The compound feed market size has exhibited steady growth in recent years, rising from $461.41 billion in 2023 to $479.84 billion in 2024, with a compound annual growth rate (CAGR) of 4.0%. This historical growth can be attributed to the expansion of livestock production, increased meat consumption, the growth of the poultry industry, developments in aquaculture, improvements in feed conversion efficiency, and government support. Looking ahead, the market is expected to maintain steady growth, projected to reach $547.14 billion by 2028 with a CAGR of 3.3%. The anticipated growth is driven by population growth, urbanization, evolving consumer preferences, environmental regulations, and animal welfare standards. Major trends in the forecast period include precision feeding technologies, tailored feed solutions for livestock, the adoption of antibiotic-free and hormone-free feeds, digitalization of supply chain management, and collaborative research and innovation efforts.
Major Driver In The Compound Feed Market
The compound feed market anticipates growth fueled by the rising demand for meat and aquaculture products. With increasing consumption of meat and aquatic species globally, compound feed emerges as a vital component to ensure the health of farmed animals. Projections by OECD iLibrary suggest a 14% rise in worldwide animal protein consumption by 2030, indicating a significant market expansion. This surge in demand for meat and aquaculture products drives growth in the compound feed market. The market size for 2023 illustrates robust demand, with expectations of sustained growth by 2024 and notable expansion by 2028.
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Compound Feed Market Competitive Landscape
Cargill Inc., The Archer-Daniels-Midland Company, Tyson Foods, New Hope Liuhe Co. Ltd, Charoen Pokphand Food, CP Group, Land O'Lakes Inc, Smithfield Foods, Guangdong Haid Group Co Ltd, DuPont de Nemours Inc, Wen's Food Group, Nutreco N.V, Elanco Animal Health Incorporated, De Heus Vietnam LLC, Forfarmers NV, Alltech Inc., J. D. Heiskell & Company Inc, Hubbard Feeds, The Maschhoffs, Ballance Agri-Nutrients Ltd., DeKalb Feeds, Purina Animal Nutrition LLC., United Animal Health, Kent Nutrition Group, Prestage Farms, Hi-Pro Feeds, Heiskell & Co., Feed One Co. Ltd, Brookside Agra, Weston Milling Animal Nutrition, Provimi, Aller Aqua Group
Key Compound Feed Market Trend
Product innovation is a key trend gaining popularity in the compound feed market. Major companies in the compound feed market are developing new products with unique features to strengthen their market position. For instance, in October 2021, Cargill, a US-based food corporation, launched a poultry feed that includes essential oils in its Nutrena and Naturewise products to promote healthy flocks and maximize egg production. Natural essential oils help enhance egg size, weight, production, palatability, and aroma.
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Compound Feed Market Segmentation
The compound feed market covered in this report is segmented –
1) By Ingredient: Cereals, Cakes and Meals, Byproducts, Supplements
2) By Form: Solid, Liquid
3) By Source: Plant Based, Animal Based
4) By Animal Type: Cattle, Swine, Poultry, Aquaculture, Other Animals
By Geography:The regions covered in the compound feed 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 compound feed market in 2023.
The Compound Feed Global Market Report 2024 furnishes information about the global compound feed market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
