Global Animal Feed Market to Reach $1,008.8 Billion by 2031, Driven by Increasing Demand for Animal-Based Products and Advancements in Feed Technology

Meticulous Research®, a leading global provider of comprehensive market intelligence and research, has recently published a new 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 this latest analysis, the global animal feed market is expected to surpass $1,008.8 billion by 2031, expanding at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. In terms of volume, the market is projected to reach 2,965 million tons by 2031, growing at a CAGR of 3.1% over the same period.

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The report identifies several key drivers behind this growth, including the increasing commercialization of livestock farming, rising consumer demand for animal-based products, and substantial investments in research and development within the feed sector. Despite these positive trends, fluctuating raw material prices may pose challenges to market expansion. However, rising awareness surrounding animal health and nutrition is anticipated to provide new opportunities for market players in the years to come.

Key Players Shaping the Future of the Animal Feed Market
The competitive landscape of the global animal feed market is defined by the presence of major corporations and innovators. Leading companies driving growth and innovation in this space 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)
-Guangdong HAID Group Co., Ltd. (China)

These organizations play a pivotal role in shaping the global animal feed industry, each bringing unique expertise and resources to a rapidly evolving market. Their contributions range from cutting-edge research and development in animal nutrition to large-scale production and distribution networks that span the globe.

Market Segmentation: A Comprehensive Overview
By Type: Compound Feed Leads the Market
The animal feed market is broadly segmented into three main types: compound feed, feed concentrates, and roughages. In 2024, the compound feed segment is expected to dominate the market, representing an impressive 71.8% share. The dominance of compound feed is attributed to its premium pricing and increasing demand among commercial livestock farmers and pet owners. Compound feed is meticulously formulated to provide optimal nutrition, essential for ensuring faster and healthier growth in animals. This is particularly critical as livestock farmers face rising concerns over animal diseases, intensifying industrialization of livestock farming, and growing consumer demand for high-quality meat and dairy products.

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Meanwhile, the feed concentrates segment is poised for rapid growth, projected to achieve the highest CAGR of 5.4% over the forecast period. Feed concentrates, known for their high nutritional value, are increasingly preferred for their ability to deliver essential nutrients in a concentrated form, supporting better animal health and productivity.

By Source: Plant-Based Feed Holds the Largest Share
In terms of sources, the market is segmented into plant-based, animal-based, fodder & DDGS (Dried Distillers Grains with Solubles), and novel sources. The plant-based segment is expected to dominate in 2024, accounting for 69.9% of the global animal feed market. This substantial market share is primarily driven by the abundance of raw materials, the widespread acceptance of plant-based feeds, and the comparatively lower cost of these sources.

Although plant-based feed sources will continue to lead the market, the novel sources segment is projected to grow at the fastest pace, with a CAGR of 6.0% during the forecast period. The growing interest in novel sources, such as insect-based feed, algae, and single-cell proteins, stems from their high nutritional value and sustainability benefits. Governments worldwide are increasingly approving the use of these innovative feed ingredients, responding to the need for new protein sources to address the rapidly growing demand for animal protein. This trend is further supported by the global population's expansion and the pressure it places on traditional protein sources.

By Form: Dry Feed Continues to Dominate
The animal feed market is further categorized by form into dry and wet feed. In 2024, the dry feed segment is expected to account for the lion's share-92.7%-of the global animal feed market. The dominance of dry feed is attributed to its numerous advantages, including convenience in handling, storage, and transportation, as well as a longer shelf life compared to wet feed. Additionally, dry feed offers nutrient stability, controlled feeding, and cost-effectiveness, making it a preferred choice among farmers.

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Moreover, the dry feed segment is projected to grow at the highest CAGR of 4.8% from 2024 to 2031. This surge in demand is driven by the rising adoption of dry feed, particularly in the poultry sector, where it is favored for its ease of distribution and higher nutritional density. The increased scale of commercial livestock farming has also contributed to the widespread adoption of dry feed solutions.

By Animal Type: Poultry Segment Maintains Largest Share
The global animal feed market is also segmented by animal type, with categories including poultry, ruminants, swine, aquaculture, and other animal species. In 2024, the poultry segment is expected to capture the largest share of the market, representing 32.9% of global sales. The growing demand for poultry meat, particularly as consumer preferences shift toward white meat, is a key driver behind this growth. Poultry meat is generally more affordable than red meat, and its popularity is bolstered by ongoing poultry expansion projects in both developed and emerging markets.

Other significant segments include ruminants and swine, which are poised for steady growth due to the increasing global consumption of beef, dairy, and pork products.

Regional Insights: Asia-Pacific Leads the Market
Geographically, the global animal feed market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to maintain its dominance in 2024, accounting for 39.2% of the global animal feed market. The region's market value is estimated to reach USD 286.2 billion in 2024, driven by several factors, including a growing population with increasing meat consumption, particularly in countries such as China and India.

Asia-Pacific's leadership in the market can be attributed to a variety of factors, including the rapid growth of livestock farming industries, strong demand for dairy and meat products, and the presence of major animal feed producers in the region. Additionally, the region's favorable economic conditions and increasing investments in livestock production are anticipated to support further market growth throughout the forecast period.

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North America and Europe: Mature Markets with Stable Growth
North America and Europe are also significant players in the global animal feed market, with both regions benefiting from well-established livestock industries, advanced feed manufacturing technologies, and a strong focus on animal nutrition. While these markets are relatively mature, they are expected to witness stable growth during the forecast period, driven by a focus on sustainable feed solutions, regulatory advancements, and growing awareness about the importance of high-quality animal nutrition.

Challenges and Opportunities Ahead
While the global animal feed market is poised for growth, several challenges remain. Fluctuating raw material prices continue to be a critical concern, impacting the profitability of feed manufacturers. The volatility of key ingredients, such as grains and oilseeds, can lead to increased production costs and pricing pressures across the supply chain.

Despite these challenges, the market presents numerous opportunities for growth. As consumer awareness of animal health and welfare increases, there is rising demand for feed products that promote optimal nutrition and well-being. Companies that invest in innovative feed formulations, sustainable sourcing practices, and advanced nutritional technologies are well-positioned to capitalize on these trends.

Conclusion
The animal feed market is entering a dynamic phase of growth, fueled by increasing global demand for animal-based products and advancements in feed technologies. With key players leading the charge in innovation and sustainability, the market is expected to achieve significant milestones by 2031, providing exciting opportunities for stakeholders across the industry.

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2.Animal Protein Market:- https://www.meticulousresearch.com/product/animal-protein-market-5824

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4.Animal Feed Probiotics Market:-https://www.meticulousresearch.com/product/animal-feed-probiotics-market-5288

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