Global Animal Feed Nutrition Market to Surpass US$ 641 Mn by 2030
The global animal feed nutrition market is projected to reach US$ 641.3 Mn by the end of 2030. The market was valued at US$ 420.9 Mn in 2020. If these figures hold true, the market will exhibit a CAGR of 4.3% between 2020 and 2030. Regionally, North America is expected dominate the market. However during the forecast period, East Asia is forecast to show growth at a higher pace. In terms of ingredient, the market can be classified into corn, wheat, soybean meal, and oats. Of these, wheat and soybean meals segments are likely to lead the global market.
Growth in Livestock Feed Industry Causes Higher Sales in Animal Feed
Growth opportunities in the market for animal feed nutrition look positive on account of the expansion of the livestock feed industry. In addition to this, the consistently rising demand in developing countries and uptick in aquaculture as a result of rising per-capita meat consumption is driving the animal feed nutrition market.
Experts also find ban on antibiotics as chief growth driver for the market. Coupled with the aforementioned factors, the rising awareness among pet owners regarding what is good for the health of their pets will fuel demand for functional ingredients, in turn boosting the animal feed nutrition market. According to the study, the demand for soybean meal and wheat-based ingredients is likely to remain considerably high through the course of the forecast period.
North America Offers Lucrative Growth Opportunities
Regionally, the global animal feed nutrition market covers North America, Latin America, East Asia, South Asia, Europe, Oceania and the MEA. Among these regions North America currently leads the market. Factors such as better awareness among consumers and their higher disposable income aid their choice of animal feed nutrition.
In addition to this, the demand for animal feed nutrition is expected to remain high in Asia Pacific. Growth in this region is propelled by precedence of the agricultural sector and high dependence on domestic animals. Increasing pet ownership is also expected support the growth of the market in the region
Rising Awareness among Consumers will Stoke Growth Opportunities
Consumers around the world are increasingly becoming aware about both animal and human health. As a result, despite increasing meat consumption stringent regulations are introduced to put a ban on the use of antibiotics in several countries. Given the scenario, the sales of animal feed has spiked. This is particularly true in case of developing regions. The rising pet ownership in emerging economies, coupled with the rising disposable of consumers and their increasing awareness will stoke growth opportunities for the market in the coming years.
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Animal Feed Nutrition Market - Key Research Findings
- The market will exhibit a CAGR of 4.3% between 2020 and 2030
- Households or pets segment is one of the major application areas of animal nutrition owing to the rapidly increasing number of pets and domesticated animals
- The Asia Pacific animal feed nutrition market is expected to hold the largest share and is anticipated to grow at a higher CAGR
- Investments in research and development (R&D) to enhance food fortification processes are forecast to create new growth opportunities in the forthcoming years
- With increasing exports of animal products from China and India, the pressure for achieving greater animal productivity is driving the need for animal feed nutrition market
Key Factors Shaping the Animal Feed Nutrition Market
Growing Demand in Meat Industry
Growing red and white meat consumption, demand for protein rich diet, rise in population and correspondingly increasing food availability issues are some the major factors propelling the demand for animal nutrition chemical products. Among applications of animal nutrition chemicals poultry holds largest market share due to high consumption rate of chicken and advancement of poultry production methods. Developing risk of deadly diseases and nutrition malfunction among poultry fowls has led to rise in demand for animal nutrition chemical products in this industry.
Amino Acids Segment Among Products to Exhibit High Growth
Amino acids are considered extremely essential for animal nutrition. They are vital nutrients required in animal’s body to complete main bodily functions such as protein synthesis, structuring cells, carriage and the storage of other nutrients. In addition, quality animal-based food products such as meat, milk, wool, and eggs are obtained by optimal supplementation of amino acid. Animal breeders are experiencing better results from branched-chain amino acids (BCAA) which are anticipated to cause a surge in demand for animal nutrition chemicals.
Rising Demand for Nutrition Rich Feed Driving Demand
The growing awareness of animal feed quality for domestic animals and nutrient required for them is driving the acids & nutrients segment in the animal nutrition market. Rising use of animal feed is anticipated to have the positive impact on the market growth in the coming years. Rising milk and meat industries is encouraging the feed manufacturers to provide high quality feeds that are rich in acids and nutrients, thus contributing to the market growth.
Animal Feed Nutrition Market - Structure Analysis
- Players in the market are focusing on expanding their product portfolio by launching new products. This will help them in increasing revenue flow as well as their share in the market
- Some of the companies are focusing on launching new products under new brand names. For instance, in 2018, Patanjali announced the launch of urea-free cattle feed and feed supplements under the new brand, Dugdhamrit
- Base year considered - 2020
- Actual estimates/Historical data - 2015 – 2019
- Forecast period - 2020 – 2030
- Market Value in 2020 - US$ 420.9 Mn
- Segments covered - Form, Application, Function and Region
- Regions covered - North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA
- Key Players - BASF SE, Cargill Inc., Charoen Pokphand Foods Pcl, Nutreco N.V., Novus International Inc., Adisseo France S.A.S., Evonik Industries Ag, Arch
- Soybean meal
- Amino Acids
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa