Press release
Animal Food Market Report 2024: Strategies And Recent Developments | Cargill Incorporated, New Hope Liuhe Co. Ltd., Charoen Pokphand Foods PCL, Bunge Limited
Animal Food Market Trends
The Business Research Company offers in-depth market insights through Animal Food Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The animal food market size has grown strongly in recent years. It will grow from $256.18 billion in 2023 to $278.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to growing pet ownership, animal agriculture, humanization of pets, global meat consumption, regulations and standards.
The animal food market size is expected to see strong growth in the next few years. It will grow to $379.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to health and wellness for pets, sustainability and ethical sourcing, customized and personalized diets, digital marketing and e-commerce. Major trends in the forecast period include grain-free and grain-inclusive diets, protein-rich and meat-first formulations, natural and organic pet food, alternative protein sources, functional ingredients.
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Market Segmentation:
The main types of animal food are poultry feed, cattle feed, aquaculture feed, and other animal food. Poultry feed is food used to feed chickens, ducks, geese, and other domestic birds or farm poultry. The various ingredients used in animal food are cereals, oilseed meal, supplements, and other ingredients. These products are made available through supermarkets, hypermarkets, convenience stores, e-commerce, and other distribution channels.
Major Driver - Economic Growth As A Catalyst For The Animal And Pet Food Market
The animal and pet food market's growth are aided by the stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP reached 3.3% in 2020 and 3.4% in 2021, according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Competitive Landscape:
Major companies operating in the animal food market include Cargill Incorporated, New Hope Liuhe Co. Ltd., Charoen Pokphand Foods PCL, Bunge Limited, Mitsui, CJ Cheiljedang Corp, Land O'Lakes Inc., ForFarmers NV, Japfa Ltd., Tate & Lyle, Mars Petcare Inc., Nestlé Purina PetCare, ADM Animal Nutrition Inc., Ainsworth Pet Nutrition LLC, Alphia, Hill's Pet Nutrition Inc., Diamond Pet Foods, Blue Buffalo Co.Ltd., Spectrum Brands Inc., WellPet Group, Sunshine Mills Inc., Merrick Pet Care Inc., Simmons Pet Food, C.J. Foods Inc., Tuffy's Pet Food Inc., Nature's Variety, AgriProtein, Al Dahra Agricultural Company LLC, Big Heart Pet Brands, Bob Martin Petcare, BOCM Pauls, Ceylon Grain Elevators plc, Champion Petfoods LP, Devenish Nutrition, Diamond V, Ewos Group AS, H&N International GmbH.
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Top Trend - Rising Popularity Of Probiotics In Animal Feed And Their Impact On Animal Health
Growing awareness among cattle farmers and pet owners about the advantages of probiotics for animal health is leading to the increased use of probiotics in animal feed for farm animals like cattle, horses, ruminants, and poultry. The increasing advancements in molecular biology and gene sequencing are allowing researchers to dig deep to find new probiotic applications for animals, in feed, and consumer packaged health products. The significant rise in the adoption of probiotics in animal feed for farm animals has shown beneficial results in terms of animal performance, digestion, and the immune system. For instance, a US-based company, Bactana Animal Health, has completed its first round of funding for developing a novel bacterial stain of Faecalibacterium prausnitzii for commercial livestock usage.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Animal Food Market Characteristics
3. Animal Food Market Trends And Strategies
4. Animal Food Market - Macro Economic Scenario
5. Animal Food Market Size And Growth
…..
27. Animal Food Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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