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Feed Processing Equipment Market Report 2024 - Market Size, Share And Growth
Feed Processing Equipment Market
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According to The Business Research Company's, The feed processing equipment market size has grown strongly in recent years. It will grow from $52.79 billion in 2023 to $55.49 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing demand for animal products, environmental regulations, globalization of the feed industry, emerging markets.
The feed processing equipment market size is expected to see steady growth in the next few years. It will grow to $66.72 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to population growth and urbanization, health and nutrition awareness, environmental sustainability, government regulations. Major trends in the forecast period include technological advancements, precision feeding, flexibility and adaptability, collaboration and partnerships, increasing demand for alternative proteins, customization and data analytics.
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Market Drivers and Trends:
The growing demand for feed across the globe to meet the needs of the rising livestock population is expected to drive the feed processing equipment market. The rise in livestock population led to an increase in the requirement for feed which in turn is likely to fuel the demand for feed processing equipment. For instance, in October 2022, according to AFIA, a US-based feed industry association, under normal production conditions, DIS calculated the baseline consumption at the start of 2020 at 252.6 million tons (excluding forages and roughages), with an estimated value of $66.7 billion. By 2025, the amount of animal food consumed could rise by 2.5% to 254.6 million tons, or about $48.8 billion.
Plant manufacturers are launching revolutionary technology intending to improve the operation, increase efficiency, and set up other equipment to offer an advantage over other machines. For instance, in March 2023, Betagro PCL, a Thailand-based animal food manufacturing company, launched Betagro Feed Mill. It incorporates IoT technology and automation to optimize feed production. With a production capacity of over 600,000 tons annually, it increases Betagro's total feed production capacity by 18%, serving the swine, laying hen, and broiler markets. The mill boasts advanced technology, logistics systems for efficient delivery, and a commitment to ESG principles, including clean energy use.
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Major Key Players of the Market:
Buhler AG, Clextral, Dinnissen BV, Andritz AG, Bratney Companies, Longchang Machinery, HET Feed Machinery, B.K. Allied Industries, SKIOLD, ZhengChang, Menci, Muyang, Elko Nagel Mecan-Systeme, Tapco, GEA Group AG, Marel hf., Krones AG, Bucher Industries AG, SPX Flow Inc., Wenger Manufacturing Inc., Amandus Kahl GmbH & Co. KG, CPM Holdings Inc., Famsun Co. Ltd., Zhengchang Group, Dinnissen BV, Bratney Companies, Ottevanger Milling Engineers, Van Aarsen International BV, Triott Group BV, Wynveen International BV, Buschhoff GmbH & Co. KG, Stolz SA, B&P Littleford LLC, Hosokawa Micron Group
Feed Processing Equipment Market 2024 Key Insights:
• The feed processing equipment market size is expected to see steady growth in the next few years. It will grow to $66.72 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Rising Livestock Population And Growing Feed Demand To Drive Market Growth
• Innovative Feed Mill Technologies Reshaping The Feed Processing Equipment Market
• The Asia-Pacific was the largest region in the feed processing equipment market in 2023
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