Navigating Growth: Catalysts and Innovations in the Animal and Pet Food Market
The Business Research Company’s Animal Food Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The animal food market has witnessed robust growth, with its size surging from $256.18 billion in 2023 to a projected $278.62 billion in 2024, boasting a compound annual growth rate (CAGR) of 8.8%. This momentum is expected to persist, propelling the market to reach $379.41 billion by 2028, reflecting a CAGR of 8.0%.
Economic Growth as a Catalyst for the Animal and Pet Food Market
The stable economic growth forecasted in developed and developing countries serves as a significant catalyst for the growth of the animal and pet food market. According to the International Monetary Fund (IMF), global GDP reached 3.3% in 2020 and 3.4% in 2021, with recovering commodity prices further contributing to market expansion. Stable economic growth is anticipated to drive investments in end-user markets, fueling the market’s growth in the forecast period.
E-Commerce Revolutionizing the Animal Food Market: Driving Growth Through Online Retail
The escalating demand for e-commerce is poised to drive the animal food market’s growth. E-commerce facilitates broader market reach for animal food manufacturers, enabling them to access a more diverse customer base, including consumers in remote areas. Notably, in August 2023, the United States Census Bureau reported a 7.5% increase in e-commerce in the second quarter of 2023 compared to the same period in 2022. This trend, where 15.4% of all sales occurred through online stores, underscores the growing influence of e-commerce in propelling the animal food market.
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Probiotics’ Rising Popularity in Animal Feed and Their Impact on Animal Health
Increasing awareness among cattle farmers and pet owners about the benefits of probiotics for animal health is driving the adoption of probiotics in animal feed. Probiotics are gaining traction for farm animals such as cattle, horses, ruminants, and poultry. Advances in molecular biology and gene sequencing are uncovering new probiotic applications, showcasing positive results in terms of animal performance, digestion, and immune system enhancement.
Innovative Product Developments Driving Profitability
Major players in the animal food market are focusing on innovative products to enhance profitability. For instance, Lallemand S.A.S., a Canada-based animal food company, recently launched the LALPROBIOME product line. This innovative line offers a variety of microbial pet nutrition solutions, reinforcing Lallemand’s commitment to providing cutting-edge solutions for animal health. This includes yeast and bacterial strains for pet food, treats, and supplements, addressing areas such as immunological support, antioxidant optimization, digestive care, and cognitive performance in pets.
In 2023, Asia-Pacific emerged as the largest region in the animal food market, followed by Western Europe. The market spans various types, including poultry feed, cattle feed, aquaculture feed, and other animal food, with distribution channels encompassing supermarkets/hypermarkets, convenience stores, e-commerce, and other channels.
Market Segmentation:
The animal food market covered in this report is segmented –
1) By Type: Poultry Feed, Cattle Feed, Aquaculture Feed, Other Animal Food
2) By Ingredients: Cereal, Oilseed Meal, Supplements, Other Ingredients
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Cereal, Oilseed Meal, Molasses, Fish Oil And Fish Meal, Supplements, Other Ingredients Prawn Feed, Fish Feed, Other Aqua Feed
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Animal Food Global Market Report 2024 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Animal Food Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on animal food market size, animal food market drivers and trends, animal food market major players, animal food market competitors’ revenues, animal food market positioning, and animal food market growth across geographies. The animal food market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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