The global compound feed market is estimated to grow at a CAGR of nearly 4.6% during the forecast period (2024-2031). The growth is majorly driven by the increasing livestock population and rising demand for meat and dairy products. According to a report by the International Feed Industry Federation (IFIF), the world compound feed production was estimated over 1.0 billion tons per annum, which amounted to $400.0 billion of annual turnover in 2023. The market growth was more evident in the developing countries, compared to the developed nations. Further, the growing focus on livestock health and nutrition is also driving the market.
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The global compound feed market is segmented by animal type (into swine, poultry, ruminants, aquaculture, and others), ingredients (into supplements, cereals, cakes & meals, and by-products), and geographies (into North America, Europe, Asia-Pacific, and Rest of the World). The compound feed animal supplements are further augmented into minerals and vitamins, probiotics and prebiotics, amino acids, acidifiers and enzymes, and others.
Market Trends
- The United Nations Food and Agriculture Organization (FAO) estimated that by 2050 the demand for food will grow by 60.0%. Additionally, the production of animal proteins is expected to grow by around 1.7%, between 2010 and 2050 per year. Furthermore, meat production is projected to rise by nearly 70.0%, aquaculture by 90.0% and dairy by 55.0%.
- The IFIF reported the global feed market would be dominated by the poultry segment (44.0%), followed by swine (28.0%), dairy (13.0%), ruminant (8.0%), aqua (4.0%) and others (3.0%).
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- Asia-Pacific is estimated to witness significant growth in the market owing to the increasing animal husbandry practices in the region. The industry is largely dominated by four countries including China (20.0%), followed by the US (18.0%), the EU (13.0%), Brazil (7.0%), and the Rest of the World (42.0%).
- The industry growth in China is largely attributed to the rising urban middle class, leading to an increase in the standard of living and an emerging shift towards western diet. This is surging the demand for beef in the country. The increasing meat consumption is leading to increasing demand for animal feed ingredients in the country.
- However, the industry growth is restrained by the volatile prices of the raw materials used to produce compound feed. Also, the nutrient extraction method from the raw material has become expensive resulting in the high prices of the end products. Additionally, the stringent regulatory framework for the regulation of the quality of feed poses a challenge to market growth.
The major players in the global compound feed market include Cargill, Inc., Nutreco N.V., Archer Daniels Midland Co., Alltech, Inc., Land O’Lakes, Inc., and more. These players are actively adopting growth strategies such as mergers and acquisitions, product launches, and partnerships and collaborations to expand market share and gain a competitive advantage.
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