July 26, 2020

Global animal feed market to surpass US$92 billion

The animal feed market is seen to grow by US$92.79 billion during 2020-2024, progressing at a CAGR of almost 4% in the forecast period, according to a report from Technavio, PRNewswire reported.

Industry insiders have been projecting a sustainable rise in revenues for the global animal feed market for the next several years.

According to Technavio who has been monitoring the market since 2015, "The market is driven by the increasing number of product launches. In addition, the adoption of new technologies is anticipated to boost the growth of the animal feed market. Vendors in the market are focusing on expanding their product portfolio by launching new products. This helps them in increasing revenue flow as well as their share in the market. Some vendors are focusing on launching new products under new brand names. Many such product launches are fuelling the growth of the global animal feed market."

Active stocks in recent news include China Xiangtai Food Co. Ltd., Hormel Foods Corporation, Beyond Meat, Inc., Tyson Foods, Inc., Sysco Corporation.

An earlier report from Research And Markets had even higher projections. A year earlier they stated that, "Animal feed market is expected to grow at a compound annual growth rate of 3.62% over the forecast period to reach a market size of US$415.494 billion in 2023 from US$335.738 billion in 2017.

"Animal feed is a product responsible for improving the health of animals. The feed is given in various doses depending on the animal. The feed helps in enhancing the animal's abilities by providing enriched nutrients along with the feedstuff, accelerating growth and weight gain and developing immunity.

"Rapid urbanisation and growing consumption of meat and other end products such as milk and eggs across different regions are driving the animal feed market growth opportunities during the forecast period.

"High growth in the animal feed market is aided by the growth strategies of major players in form of expansions and investments, which also helps in enhancing the product portfolio and reaching out to new target markets.

"Furthermore, growing livestock population along with the shift from unorganised livestock farming to the organised sector is further expected to propel the market growth opportunities in the coming years."