Animal Food Global Market Report 2023
Major companies in the 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.
New York, April 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal Food Global Market Report 2023" - https://www.reportlinker.com/p06284484/?utm_source=GNW
, and Tate & Lyle.
The global animal food market grew from $299.68 billion in 2022 to $326.05 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The animal food market is expected to grow to $439.39 billion in 2027 at a CAGR of 7.7%.
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.
Animal food is a type of feed for domestic animals.
Asia-Pacific was the largest region in the animal food market in 2022.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 main types of animal food are poultry feed, cattle feed, aquaculture feed, and other animal food.Poultry feed is food used to feed chickens, ducks, geese, and other domestic birds or farm poultry.
The various ingredients used in animal food are cereals, oilseed meal, supplements, and other ingredients. These products are made available through supermarkets, hypermarkets, convenience stores, e-commerce, and other distribution channels.
The animal and pet food market’s growth is 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.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the animal food manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia.Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the animal food manufacturing market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
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, the 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 countries covered in the animal food market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
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.
The animal food research report is one of a series of new reports 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.
Read the full report: https://www.reportlinker.com/p06284484/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
