various ingredients, including cereals, protein meals, vitamins, minerals, and additives that promote animal health and growth. A healthy and nutritious diet in livestock not only enhances productivity but also improves the quality of meat, milk, eggs, and other animal-derived products, leading to increased consumer demand for premium-quality food.

One of the key drivers propelling the global animal feed market development is the rising demand for quality animal products. As consumers become more health-conscious, the demand for nutrient-rich and organic animal-based food products has surged. Livestock producers are increasingly focusing on enhancing the feed quality to meet the growing demand for high-quality products like lean meat, organic milk, and omega-3 enriched eggs.

Moreover, advancements in animal nutrition science are further aiding the animal feed market expansion. Innovations such as feed fortification with probiotics, enzymes, and essential amino acids are playing a crucial role in boosting livestock immunity and improving overall productivity. These innovations are anticipated to increase the adoption of specialised and functional feeds, positively influencing the market outlook.

The growing trend of sustainable and eco-friendly farming practices is expected to play a significant role in boosting the animal feed market growth. Environmental concerns and rising pressure to reduce the carbon footprint of livestock farming are pushing farmers and feed producers to explore alternative, sustainable feed ingredients. This includes the use of insect-based protein, algae, and other novel feed ingredients that have a lower environmental impact compared to traditional protein sources like soy or fishmeal. As sustainability becomes a priority, feed producers are likely to shift their focus towards greener alternatives, boosting the demand for sustainable animal feed solutions. This is one of the main animal feed market trends.

Another emerging trend is the increasing focus on the use of precision nutrition in animal farming. Precision nutrition involves tailoring feed formulations to meet the specific nutritional needs of different species and growth stages of animals. This not only optimises feed utilisation but also improves animal health and reduces waste, contributing to better environmental outcomes. The adoption of precision feeding technologies, such as feed management systems and smart sensors, is likely to enhance feed efficiency and animal performance, further supporting the demand for animal feed.

While the global animal feed market demand is set to expand, certain challenges need to be addressed. Fluctuations in raw material prices, especially for key feed ingredients like corn, soy, and wheat, are a major concern for feed manufacturers. Unpredictable weather patterns and supply chain disruptions can cause volatility in the availability and pricing of these essential ingredients, impacting the overall profitability of the animal feed industry.

Furthermore, growing concerns about the overuse of antibiotics in animal feed present a challenge for the industry. Stringent regulations and bans on the use of antibiotics as growth promoters in several regions have compelled feed manufacturers to explore alternative additives, such as probiotics, prebiotics, and organic acids, to promote animal health and growth. Adapting to these regulatory changes while maintaining cost-effectiveness remains a key challenge for market players.

In conclusion, the global animal feed market value is expected to increase in the coming years, supported by the rising demand for animal-based food products and the ongoing shift towards sustainable farming practices. As feed producers continue to innovate and adapt to regulatory changes, the market is expected to remain dynamic and resilient, offering significant opportunities for industry participants.

Market Segmentation

The market can be divided based on type, livestock, raw material, and region.

Market Breakup by Type

• Fodder and Forage
• Compound Feed

Market Breakup by Livestock

• Pork
• Aquatic Animal
• Cattle
• Poultry
• Others

Market Breakup by Raw Material

• Soy
• Corn
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global animal feed market. Some of the major players explored in the report are as follows:

• Alltech Inc.
• Archer-Daniels-Midland Company
• Cargill, Incorporated
• Nutreco N.V.
• Land O’Lakes, Inc.
• Charoen Pokphand Foods PCL
• FEED ONE CO., LTD.
• BRF S.A.
• Kent Nutrition Group
• ForFarmers N.V.
• Others