Animal Feed Market Set to Exceed USD 337.79 Billion by 2026

Global animal feed market is anticipated to reach USD 337.79 billion by 2026 according to a new study published by Polaris Market Research.

Increasing demand for meat and meat & milk products worldwide has created the need to high quality feed for enhancing meat quality and production. Different species of animals are reared across several nations across the globe for a variety of purposes such as milk, meat, protein etc. Feed products are the major component of animal rearing owing to the fact that it adds to a significant part of the overall cost to the entire production system but increases productivity along eventually increasing profit percentage. The types of feed produced and utilized vary across different regions and these depend largely on animal population and their economic importance in the particular region. Requirement of these products to the animals also depend and vary with the motive of rearing them, including for egg, meat, and milk production. The industry contributes significantly to the nutritional and economic wellbeing of the people globally. The fact that the motive of rearing animals is getting more commercialized with time, requirement of commercially produced feed has increased tremendously over the past decade and will further add to its demand during the next decade.

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The future of animal feed industry will develop based on the rapidly growing population globally, varying social economic environment with a highly involved consumer base and constant pursuit of higher efficiency. The rise in global population and GDP growth depicts the demand for meat protein and cereal grain will carry on increasing in the future. In the present industry scenario, cost of these products refers to a need for the market participants to reconsider and enhance product efficiency. Several advancements in processing of raw materials have resulted in innovation of new feed stocks that have changed the complete approach to formulation of these products. This has no longer been a concern for monogastric animals. Inexpensive options of feed traditionally that have been given to animals are limited, and hence the commercial products are carefully formulated feed stuffs that are aimed for increasing efficiency in ruminants and monogastrics.

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In Asia Pacific region, consumption of animal derived products has been increasing steadily, thus creating a higher demand for high quality commercially produced feed. The rise in quality of life has increased the demand for animal proteins. Rapid increase in demand for food products produced from animals, along with changes in international trade patterns, has led to expansion of the Chinese food industry, which eventually has influenced the feed manufacturing sector. Production of livestock has grown faster compared to the other agricultural sub-sectors in the region during the decade, mainly owing to significant growth of poultry and pig farming industries.

Some of the leading industry participants currently operating in the industry include DaChan Food (Asia) Ltd., Smithfield Foods, Yuetai Group, NongHyup Feed Inc., Nutreco, De Heus, Tangrenshen Group (TRS), Haid Group, Shuangbaotai Group (Twins Group), Agrifirm Group, JA Zen-Noh, East Hope Group, ForFarmers N.V., Tyson Foods (broiler), BRF, Wen’s Food Group, Purina Animal Nutrition, New Hope Liuhe, Cargill, CP Group.

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This release was published on openPR.