InsightAce Analytic announced the release of a market assessment report on the "Global Sustainable Animal Feed Market Trends, Industry Competition and Product Analysis, Revenue and Forecast To 2030."
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According to the market research report, the global sustainable animal feed market is valued at $10.57 Billion in 2021, and it is expected to reach $58.03 Billion by 2030, with a CAGR of 21.2% during a forecast period of 2022-2030.
By region, Europe dominated the market with a share of 41% in 2021.
Animal feeding is the most critical component to ensure the sustainable production of safe and affordable animal proteins.
Balanced animal feed is a key to a sustainable future for food products.
Sustainability is defined as a safe, consistent, and nutritious feed supply for poultry, cattle, fish, and pets that maximizes environmental equality and natural resource utilization while positively impacting consumers', communities', and industry's social and economic well-being.
A sustainable animal diet is one that is balanced in all nutrients and free of hazardous components, fulfills production goals, and produces animal products that are safe to eat.
The growth of the global sustainable animal feed market can be attributed to several factors, such as the surging demands for animal products, growing animal health consciousness among consumers, changing feed preferences by pet owners, high demand from livestock animal segment, increasing awareness regarding the health benefits of algae-based ingredients in animal feed, adoption of new science and technologies, and growing environmental safety concerns such as the carbon footprint of animal products.
Animal feed directly or indirectly affects the entire livestock sector and associated services, and it is responsible for almost 70% of the cost of animal production.
As a result, the animal market has shifted to sustainable alternatives like additives and different feed sources, likely to accelerate the growth of the sustainable animal feed market over the forecast years.
On the other hand, providing affordable, healthy, and suitable for the planet animal feed solutions is a big challenge to the market.
Additionally, the rising cost of animal feed, the absence of regulations and standards associated with feed sustainability, and the scarcity of knowledge related to animal sustainability are expected to hamper the market adoption during the forecast period.
Geographically, Europe and Asia Pacific regions are expected to witness significant growth over the forecast period due to the rising awareness among pet owners and livestock owners regarding the health benefits of animal proteins and the growing demand for animal feed. ■
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