Global Animal Food Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
24 Jun, 2021
The animal food market consists of sales of animal foods by entities (organizations, sole traders and partnerships) that produce animal food (except dog and cat food and cattle feed), such as fish food, livestock feeds, poultry feeds, bird feeds, earthworm food, rabbit food and others.
Global Animal Food Market Size And Drivers:
The global animal food market is expected to grow from $233.79 billion in 2020 to $243.09 billion in 2021 at a compound annual growth rate (CAGR) of 4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $316.04 billion in 2025 at a CAGR of 7%. 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 the animal feed for farm animals like cattle, horse, ruminants and poultry.
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Trends In The Global Animal Food Market
The increasing advancements in molecular biology and gene sequencing are allowing researchers to dig deep for finding new probiotic applications for animals, in feed and consumer packaged health products. The significant rise in adoption of probiotics in the animal feed for farm animals has shown beneficial results in terms of animal performance, digestion and immune system. For instance, the 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.
Global Animal Food Market Segments:
The global animal food market is further segmented based on type, distribution channel, ingredients and geography.
By Type: Poultry Feed, Cattle Feed, Aquaculture Feed, Other Animal Food
By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Others
By Ingredients: Cereal, Oilseed Meal, Supplements, Other Ingredients
Sub segments Covered: Cereal, Oilseed Meal, Molasses, Fish Oil And Fish Meal, Supplements, Other Ingredients Prawn Feed, Fish Feed, Other Aqua Feed
By Geography: The global animal food market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global animal food market, accounting for 38% of the market in 2020.
Read More On The Report For The Global Animal Food Market At:https://www.thebusinessresearchcompany.com/report/animal-food-global-market-report-2020-30-covid-19-impact-and-recovery
Animal Food Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides animal food market overviews, analyzes and forecasts market size and growth for the global animal food market, animal food market share, animal food market players, animal food market segments and geographies, animal food market’s leading competitors’ revenues, profiles and market shares. The animal food market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.