The prepared animal feeds sector in Spain has shown significant growth from 2013 to 2023, moving from a value of 9.06 billion Euros to 15.32 billion Euros in 2023. This represents a notable increase, despite some fluctuations. Year-on-year variations have ranged from a steep decline of 6.26% in 2013 to a substantial rise of 22.88% in 2016. More recently, the sector displayed steady, albeit modest, growth with an average increase of 3.02% in 2023.
Looking at a longer trend, the compound annual growth rate (CAGR) for the past five years from 2018 to 2023 averages out to 2.95%. For the future, the forecasted CAGR from 2023 to 2028 stands at 2.11%, with an overall growth rate of 11% over this period.
Anticipated future trends to watch for include:
- Increasing adoption of specialized and high-nutrition animal feeds.
- Potential impact of regulatory changes on production costs and prices.
- Growing demand influenced by trends in the livestock and pet industries.
- Advancements in feed technology and sustainable production methods.
- Impact of economic factors and inflation on consumer spending and market dynamics.
