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Live Animals Global Market 2024 - Increasing Demand, Emerging Trends, Growth Opportunity And Outlook 2033
Live Animals Global Market
According to The Business Research Company's, The live animals market size has grown strongly in recent years. It will grow from $2653.24 billion in 2023 to $2838.3 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to agricultural practices and livestock farming, food consumption patterns, livestock trade and exports, cultural and religious practices, pet industry growth..
The live animals market size is expected to see strong growth in the next few years. It will grow to $3633.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to global population growth, changing dietary preferences, animal welfare and ethical considerations, companion animal trends, emerging markets and urbanization.. Major trends in the forecast period include animal welfare concerns, technology integration, sustainability and environmental impact, pandemic effects, genetic innovations, .
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Market Drivers and Trends:
Increasing meat consumption is expected to propel the live animal market going forward. Meat refers to animal flesh that is consumed as food and can be a component of a balanced diet. They supply B vitamins, iron, and high-quality protein. Live animals are used for producing meat and consumed as food, so increasing meat consumption will propel market growth. For instance, in July 2021, according to the Food and Agriculture Organization (FAO) agriculture report outlook 2021-2030 shared by the Organization for Economic Co-operation and Development (OECD), a France-based intergovernmental organization to defeat hunger and improve nutrition and food security, the global meat consumption per capita is expected to increase by 0.3% p.a. to 35.4 kg in retail weight equivalent by 2030, and further global consumption of meat proteins is expected to increase by 14% by 2030. Therefore, increasing meat consumption is driving the growth of the live animal market.
Technological innovations are a key trend gaining popularity in the live animals market. Major companies operating in the live animals market are focused on developing new technological solutions to strengthen their position in the market. For instance, in April 2022, Elanco Animal Health Inc., a US-based livestock pharmaceutical company, and Ginkgo Bioworks, a US-based biotech company, launched BiomEdit, a new animal health company leveraging microbiome technology. It's a company in which new probiotics, bioactive compounds, tailored microbial medications, and microbial monitoring services for animal health are anticipated to be discovered, developed, and introduced. BiomEdit aims to identify, create, and market distinctive products that address some of the most pressing demands for innovation in the field of animal health, including medicated feed ingredients, nutritional health, and therapeutics for livestock and pet species, as well as biosecurity technology for monitoring animal disease.
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Major Key Players of the Market:
Cargill Incorporated; Tyson Foods Inc.; Koch Foods Inc.; Smithfield Foods Inc.; National Beef Packing Company LLC; Perdue Farms Inc.; Allanasons Private Limited; New Hope Group Co. Ltd.; Charoen Pokphand Group Company Ltd.; Land O'Lakes Inc.; Wellhope Foods Co. Ltd.; Plukon Food Group BV; JBS SA; Hormel Foods Corporation; American Foods Group LLC; Neogen Corporation; Genus plc; Urus. Org; EW Group Gmbh; Groupe Grimaud SA; Elanco Animal Health Inc.; Ginkgo Bioworks Inc.; Tonnies Holding GmbH & Co KG; Westfleisch eG; Vion Food Group Ltd.; Heinrich Müller GmbH & Co. KG; Danish Crown A/S; Marfrig Global Foods SA; Sanderson Farms Inc.; Guangdong Wens Foodstuff Group Co. Ltd.; Beijing Dabeinong Technology Group Co. Ltd.; Muyuan Foods Co. Ltd.
Live Animals Market 2024 Key Insights:
• The live animals market will grow to $3633.81 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Rising Meat Consumption Boosts Growth Tn The Live Animal Market
• Technological Innovations Drive Evolution In The Live Animals Market
• Asia-Pacific was the largest region in the live animals market in 2023
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