The novel coronavirus lockdown has negatively impacted the global animal feed market in 2020. Due to COVID-19 outbreak, meat production industry has significantly affected because rumors of COVID-19 may spread through the consumption of animal based foods such as meat products and their derivatives, which is indirectly hampering the animal feed products demand. This factor is negatively affecting the growth of the market in the time of emergency period. Also, the demand for meat and poultry products is significantly decreased due to disturbance in the supply chains and labor shortages are further expected to hinder the market growth in the pandemic period. However, many governments are executing various initiatives to recover from this situation during the COVID-19 emergency. For example, in recent times, government of Canada has increased credit for fishers, aquaculture and agriculture to support the businesses in the lockdown period. Also, government has enabled additional credit of $5 billion to agribusinesses, producers and food processors. This scheme will support the farmers and meat producers who are facing cash flow issues and impacted by lost sales.
During this unpredicted situation, we are helping market players in understanding the impact of COVID19 on the animal feed market.
Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
According to study conducted by Research Dive, the global animal feed market is anticipated to account for $51.9 million till 2027 and is estimated to experience a significant growth in the forecast period from 2019-2027.
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The global market segmentation is done on the basis of product and region. This report offers complete insights about drivers, opportunities, restraints, segmentation and significant manufacturers in the global market.
Factors affecting the market growth
According to our analysts, growing demand for animal origin products and improved meat quality as well as production are the major driving factors for the growth of the animal feed market. However, stringent government regulations on the approval of animal based products is expected to limit the growth of the market.
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Glass wool type has dominant market share
Based on product, the global market has been done into swine, poultry, aquaculture, ruminant and others. Among these, poultry segment accounted for majority of the animal feed market share in the previous years and is estimated to continue its growth in the forecast period. Increasing utilization of animal feed products for poultry livestock to improve the immunity power of birds due to occurrence of diseases like bird flu and growing demand for poultry products. These factors are estimated to drive the market growth in the forecast years. Besides poultry, aquaculture segment will experience a remarkable growth and is expected to rise at a faster rate during the forecast years. This expected rise is majorly due to increasing consumption of aquatic products as well as farmers are replacing the traditional feed products with special micronutrients to improve health and production.
Animal feed market, Regional insights
The animal feed market for Europe region accounted for second highest revenue share and is projected to remain its growth in the forecast years. This dominance is attributed to presence of significant manufacturers in the Europe region as well as surge in the production of animal origin products due to increasing demand from consumers. Asia-Pacific region generated for largest market share in the global market in terms of revenue share and is expected to occupy prime position in the global market during the forecast years. Asia-Pacific region dominated the global market due to existence of major meat producers as well as growing meat consumers are driving the demand for animal feed products to increase production, which will drive market growth in the forecast time.
Significant manufacturers in the animal feed market
The significant manufacturers in the global animal feed market include Evonik Industries AG, SHV Holdings N.V., ADM, Nutreco N.V., Land O’Lakes, Inc., Cargill Inc., Archer Daniels Midland, Perdue Farms, Inc., FoodSafe Technologies and Novozymes.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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