Global Animal Feed Market to Reach $1,008.8 Billion by 2031, Driven by Rising Livestock Commercialization and Demand for Animal-Based Products
Meticulous Research®, a leading global market research firm,
has published its latest 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 the report, the global animal feed market is expected to surge to
$1,008.8 billion by 2031, growing at a compound annual growth rate (CAGR) of
4.7% from 2024 to 2031. In terms of volume, the market is anticipated to reach
2,965 million tons, with a CAGR of 3.1% over the forecast period.
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The growth trajectory of the animal feed market is driven by
several key factors, including the increased commercialization of the livestock
industry, rising consumer demand for high-quality animal-based products, and a
growing emphasis on innovation and research in animal nutrition. However, the
market's expansion may be tempered by fluctuating raw material costs. Despite
this challenge, the increasing focus on animal health and the development of
novel feed sources is poised to unlock new growth opportunities for market
participants.
Key Market Segments and Trends
The animal feed market is categorized by type, source, form,
animal type, and geographic regions, offering insights into the evolving
dynamics of this critical sector.
1. By Type: Compound Feed Leads the Market The market
is segmented into compound feed, feed concentrates, and roughages. In 2024, the
compound feed segment is projected to dominate, accounting for 71.8% of the
global market. This segment's substantial share can be attributed to the higher
cost of formulated feed and the increasing adoption by commercial livestock
farmers and pet owners seeking nutritionally balanced solutions to promote
healthy growth and minimize the risk of animal diseases. However, the feed
concentrates segment is expected to exhibit the fastest growth, with a
projected CAGR of 5.4% through 2031.
2. By Source: Plant-Based Feed Dominates, Novel Sources
Gain Traction In terms of feed sources, the market is segmented into
plant-based, animal-based, fodder & DDGS, and novel sources. In 2024,
plant-based feed is expected to account for 69.9% of the global market,
supported by the abundance of raw materials, low production costs, and
widespread consumer acceptance. Nonetheless, the novel sources segment, driven
by the exploration of innovative, high-nutrient feed options, is projected to
grow at a CAGR of 6.0% during the forecast period. These novel sources are poised
to meet the surging global demand for animal protein in response to rapid
population growth and increased protein consumption.
3. By Form: Dry Feed Takes the Lead When categorized
by form, the animal feed market is divided into dry and wet feed. In 2024, dry
feed is anticipated to hold a dominant share of 92.7%, fueled by its
convenience in handling, storage, and transport, as well as its longer shelf
life and nutrient stability. The dry feed segment is also forecast to register
the highest CAGR of 4.8% from 2024 to 2031, bolstered by rising demand in the
poultry sector and increasing commercial livestock production.
4. By Animal Type: Poultry Segment Holds Strong The
animal feed market is further segmented by animal type, including poultry,
ruminants, swine, aquaculture, and others. The poultry segment is expected to
capture the largest share of 32.9% of the global market in 2024. The rising
demand for poultry meat, coupled with its lower cost and a shift in consumer
preference toward white meat, has driven substantial growth in this segment.
Additionally, the expansion of poultry farming projects globally continues to
fuel the demand for high-quality poultry feed.
Regional Insights: Asia-Pacific Dominates the Market
Geographically, the animal feed market spans North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific is forecast to hold the largest market share, representing 39.2%
of the global animal feed market in 2024, with an estimated valuation of USD
286.2 billion. This region's dominance is underpinned by a rapidly growing
population, increased consumption of animal products, and significant livestock
farming activities. Moreover, the presence of key market players in the region,
combined with strong agricultural output, positions Asia-Pacific as a critical
hub for animal feed production and consumption.
Key Players Driving Market Growth
Prominent companies shaping the global animal feed landscape
include 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). These key players are driving innovation through research
and development, focusing on sustainable and high-quality feed solutions that
meet the evolving needs of livestock farmers and the global food supply chain.
Conclusion
As the global demand for animal-based products continues to
rise, the animal feed industry is positioned for significant growth, driven by
technological advancements, a focus on animal health, and the adoption of
innovative feed solutions. Meticulous Research® projects a promising future for
the animal feed market, with ample opportunities for industry players to
capitalize on the evolving market trends and meet the needs of a growing global
population.
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