Animal Food Market Outlook 2024-2033: Trends and Projections
Animal Food Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Animal Food Market Analysis 2024: Size Forecast and Growth Prospects
Animal Food Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Animal Food Market Overview 2024: Size, Growth Rate, and Segments
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The animal food global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Animal Food Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 growth in the historic period can be attributed to growing pet ownership, animal agriculture, humanization of pets, global meat consumption, 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 growth in the forecast period can be attributed to health and wellness for pets, sustainability and ethical sourcing, customized and personalized diets, digital marketing and e-commerce. Major trends in the forecast period include grain-free and grain-inclusive diets, protein-rich and meat-first formulations, natural and organic pet food, alternative protein sources, functional ingredients.
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Scope Of Animal Food Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Animal Food Market Overview
Market Drivers –
The animal and pet food market’s growth are aided by the stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), the global GDP reached 3.3% in 2020 and 3.4% in 2021, according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Market Trends –
Growing awareness among cattle farmers and pet owners about the advantages of probiotics for animal health is leading to the increased use of probiotics in animal feed for farm animals like cattle, horses, ruminants, and poultry. The increasing advancements in molecular biology and gene sequencing are allowing researchers to dig deep to find new probiotic applications for animals, in feed, and consumer packaged health products. The significant rise in the adoption of probiotics in animal feed for farm animals has shown beneficial results in terms of animal performance, digestion, and the immune system. For instance, a US-based company, Bactana Animal Health, has completed its first round of funding for developing a novel bacterial stain of Faecalibacterium prausnitzii for commercial livestock usage.
The animal food market covered in this report is segmented –
1) By Type: Poultry Feed, Cattle Feed, Aquaculture Feed, Other Animal Food
2) By Ingredients: Cereal, Oilseed Meal, Supplements, Other Ingredients
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Cereal, Oilseed Meal, Molasses, Fish Oil And Fish Meal, Supplements, Other Ingredients Prawn Feed, Fish Feed, Other Aqua Feed
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Regional Insights –
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.
Key Companies –
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., Nestlé 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.
Table of Contents
1. Executive Summary
2. Animal Food Market Report Structure
3. Animal Food Market Trends And Strategies
4. Animal Food Market – Macro Economic Scenario
5. Animal Food Market Size And Growth
…..
27. Animal Food Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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