Global Animal Food Market Flourishes, Projected to Reach $439.39 Billion by 2027

The Business Research Company’s Animal Food Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 8, 2023 /EINPresswire.com/ -- The global animal food market has witnessed remarkable growth, surging from $299.68 billion in 2022 to $326.05 billion in 2023, with an impressive compound annual growth rate (CAGR) of 8.8%. reaching $439.39 billion in 2027, propelled by a projected CAGR of 7.7%.

Economic Stability Fuels Animal and Pet Food Market Growth
The animal and pet food market's growth is underpinned by the stable economic forecasts in numerous developed and developing countries. According to the International Monetary Fund (IMF), global GDP reached 3.3% in 2020 and 3.4% in 2021, with developing economies expected to grow slightly faster than developed ones in the forecast period. The recovery of commodity prices and stable economic growth are anticipated to drive investments in end-user markets, fostering the animal food market's growth.

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Key Players Shaping the Animal Food Market
Major companies contributing to the animal food market include Cargill Incorporated, New Hope Liuhe Co. Ltd., Charoen Pokphand Foods PCL, Bunge Limited, Mitsui, CJ Cheiljedang Corp, Land O'Lakes Inc., ForFarmers NV, Japfa Ltd., and Tate & Lyle. These industry leaders play a pivotal role in influencing the trajectory of the animal food sector on a global scale.

Probiotics Revolutionizing Animal Feed
Growing awareness among cattle farmers and pet owners regarding the benefits of probiotics for animal health is driving increased use in animal feed for farm animals such as cattle, horses, ruminants, and poultry. Advances in molecular biology and gene sequencing allow researchers to explore new probiotic applications, showing promising results in terms of animal performance, digestion, and immune system health. Companies like Bactana Animal Health are actively investing in developing novel bacterial strains for commercial livestock usage.

Regional Dynamics: Asia-Pacific Dominates, Western Europe Follows
In 2022, Asia-Pacific emerged as the largest region in the animal food market, with Western Europe securing the second-largest position. The comprehensive market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Animal Food Market Segments:
1. Type:
• Poultry Feed
• Cattle Feed
• Aquaculture Feed
• Other Animal Food
2. Distribution Channel:
• Supermarkets/Hypermarkets
• Convenience Stores
• E-Commerce
• Other Distribution Channels
3. Ingredients:
• Cereal
• Oilseed Meal
• Supplements
• Other Ingredients

Access the complete report for in-depth analysis:
https://www.thebusinessresearchcompany.com/report/animal-food-global-market-report

Animal Food Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Animal Food Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on animal food market size, animal food market drivers and animal food market trends, animal food market major players, animal food market competitors' revenues, animal food market positioning, and market growth across geographies. The animal food market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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