The global animal feed market to grow at a CAGR of 3.96% during the period 2018-2022.
Global Animal Feed Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Animal feed refers to food given to the animals and includes fodder or forages. The common animal feed variants include hay, straw, silage, compressed and pelleted feeds, oils and mixed rations, and sprouted grains and legumes. Also, food grains are the most important source of animal feed globally.
One trend in the market is new product launches. Increasing new product launches by regional and international players may support the growth of the market. The manufacturers of animal feed are encompassing innovative and distributive strategies to increase the market size of these products.
According to the report, one driver in the market is growing demand for meat and poultry. The growing demand for meat products sourced from livestock and poultry animals, and other forms of meat such as aquatic products will be a key driving factor for the global animal feed market.
Further, the report states that one challenge in the market is premium pricing of non-GMO animal feed. The non-GMO food products are sold at a premium rate, which offers more profitability to the vendors and farmers who grow them. Further, the growing demand for non-GMO products is attributable to end-users perceiving them as healthier alternatives to GM foods.
New product launches
Growing number of strategic partnerships and acquisitions
Advancements in testing methods for non-GMO labels