PUBLISHER: The Business Research Company | PRODUCT CODE: 1387535
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387535
“Animal Food Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on animal food market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for animal food? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The animal food market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Animal food refers to the nourishment provided to domestic animals, particularly those involved in animal husbandry, with the purpose of serving as a significant source of nutrients in their diet.
The primary categories of animal food include poultry feed, cattle feed, aquaculture feed, and various other types of animal food. Poultry feed is formulated to cater to the dietary requirements of chickens, ducks, geese, and other domestic fowl. The components used in the production of animal food encompass cereals, oilseed meal, supplements, and a variety of other ingredients. These animal food products are made accessible to consumers through a range of distribution channels, including supermarkets, hypermarkets, convenience stores, e-commerce, and others.
The animal food research report is one of a series of new reports from The Business Research Company that provides animal food statistics, including global market size, regional shares, competitors with animal food share, detailed animal food segments, market trends and opportunities, and any further data you may need to thrive in the animal food industry. This animal food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The animal food market size has grown strongly in recent years. It will grow from $256.18 billion in 2023 to $278.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The expansion observed in the historical period can be attributed to factors such as the rising prevalence of pet ownership, the development of animal agriculture, the trend towards humanizing pets, the global consumption of meat, as well as the influence of regulations and standards.
The animal food market size is expected to see strong growth in the next few years. It will grow to $379.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The anticipated growth in the forecast period can be ascribed to several factors, including a heightened focus on the health and wellness of pets, a growing emphasis on sustainability and ethical sourcing, the demand for customized and personalized pet diets, and the expanding influence of digital marketing and e-commerce. Notable trends expected in the forecast period encompass the popularity of grain-free and grain-inclusive diets, the adoption of protein-rich and meat-first formulations, the preference for natural and organic pet food, the exploration of alternative protein sources, and the incorporation of functional ingredients in pet food products.
The animal and pet food market's growth is bolstered by the anticipated stable economic growth in both developed and developing countries. As per data from the International Monetary Fund (IMF), the global GDP recorded a growth of 3.3% in 2020 and further expanded to 3.4% in 2021. Furthermore, the recovery of commodity prices, following a significant decline in the historical period, is poised to provide additional impetus to the market's growth. The outlook for developed economies suggests a consistent growth trajectory during the forecast period. Additionally, emerging markets are anticipated to exhibit a slightly faster rate of growth compared to their developed counterparts. This steady economic growth is expected to result in increased investments within the end-user markets, thereby driving the market in the forecast period.
The increasing demand for e-commerce is expected to drive the growth of the animal food market in the future. E-commerce involves the online buying and selling of goods and services, and it provides animal food manufacturers with the opportunity to reach a wider and more diverse customer base, including consumers in remote or underserved areas. This extended market reach has the potential to boost sales and create growth prospects. For example, in August 2023, data from the United States Census Bureau, a government agency in the United States, revealed that e-commerce in the second quarter of 2023 increased by 7.5% compared to the same period in 2022, while overall retail sales grew by 0.6%. Online stores accounted for 15.4% of all sales in the second quarter of 2023. As a result, the expanding influence of e-commerce is fueling the growth of the animal food market.
The outbreak of COVID-19 has significantly restrained the animal food manufacturing market in 2020 due to disruptions in supply chains caused by trade restrictions and a decrease in consumption resulting from global government-imposed lockdowns. COVID-19 is an infectious disease characterized by flu-like symptoms, including fever, cough, and breathing difficulties. It was first identified in Wuhan, Hubei province, China, in 2019 and subsequently spread worldwide, affecting regions like Western Europe, North America, and Asia. Manufacturers in the food and beverage sector rely on a consistent supply of raw materials from both domestic and international sources. The restrictions on the movement of goods imposed by governments, both across countries and locally, led to production halts due to material shortages. Additionally, concerns about contamination within manufacturing facilities contributed to the overall decline in the market. While the outbreak negatively impacted businesses in 2020 and 2021, it is expected that the animal food manufacturing market will recover from this sudden and unforeseeable event over the forecast period, as it is considered a 'black swan' event unrelated to ongoing or fundamental market weaknesses or global economic issues.
A growing awareness among both cattle farmers and pet owners regarding the various advantages associated with the use of probiotics for improving animal health is driving an increased utilization of probiotics in animal feed. This trend extends to farm animals, including cattle, horses, ruminants, and poultry. The field of molecular biology and gene sequencing has witnessed significant advancements, enabling researchers to explore new applications of probiotics for animals, encompassing their incorporation into feed and consumer health products. The substantial increase in the adoption of probiotics in animal feed, particularly for farm animals, has yielded positive outcomes in terms of enhancing animal performance, digestive processes, and immune system functions. For example, a US-based company named Bactana Animal Health has successfully secured its initial round of funding to develop a novel strain of Faecalibacterium prausnitzii bacteria, intended for commercial use in livestock.
Prominent companies within the animal food market are actively engaged in introducing innovative products, exemplified by offerings like LALPROBIOME, as part of their strategy to enhance market profitability. LALPROBIOME is a comprehensive product line featuring a diverse range of microbial solutions designed for pet nutrition, showcasing Lallemand's commitment to providing state-of-the-art and effective solutions for animal health. A case in point is Lallemand S.A.S., a Canada-based animal food company, which introduced the LALPROBIOME product line in May 2023. This product range includes a wide array of yeast and bacterial strains that can be incorporated into pet food, treats, and supplements, with the aim of enhancing various aspects of pet health, including immune support, antioxidant enrichment, digestive well-being, and cognitive performance.
Major companies operating in the animal food market include Cargill Incorporated, New Hope Liuhe Co. Ltd., Charoen Pokphand Foods PCL, Bunge Limited, Mitsui, CJ Cheiljedang Corp, Land O'Lakes Inc., ForFarmers NV, Japfa Ltd., Tate & Lyle, Mars Petcare Inc., Nestle Purina PetCare, ADM Animal Nutrition Inc., Ainsworth Pet Nutrition LLC, Alphia, Hill's Pet Nutrition Inc., Diamond Pet Foods, Blue Buffalo Co.Ltd., Spectrum Brands Inc., WellPet Group, Sunshine Mills Inc., Merrick Pet Care Inc., Simmons Pet Food, C.J. Foods Inc., Tuffy's Pet Food Inc., Nature's Variety, AgriProtein, Al Dahra Agricultural Company LLC, Big Heart Pet Brands, Bob Martin Petcare, BOCM Pauls, Ceylon Grain Elevators PLC, Champion Petfoods LP, Devenish Nutrition, Diamond V, Ewos Group AS, H&N International GmbH.
Asia-Pacific was the largest region in the animal food market in 2023. Western Europe was the second-largest region in the animal food market. The regions covered in the animal food market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the animal food market are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
The animal food market consists of sales of fish food, livestock feeds, poultry feeds, bird feeds, earthworm food, rabbit food, and other animal food. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.