Animal Feed Market size is estimated to be valued at around USD 500 billion in 2021 and is poised to grow at a significant CAGR of 3.5% over 2022–2028. In recent years, the global demand for meat and dairy products has propelled the animal feed market. Consumer preferences are changing, and meat consumption is increasing, pushing up demand for animal feed on a global scale. According to the United Nations’ Food and Agriculture Organization (FAO), food demand will rise by 61% by 2050. Animal protein production is expected to increase by 1.6% per year between 2010 and 2050, with meat production expected to increase by nearly 72%, aquaculture by 91%, and dairy by 54%. During the projected period, rapid urbanization and rising consumption of meat and other end products such as milk and eggs will drive the animal feed market growth. By combining enriched nutrients with the feedstuff, the feed aids in improving the animal’s capacities, accelerating development and weight increase, and developing immunity. Disease outbreaks in animals are a significant reason driving animal feed, which improves animal health and aids in the proper regulation of the food chain. High growth in the animal feed market is assisted by key companies’ expansion and investment strategies, which also aid in the enhancement of product portfolios and reaching out to new target areas. For instance, in November 2019, Cargill announced the opening of a US$34 million expansion of its Animal Nutrition & Health facility in Temple to meet the needs of feed store operators and local beef feed customers.
Recent Market Developments:
In November 2019, Purina Animal Nutrition LLC announced the launch of its new Purina Omolene range for horses on gastric support.
In September 2019, Alltech struck a strategic relationship with Archbold Biological Station’s Buck Island Ranch to improve the quality and quantity of beef. Various tactics were applied in this, with the most important being the optimal feed usage.