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Animal Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Animal Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021
  • 300 pages
  • ID: 6018924
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major companies in the animal food market include Chomp; Newman’s Own Organic; BilJac Foods Inc.; Annamaet PetFoods and Bell Rock Growers Inc.

The global animal food market is expected to grow from $233.79 billion in 2020 to $243.09 billion in 2021 at a compound annual growth rate (CAGR) of 4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $316.04 billion in 2025 at a CAGR of 7%.

The animal food market consists of sales of animal foods by entities (organizations, sole traders and partnerships) that produce animal food (except dog and cat food and cattle feed), such as fish food, livestock feeds, poultry feeds, bird feeds, earthworm food, rabbit food and others. The animal food market is segmented into poultry feed; cattle feed; aquaculture feed and other animal food.

Asia Pacific was the largest region in the global animal food market, accounting for 38% of the market in 2020. Western Europe was the second largest region accounting for 25% of the global animal food market. Africa was the smallest region in the global animal food market.

Growing awareness among cattle farmers and pet owners about the advantages of probiotics for animal health is leading to the increased use of probiotics in the animal feed for farm animals like cattle, horse, ruminants and poultry. The increasing advancements in molecular biology and gene sequencing are allowing researchers to dig deep for finding new probiotic applications for animals, in feed and consumer packaged health products. The significant rise in adoption of probiotics in the animal feed for farm animals has shown beneficial results in terms of animal performance, digestion and immune system. For instance, the US based company, Bactana Animal Health has completed its first round of funding for developing a novel bacterial stain of Faecalibacterium prausnitzii for commercial livestock usage.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the animal food manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the animal food manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The animal and pet food market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.

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