Global Animal and Pet Feed Market to Witness 2.2% CAGR Growth from 2023 to 2030

IndexBox has just published a new report: World - Animal And Pet Feed - Market Analysis, Forecast, Size, Trends And Insights.

The article provides in-depth analysis of the global animal and pet feed market, highlighting trends from 2013 to 2023 and projections for 2023 to 2030. Key points include the expected CAGR, market volume, and value, along with insights on consumption, production, imports, and exports. The data also covers the top consuming, producing, importing, and exporting countries, as well as average prices and growth rates in the industry.

Market Forecast

Driven by increasing demand for animal and pet feed worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.2% for the period from 2023 to 2030, which is projected to bring the market volume to 1,187M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2023 to 2030, which is projected to bring the market value to $1,423.9B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Animal And Pet Feed

In 2023, approx. 1,017M tons of animal and pet feed were consumed worldwide; remaining relatively unchanged against the previous year's figure. The total consumption volume increased at an average annual rate of +2.5% from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Global consumption peaked at 1,028M tons in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

The global animal feed market value totaled $1,036.4B in 2023, flattening at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.1% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 8%. As a result, consumption reached the peak level of $1,050.6B. From 2022 to 2023, the growth of the global market remained at a lower figure.

Consumption By Country

The country with the largest volume of animal feed consumption was China (151M tons), comprising approx. 15% of total volume. Moreover, animal feed consumption in China exceeded the figures recorded by the second-largest consumer, India (56M tons), threefold. Russia (41M tons) ranked third in terms of total consumption with a 4% share.

In China, animal feed consumption increased at an average annual rate of +3.5% over the period from 2013-2023. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+2.1% per year) and Russia (+6.2% per year).

In value terms, China ($164.5B), India ($91.6B) and Japan ($86.3B) constituted the countries with the highest levels of market value in 2023, together accounting for 33% of the global market. Bangladesh, Russia, Brazil, the United States, Mexico, Nigeria, Indonesia, Spain, Germany and Pakistan lagged somewhat behind, together comprising a further 23%.

Russia, with a CAGR of +5.9%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2023, the highest levels of animal feed per capita consumption was registered in Spain (623 kg per person), followed by Russia (283 kg per person), Germany (255 kg per person) and Japan (211 kg per person), while the world average per capita consumption of animal feed was estimated at 128 kg per person.

From 2013 to 2023, the average annual growth rate of the animal feed per capita consumption in Spain amounted to +3.3%. In the other countries, the average annual rates were as follows: Russia (+6.2% per year) and Germany (+0.6% per year).

Production

World Production of Animal And Pet Feed

In 2023, approx. 1,017M tons of animal and pet feed were produced worldwide; flattening at the year before. The total output volume increased at an average annual rate of +2.5% over the period from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2020 with an increase of 11% against the previous year. Over the period under review, global production attained the maximum volume at 1,027M tons in 2021; however, from 2022 to 2023, production failed to regain momentum.

In value terms, animal feed production expanded slightly to $1,042.7B in 2023 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 11% against the previous year. As a result, production reached the peak level of $1,067.4B. From 2022 to 2023, global production growth remained at a somewhat lower figure.

Production By Country

China (152M tons) constituted the country with the largest volume of animal feed production, comprising approx. 15% of total volume. Moreover, animal feed production in China exceeded the figures recorded by the second-largest producer, India (56M tons), threefold. The third position in this ranking was taken by Russia (41M tons), with a 4% share.

From 2013 to 2023, the average annual growth rate of volume in China totaled +3.4%. The remaining producing countries recorded the following average annual rates of production growth: India (+2.1% per year) and Russia (+6.4% per year).

Imports

World Imports of Animal And Pet Feed

In 2023, after three years of growth, there was decline in purchases abroad of animal and pet feed, when their volume decreased by -2.6% to 20M tons. The total import volume increased at an average annual rate of +1.5% over the period from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 when imports increased by 7.4% against the previous year. Global imports peaked at 20M tons in 2022, and then contracted modestly in the following year.

In value terms, animal feed imports shrank to $21.2B in 2023. Over the period under review, total imports indicated a perceptible expansion from 2013 to 2023: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +53.1% against 2016 indices. The growth pace was the most rapid in 2021 when imports increased by 12%. Over the period under review, global imports reached the maximum at $22.3B in 2022, and then contracted in the following year.

Imports By Country

The purchases of the twelve major importers of animal and pet feed, namely the Netherlands, Belgium, Germany, South Korea, France, Ireland, Vietnam, the United States, Norway, Poland, the UK and Italy, represented more than third of total import. Iraq (359K tons) followed a long way behind the leaders.

From 2013 to 2023, the biggest increases were recorded for Norway (with a CAGR of +20.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($1B), Belgium ($1B) and Germany ($972M) constituted the countries with the highest levels of imports in 2023, together accounting for 14% of global imports. The United States, France, Norway, Vietnam, the UK, Italy, Poland, South Korea, Ireland and Iraq lagged somewhat behind, together comprising a further 26%.

Among the main importing countries, Norway, with a CAGR of +17.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2023, the average animal feed import price amounted to $1,086 per ton, with a decrease of -2.5% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9.9% against the previous year. Over the period under review, average import prices attained the maximum at $1,114 per ton in 2022, and then shrank modestly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United States ($1,703 per ton), while South Korea ($513 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the UK (+6.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Animal And Pet Feed

In 2023, after eight years of growth, there was decline in overseas shipments of animal and pet feed, when their volume decreased by -3.6% to 19M tons. The total export volume increased at an average annual rate of +1.2% from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 5.4%. The global exports peaked at 20M tons in 2022, and then declined slightly in the following year.

In value terms, animal feed exports dropped modestly to $21.5B in 2023. Over the period under review, total exports indicated a measured expansion from 2013 to 2023: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +62.4% against 2015 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 16% against the previous year. Over the period under review, the global exports attained the peak figure at $21.6B in 2022, and then dropped slightly in the following year.

Exports By Country

In 2023, the Netherlands (3.3M tons), followed by Germany (2.1M tons), Belgium (1.6M tons), China (1.3M tons) and the United States (1.3M tons) were the major exporters of animal and pet feed, together comprising 50% of total exports. The following exporters - France (809K tons), Turkey (539K tons), the UK (487K tons), Spain (428K tons), Austria (373K tons), Italy (372K tons), Malaysia (349K tons) and Russia (341K tons) - together made up 19% of total exports.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Russia (with a CAGR of +21.7%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest animal feed supplying countries worldwide were the Netherlands ($3B), the United States ($2.2B) and Germany ($1.8B), with a combined 33% share of global exports. Belgium, China, France, the UK, Spain, Italy, Austria, Turkey, Malaysia and Russia lagged somewhat behind, together accounting for a further 37%.

Russia, with a CAGR of +18.1%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average animal feed export price stood at $1,109 per ton in 2023, with an increase of 2.9% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2021 an increase of 13%. Over the period under review, the average export prices reached the peak figure in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was the United States ($1,729 per ton), while Turkey ($646 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+4.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform