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United States animal feed market: forecasting 34% growth and innovations from 2024 to 2029

USA 10.07.2024
Source: The DairyNews
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The United States animal feed market, valued at US$59.234 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 4.24%, reaching a market size of US$79.193 billion by 2029.
United States animal feed market: forecasting 34% growth and innovations from 2024 to 2029
The U.S. is a major player in the global feed and livestock industry, with over 5,800 animal feed manufacturing facilities producing more than 284 million tons of finished feed and pet food annually, according to the American Feed Industry Association (AFIA) as of 2021. Livestock and poultry contribute significantly to U.S. agricultural cash receipts, often exceeding $100 billion per year, as per USDA data.

The United Nations Food and Agriculture Organization (FAO) forecasts a more than 60% increase in global food production by 2050, with animal-based protein production expected to rise at an annual rate of 1.7% between 2020 and 2050. This global trend is anticipated to positively impact the U.S. animal feed market.

The expanding demand for livestock products, including meat, dairy, and eggs, is a key driver of the U.S. animal feed market. Increased awareness among dairy producers regarding animal feed safety is also contributing to market growth. Government and international organizations, such as the FAO, emphasize the health and safety of animal-based foods for human consumption, which supports the robust growth of the U.S. animal feed market.

Predictions indicate a significant increase in meat production, with projections of nearly 70% growth in meat, 90% in seafood, and 55% in dairy products. The International Feed Industry Federation (IFIF) expects poultry, pig, and beef production to almost double by 2050, while dairy and fish production will triple. This surge in animal protein consumption will accelerate growth in the animal feed sector, with the U.S. positioned as a leading market.

March 2023: international Flavors & Fragrances introduced "Axtra PRIME," a feed solution for piglets in the U.S. This enzyme blend, containing beta-glucanase and alpha-amylase, addresses digestibility challenges in early-stage swine.

January 2023: Cargill and BASF expanded their partnership to include the U.S. in their feed enzymes development and distribution agreement, providing U.S. animal feed customers with a broader range of enzyme-based solutions.

The U.S. animal feed market is set for substantial growth from 2024 to 2029, driven by increased livestock product demand, advancements in feed safety, and significant developments by leading companies such as Cargill, Ingredion, BASF, Alltech, Archer Daniels Midland, and DSM. This growth will ensure the long-term progress of animal husbandry and sustainable animal production in the region.
July 2024
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