The global market for feed supplements is expected to experience a growth rate of 5.5% during the 2023 to 2033 forecast period. According to this study published by Future Market Insights, the market value of feed supplements is anticipated to stand at US$ 3,100 million as of 2023. By the end of the aforementioned forecast period, sales are expected to total US$ 5,295 million. The feed industry is critical to ensure sustainable food production, with new developments continuing to add to the productivity, efficiency, environmental sustainability, and safety of production processes.
The 21st century is no doubt the age of the consumer. People today are highly conscious and selective about their food preferences, influencing their decisions on animal product purchases, including meat, eggs, and milk. They seek to question the way livestock owners rear their animals, especially what is being fed to them. From medicines to supplements, consumers are seeking to know whether the fodder these animals are fed has any detrimental effects on the human body.
As a result, farmers and livestock owners are looking to enrich animal fodder with feed supplements that are environmentally friendly, are free from any inorganic or harmful chemical additives, and raw materials which emit the least possible greenhouse gases during formulation. Using supplements free from any undesirable additives are also beneficial to overall animal health, increasing their lifespan and yielding good quality animal-based products.
Feeding a nutritious and balanced diet to animals is of utmost importance, as the global livestock industry continues expanding. As the global population expands, agriculture and farming are subsequently rising. According to statistics, livestock rearing accounts for 77% of global farming land. In the United States, for instance, cattle production accounts for the largest share of total cash receipts for agricultural commodities. As of 2022, it represented 17% of the total US$ 462 billion of cash receipts in the country. This is attributed to extensive beef consumption, accounting for nearly US$ 73 billion in cash receipts.
Likewise, on the personal front, feed supplements purchase is rising, as companion animal ownership rises. While Americans spend over US$ 50 billion per annum on their pets, India has the fastest-growing dog population globally. Furthermore, Norwegians spend roughly US$ 629 a year feeding their pet dogs, while 68% of New Zealanders own a pet. Naturally, owners need to ensure that their companions eat a healthy and balanced diet. Feed supplements are among the top 5 items on any individual’s list when it comes to pet food.
Seeing this increase in animal ownership, manufacturers are broadening their product portfolios with new and innovative feed offerings. Archer Daniels Midland (ADM), for instance, offers an extensive range of animal nutrition products. The ADM Animal NutritionTM wing offers high-quality feed products, supplements, premixes, custom ingredient blends, and specialty feed ingredients to aid in optimizing animal health and nutrition goals. The company’s innovative ingredient solutions and services help optimize performance, profitability, and efficiency opportunities for animal feed, aquaculture, and pet food producers.
On similar lines, GrainCorp Ltd. delivers customized feed solutions suitable for all farm systems. The company works alongside dairy farmers to help meet on-farm production, reproduction, performance, and profitability goals by incorporating high-quality feeds and the latest technical support tools designed to drive economic returns, whilst maximizing pasture utilization. The company offers protein-based and starch-based feed additives, such as PKE (Palm Kernel Expeller), DDGS (Dried Distillers Grains), and Canola Meal.
| Data Points | Key Statistics |
|---|---|
| Expected Feed Supplements Market Value in 2023 | US$ 3,100 million |
| Projected Feed Supplements Market Value in 2033 | US$ 5,295 million |
| Growth Rate (2023 to 2033) | CAGR of 5.5% |
Be it livestock or the companion animals, the animal owners are now relatively more aware of the importance proper nutrition for the animal. The livestock owners are more concerned about the animal health and prefer to provide sufficient nutrition and supplement to maintain proper health.
On the other hand, companion animal owners are also keener on providing appropriate nutrition to the household animals instead for feeding them leftovers. This growing perception among pet owners, cattle farmers, and companion animal owners is increasing the consumer base for feed supplements market and is likely to upscale the market sales.
Numerous players are satisfying varying supplement demands from different animals through separate products. Different animal require different feed supplement containing different bacterial amounts. The key players are focusing on individual species of animals such as cattle, canines or equine and launching products accordingly resulting in greater consumer traction and propelled market growth.
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The technological advancements in the field of molecular biology and gene sequencing as allowing the researchers and scientists to develop innovative feed supplements that are more adaptable for the animals.
Feed supplements are undoubtedly beneficial for the animal growth and the gut health, however, the consumers still battle with several side-effects upon animal growth. The development of the new age technology is reforming the feed supplements market providing better opportunities over the forecast period.
Innovations are being carried out in nearly every aspect of feed supplements market. These innovations from the manufacturer end severely influence the consumer behaviour and response to the market. The companies are associating their innovation capacity and competency in animal nutrition with modern digital technologies to create added value for customers and consumers.
Innovations such as digitization of farms, monitoring of household companion animals as well as livestock and several other features are likely to upsurge the sales for feed supplements market.
Consumer behaviour has been primarily affected by the technological proliferation into the feed supplements market. The frequency of purchase and the bulk volume purchased at a time are also expected to be affected by the increasing propensity of technology in the market.
The customers are more likely to purchase the product in bulk if the product seems to bring profitable results. The frequency of the purchase also depends upon the product quality after effects.
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Some of the key players operating their business in the global Feed Supplements market are
Key market players in the feed supplements market are strengthening each of its pieces in order to drive the market towards growth. The demand for feed supplements has been increasing in sync with the rise in the number of livestock and companion animals around the globe.
The key market players conduce to ensure customer satisfaction in terms of pricing, product quality and expected delivery time. The market for feed supplements is likely to showcase growth in the upcoming years ensuring the lowering demand-supply gap and increasing affinity for biologically advanced products rendered by the players.
Feed supplements market has considerable potential for growth over the forecast period. Currently, one of the key factors obstructing the growth of the market is the unawareness amongst the consumers about the benefits of supplement nutrition for animal feed.
Numerous consumers are still using growth promoters along with animal feed despite its increasing side effects.In addition, the supplements have a lesser possibility of provoking side effects such as deteriorating gut health of the animal or other gastrointestinal disorders and thus, have more expanse in the global market.
Creating consumer awareness regarding the product is going to create significant opportunities for the market in the forthcoming years.The Feed Supplements market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size.
The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the Feed Supplements market, including but not limited to: regional markets, product type, source, and livestock.
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The Feed Supplements market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the Feed Supplements market report projects the attractiveness of each major segment over the forecast period.
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