5 Key Insights On The Cattle Feed And Feed Additives Market 2024
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
As per The Business Research Company’s Cattle Feed And Feed Additives Global Market Report 2024, the cattle feed and feed additives market is expected to show significant growth in the forecast period.
The cattle feed & feed additives market has witnessed robust growth in recent years, surging from $60.98 billion in 2023 to $64.36 billion in 2024, with a noteworthy Compound Annual Growth Rate (CAGR) of 5.5%. This expansion is attributed to several factors, including population growth, rising income levels, urbanization, and the impact of disease outbreaks.
A Promising Future: Forecast and Projections
Looking ahead, the market is poised for even stronger growth. By 2028, it is projected to reach $80.96 billion, indicating a CAGR of 5.9%. This anticipated expansion in the forecast period can be linked to evolving trends such as sustainable practices, health and wellness considerations, global trade policies, and growing concerns about climate change. Key trends in the forecast period include innovations in feed additives, alternative protein sources, digitalization in agriculture, and heightened consumer demand for transparency.
Driving Forces: Increase in Meat Consumption
Meeting the Demand for Meat
One of the primary drivers behind the flourishing cattle feed and feed additive market is the escalating global consumption of meat. As more people include meat, particularly beef, in their diets, there is a heightened demand for cattle feed to ensure the animals remain healthy and produce high-quality meat. Feed additives play a crucial role in promoting cattle growth and well-being. The surge in meat consumption directly translates into increased cattle production, fueling the demand for feed and additives that support their nutrition and overall health.
Meat Consumption Statistics
- According to the OECD, the US witnessed a significant increase in meat consumption, reaching 10,191.61 thousand metric tons in 2021.
Market Impact
- The rising meat consumption acts as a catalyst, propelling the growth of the cattle feed and feed additive markets.
Industry Giants: Key Players Shaping the Market
Leading Companies in the Market
Several major companies play a pivotal role in shaping the cattle feed & feed additives market. Notable players include Bluestar Adisseo Company, The Archer Daniels Midland Company, Cargill Inc., Novozymes A/S, and many others. These companies contribute significantly to the market’s dynamics and influence its trajectory.
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Strategic Alliances: Driving Innovation and Sustainability
Nutreco Partners with BiomEdit
In January 2023, Nutreco, a Netherlands-based animal nutrition company, collaborated with BiomEdit, a US-based microbiome research company, to develop novel feed additives. This strategic partnership combines BiomEdit’s microbiome science and bioinformatics platform with Nutreco’s expertise to create Biome-actives, next-generation ultra-specialty feed additives. These additives aim to address health and sustainability challenges faced by livestock producers, emphasizing innovation and sustainability.
Adisseo’s Acquisition of Nor-Feed
In February 2023, Adisseo, a French-based animal nutrition company, acquired Nor-Feed, a French animal nutrition additive manufacturer specializing in plant-based ingredients. This strategic move aligns with Adisseo’s goal to become a global leader in specialty ingredients for animal nutrition, showcasing the industry’s commitment to innovation and growth.
Market Segmentation: Understanding the Landscape
Segmentation Overview
The cattle feed & feed additives market is segmented based on:
- Ingredient: Corn, Soybean Meal, Wheat, Oil Seeds, Grains
- Product: Antibiotics, Vitamins, Antioxidants, Amino Acids, Feed Enzymes, Acidifiers, Other Products
- Application: Beef Cattle, Dairy Cattle, Calves, and Others
Regional Dominance
Asia-Pacific emerged as the largest region in the cattle feed and feed additive market in 2023, underlining the region’s pivotal role in driving market dynamics.
Conclusion: Navigating a Dynamic Landscape
The cattle feed & feed additives market is witnessing remarkable growth, fueled by factors such as increased meat consumption, strategic alliances among industry giants, and a focus on innovation and sustainability. As the market continues to evolve, staying attuned to emerging trends and industry developments will be crucial for stakeholders aiming to capitalize on the sector’s growth potential. With the right strategies and collaborations, the cattle feed & feed additives market is poised for an exciting and promising future.
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