Global Animal Nutrition Market

Animal Nutrition Market Size, Share, Growth Analysis, By Product Type (Amino Acids, Carotenoids), By Species (Poultry, Ruminant), By Application, By Region - Industry Forecast 2024-2031

Report ID: SQMG30H2017 | Region: Global | Published Date: December, 2024
Pages: 242 | Tables: 99 | Figures: 76

Animal Nutrition Market Regional Insights

The Asia Pacific accounted for the largest market share and is expected to remain the leading consumer of feed in the coming years. High animal production and high meat consumption due to high incomes are responsible for the dominance of the region. China, India, and Indonesia are the major feed consumers in the region. The high income associated with a fast-growing economy and strong demand for meat, fish, and dairy products has led to rapid growth in the consumption of these products. The high growth rate in consumption is met by growing local meat and dairy production, resulting in a very rapid increase in feed consumption.

North America and Europe are expected to follow the Asia Pacific animal nutrition market. In North America, the U.S. is the largest feed market with high demand for poultry and cattle. The high meat production and demand coupled with large livestock production drives the animal nutrition market in the country.

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Global Animal Nutrition Market size was valued at USD 22.8 billion in 2022 and is poised to grow from USD 24.26 billion in 2023 to USD 39.92 billion by 2031, growing at a CAGR of 6.42% during the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Cargill, Inc. ', 'Archer Daniels Midland Company ', 'Land O'Lakes, Inc. ', 'BASF SE ', 'Koninklijke DSM N.V. ', 'Alltech, Inc. ', 'Elanco Animal Health Inc. ', 'Evonik Industries AG ', 'Novozymes A/S ', 'Adisseo France SAS ', 'Balchem Corporation ', 'Provimi Holding B.V. ', 'Kemin Industries, Inc. ', 'AB Vista ', 'Lallemand Animal Nutrition ', 'Biomin Holding GmbH ', 'Danisco Animal Nutrition (a part of DuPont)'

There is a significant surge in livestock production due to high meat consumption as it is a high source of protein and readily available at low costs and hence, driving the animal feed additives market. As per the FAO, by 2030, there will be a 14% increase in the global consumption of animal proteins, mostly due to income and population expansion. Consumption of meat has shifted to include more fowl. This reflects the cheaper cost of chicken as compared to other meats in developing nations with lower levels of income, while it shows a growing preference for white meats in high-income nations since they are easier to cook and seen as healthier food options. In 2030, it is anticipated that 41% of all the protein from meat sources will come from a chicken.

The popularity of high-protein diets is driving up demand for animal protein on a global scale. The rising demand for animal proteins suggests that in the upcoming years, the importance of amino acids in animal feed would also rise. Additionally, amino acids in the feed are a crucial part of animal husbandry's sustained growth. Therefore, a rise in the production of animal proteins would greatly boost the market's overall expansion.

The Asia Pacific accounted for the largest market share and is expected to remain the leading consumer of feed in the coming years. High animal production and high meat consumption due to high incomes are responsible for the dominance of the region. China, India, and Indonesia are the major feed consumers in the region. The high income associated with a fast-growing economy and strong demand for meat, fish, and dairy products has led to rapid growth in the consumption of these products. The high growth rate in consumption is met by growing local meat and dairy production, resulting in a very rapid increase in feed consumption.

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Global Animal Nutrition Market

Report ID: SQMG30H2017

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