The global animals feed market size is poised to grow by USD 92.79 billion during 2020-2024, progressing at a CAGR of almost 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Animal Feed Market 2020-2024 (Graphic: Business Wire)
The increasing number of product launches will be a significant factor in driving the growth of the animal feed market size. The global animal feed market is witnessing a growing number of product launches by vendors operating in the market. For instance, MilkLane launched two variants of animal feed, namely Aayush Max and Aayush Rich, containing proteins and minerals, which will improve animal health and increasing milk yield. Nutreco also launched two fish feed products suitable for tilapia under the brand Skretting. The successful launch of such new products will help market vendors to increase their revenue flow and market share and consequently drive the growth of the animal feed market during the forecast period.
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The major animals feed market growth came from poultry segment. The rising demand for eggs and poultry meat will boost the demand for poultry feed products. The increasing number of product launches will also fuel the growth of the animal feed market in this segment.
APAC was the largest market for animal feed in 2019,