Animal feed Market: Market Outlook
Animal feed is an important source of nutrients for the animals. As the human needs vital nutrients, the same as animals also need to nutrients for their growth and livelihood. Higher the consumption of meat, dairy, and poultry product has enhanced the value of animal feed in the global market. In the market, there are different –different types of feed products for animals are available such as protein-based meals, hay plants, mixed plant feeds, husk, pasture grasses, sugar beet pulp, and many more. Animal feed manufacturers are strictly following the regulations of the safety of the food. The U.S has also introduced medicated feed that contains approval from FDA and animal drugs that used to treat the animals, control the disease, and improve the health and growth of animals. The farmers choose the animal feed according to the digestion animal. Pig consume different feeds from the other animals average pigs consume around 700-900 pounds of food.
Higher the consumption of livestock of products increase the demand of animal feed in the global market.
Change in the preference of food and higher consumption of animal-based protein increased the consumption of livestock product that driven by animal feed protein market in the global market. Higher the demand for livestock products (milk, meat, and poultry products), increase the demand for high-quality meat products are the factors that growth the animal feed demand worldwide. However, higher the production of feed products directly correlated with an increase in the production of greenhouse gas that is one of restrain for the animal feed market across the world. Changes in lifestyle and awareness of animal-based protein products increase the demand for animal feed in the global market. Higher the restaurant and fast food chain services, higher outbreak of the animal disease in the domestic and international market are the other factors that influenced the animal feed in the global market. The Key player is investing in their R&D to develop the new product and improve the nutrient content to increase the growth of the animals cross the world.
Global animal feed market: Segmentation
On the basis of Product, the global animal feed market has been segmented as
On the basis of Source, the global animal feed market has been segmented as
On the basis of Application, the global animal feed market has been segmented as
On the basis of region, the global animal feed market has been segmented as
Global Animal feed market: Key Players
Some of the key players of animal feed market are ADM, COFCO group, New Hope group, For farmers N.V, Charoen Pokphand Group, Cargill Inc., Japfa Comfeed Indonesia Tbk, NUTRECO N.V., Land 'O Lakes Inc., ADDCON GROUP GMBH, Adisseo France S.A.S., Ajinomoto Co., Inc., BASF SE, Biomin Holdings Gmbh, DuPont Danisco, Elanco Animal Health, Evonik Industries, Novozymes, Novus International Inc., Nutreco N.V. and others.
Global Animal feed Market: Key Market players
The animal feed market has driven by the growth in the meat and dairy products across the globe. Changed in the food preference and higher the consumption of meat production increase the demand for Animal feed markets in the global market. Asia Pacific region is the leading player in the animal feed market. India followed by China are the largest feed producing country across the world. Increase in disposable income, urbanization, and higher the consumption of meat increase the demand of animal feed market in the global market. According to the United Nations, Food and Agriculture Organization (FAO) estimates, that by 2050 the demand for food will grow by 60% and that between 2010 and 2050 production of animal proteins is expected to grow by around 1.7% per year, with meat production projected to rise by nearly 70%, aquaculture by 90% and dairy by 55%.
COVID-19 Impact on Global Animal feed Market
The spread of COVID-19 is a hazardous situation all over the world. The global economy is highly affected by this pandemic. The food and beverage agriculture sector is highly influenced by this fatal virus. Animal feed market is also be affected due to the close of international ports and restaurants across the world. Disruption in the supply chain highly affects the animal feed market. However, recovery from outbreak of the disease has improve the situation across the world.