Global Feed Fats And Proteins Market Size 2024, Forecast To 2033
6 Mar, 2024
The feed fats and proteins market has exhibited strong growth, progressing from $8.73 billion in 2023 to $9.35 billion in 2024, indicating a solid compound annual growth rate (CAGR) of 7.1% during the historic period. This growth is credited to factors such as the industrialization of livestock farming, considerations for animal health and productivity, fluctuations in feed ingredient prices, the globalization of livestock production, increased nutritional awareness, and regulatory support. Moving into the future, the market is poised for continued strong growth, reaching $11.9 billion in 2028 at a CAGR of 6.2%. Key drivers for this anticipated growth include the rising demand for aquaculture feed, the exploration of alternative protein sources, biosecurity concerns, the impact of climate change, and the growing global demand for animal protein. Major trends in the forecast period encompass technological advancements in feed formulation, efforts towards traceability and transparency, the integration of digital technologies, innovations in feed additives, and a focus on sustainable sourcing.
Global Feed Fats And Proteins Market Key Driver
The rise in pet adoption is expected to propel the growth of the feed fats and proteins market going forward. Animal adoption is acquiring animals through rescue groups instead of purchasing them from pet shops or breeders. Protein- and fat-rich meals help build and repair the bodies of companion animals such as dogs. For instance, in 2021, according to Chewy Inc., a US-based online retailer of pet food and other products, there were around 977,202 pets adopted in the US, which resulted in the highest adoption rate of 61% in the past six years. Furthermore, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households had at least one dog, making them the most common pet. In 2022, 48% of households had dogs, up from 40% in 2019. Therefore, the rise in the pet adoption rate is driving the growth of the feed fats and proteins market. In 2024, the feed fats and proteins market is expected to experience notable expansion due to the increasing trend of pet adoption.
Get A Free Sample Of The Global Feed Fats And Proteins Market ReportGlobal Feed Fats And Proteins Market Segments
The feed fats and proteins market covered in this report is segmented –
1) By Source: Animal, Plants
2) By Product: Oilseed Meal, Fishmeal, Animal By-Product Meal, Other Products
3) By Livestock: Ruminants, Poultry, Aqua, Swine, Equine, Other Livestock
By Geography:The regions covered in the feed fats and proteins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the feed fats and proteins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global feed fats and proteins market the during the forecast period. The regions covered in the feed fats and proteins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Feed Fats And Proteins Industry Players
The Archer-Daniels-Midland Company, Darling Ingredients Inc., The Scoular Company, Omega Protein Corporation, Roquette Frères, Bunge Limited, Euroduna Rohstoffe GmbH, AGRANA Group, Land O'Lakes Inc., Smithfield Foods Inc., Nutricorn Co. Ltd., Tyson Foods Inc., BRF S.A., AarhusKarlshamn AB, Nutreco N.V, Cargill Incorporated, Wilmar International Limited, Westway Feed Products LLC, Calysta Inc., Gavilon Group LLC, Valley Proteins Inc., Biorigin S.A., EcooFeed LLC, De Heus Animal Nutrition, Titan Biotech Limited, Unibio A/S, Agrosuper S.A., EuroFeed Technologies, The Lauridsen Group Inc., Ample Hills Fats LLC
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Feed Fats And Proteins Market Overview
Feed fats and proteins refer to animal feeds that contain fats and proteins and are concentrated with these nutrients for the health of the animal. Feed fats and proteins are used to provide essential nutrition for the health of animals.
Feed Fats And Proteins Global Market Report 2023 provides data on the global feed fats and proteins market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The feed fats and proteins market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.