Introduction
Animal feed is a category of food items produced and developed for use by a variety of animals, including poultry, ruminants, pigs, and aquatic ones. It is created by mixing high-nutrient materials including hay, silage, straw, sprouted grains, oils, and legumes.
The demand for animal feed may increase as a result of people’s growing desire for products made from animals. Increased attention on animal health will encourage market expansion. The market for animal feed will also expand as a result of the increasing emphasis on animal health and the increased support for natural growth. Demand for animal feed is projected to rise as the number of cow farms rises. The requirement for the animal feed market has been encouraged by growing customer awareness of the advantages linked with the usage of feed additives to prevent disease decrease.
Market Growth
- Animals receive many of their nutrients from the feed they consume. Animals require essential nutrients for their growth and survival, just as humans do. The value of animal feed on the international market has increased as a result of rising meat, dairy, and poultry product consumption.
- Animal feed products come in a variety of forms on the market, including protein-based meals, hay plants, mixed plant feeds, husk, pasture grasses, sugar beet pulp, and many others. The rules for food safety are closely adhered to by producers of animal feed.
- According to Data Bridge Market Research’s analysis, the global market for animal feed will expand at a CAGR of 3.4% from 2021 to 2028.
Higher livestock product consumption raises the need for animal feed on the world market
- The global market for animal feed protein is driven by changes in consumer food preferences and increased consumption of animal-based protein, which increased the demand for livestock products. The causes driving the increase in animal feed demand globally are the rising demand for livestock products (meat, milk, and poultry products), as well as the rising demand for high-quality meat products.
- However, a global market restraint for animal feed is the direct correlation between increasing feed product production and higher greenhouse gas emission. The demand for animal feed on the global market is rising as a result of changes in lifestyle and increased consumer knowledge of items made using animal protein.
- Other variables that affected the price of animal feed on the worldwide market included increased restaurant and fast food chain services as well as increased animal illness outbreaks in both local and foreign markets. The major company is spending money on research and development in order to create a new product and enhance the nutrient content to promote animal growth all over the world.
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Opportunities for New Participants in Global Animal feed Market
- The global demand for meat and dairy products has driven the market for animal feed. The global market’s need for animal feed is rising as a result of changing food preferences and rising meat consumption. The market for animal feed is dominated by the Asia Pacific area.
- The two countries that produce the most animal feed worldwide are China and India. The demand for animal feed on the worldwide market rises as disposable income, urbanisation, and meat consumption rise.
COVID-19 Impact
Globally, the COVID-19 outbreak represents a dangerous scenario. The impact of this pandemic on the world economy is significant. This deadly virus has a significant impact on the agriculture sector that produces food and beverages.
Due to the closure of international ports and eateries around the world, the market is also impacted. The market for animal feed is significantly impacted by supply chain disruption. The situation has improved globally as a result of the disease’s recovery.
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