Overview and Scope
Animal food refers to food for domestic animals, especially livestock, in the course of animal husbandry. These are intended for use as a substantial source of nutrients in the diet of the animal.
Sizing and Forecast
The animal food market size has grown strongly in recent years. It will grow from <b>$256.18 billion in 2023 to $278.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. </b> 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 <b>$379.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. </b> 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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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the animal food market include <b> 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.</b>
The animal food market report table of contents includes:
1. Executive Summary
2. Animal Food Market Characteristics
3.Animal Food Market Trends And Strategies
4. Animal Food Marke analysis
5.Animal Food Market Size And Growth
6.Animal Food Segmentation
7.Animal Food Regional And Country Analysis
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27.Animal Food Competitive Landscape And Company Profiles
28.Animal Food Key Mergers And Acquisitions
29.Animal Food Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Cargill Incorporated
- New Hope Liuhe Co. Ltd.
- Charoen Pokphand Foods PCL
- Bunge Limited
- Mitsui
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