The prepared animal feeds production value in Spain has shown substantial growth from 2016 onwards, with a notable increase from 10.87 billion euros in 2016 to 15.32 billion euros in 2023. This represents an impressive compound annual growth rate (CAGR) of approximately 2.95% over the past five years. The most significant year-on-year growth happened between 2016 and 2017, with a 22.88% increase. The value stood at 15.32 billion euros in 2023, demonstrating a robust upward trend with continuous yearly increases in production value.
Looking ahead, forecasts suggest that this upward trend is set to continue, albeit at a slightly slower CAGR of 2.11% from 2024 to 2028, reaching an estimated production value of 17.5 billion euros by 2028. This highlights a steady growth trajectory for the industry.
- Noteworthy year-on-year variations include significant growth of 22.88% between 2015 and 2016.
- The forecast 5-year CAGR to 2028 is projected at 2.11%, indicating a steady growth momentum.
Future trends to watch for:
- The impact of innovations in animal nutrition and feed technology on production efficiency and cost.
- Potential regulatory changes impacting the animal feed industry, particularly concerning sustainability and environmental impact.
- Shifts in global commodity prices affecting the cost of raw materials for feed production.
