According to a research report "Future of Feed Industry Market - Global Forecast to 2024" published by MarketsandMarkets, the Future of the Feed Industry Outlook covers the digital agricultural market, precision livestock market, feed processing market, feed enzyme market, feed additives market, feed premix market, compound feed market, starter feed market, medicated feed market, specialty feed market, animal feed micronutrients market, and feed plant-based protein markets.
The feed industry anticipates a transformative journey from 2023 to 2024, with a focus on sustainable practices, the rise of plant-based alternatives, and innovative technologies like personalized feed solutions, and precision nutrition. This period promises unprecedented innovation and heightened competition as companies strive to meet evolving consumer preferences and embrace ethical sourcing.
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Feed industry developments in 2023 and upcoming predictions in 2024
In 2023, the feed industry saw advancements driven by the adoption of sustainable practices, cutting-edge technologies, and strategic initiatives from leading players. The year was marked by significant growth in emerging markets, the widespread application of technology in agriculture and supply chain management, and a heightened demand for sustainable and innovative feed alternatives. As we look towards 2024, several trends are set to shape the future trajectory of the industry.
The incorporation of advanced technologies such as AI and automation will continue to revolutionize production processes within the feed industry. AI-driven precision nutrition, IoT-enabled monitoring systems, and automated feed production facilities will boost efficiency and productivity. With increasing digital connectivity, the importance of robust cybersecurity measures will be paramount to safeguard sensitive data and ensure the integrity of supply chains. The competitive landscape will become more intense as companies seek to expand into new markets and fulfil the growing demand for sustainable and ethically sourced feed ingredients. Innovations such as insect protein, cultured microbial feed, and other novel feed ingredients will be at the forefront, driving both sustainability and innovation within the industry.
In 2024, the focus on feed safety, adherence to industry regulations, and the exploration of cutting-edge solutions like precision fermentation and personalized livestock nutrition will be crucial in guiding the feed industry's direction. Balancing innovation with regulatory compliance and tackling the complexities of supply chain visibility will be critical challenges for industry players in the coming year.
Further, efforts to promote regenerative agriculture practices, enhance traceability through blockchain technology, and integrate circular economy principles will significantly shape the future of the industry. By prioritizing these areas, the feed industry will continue to evolve, addressing global challenges and contributing to a more sustainable and resilient feed system.
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Top Key Companies in Global Feed Industry Outlook:
In the rapidly evolving landscape of the feed industry, key companies are spearheading transformative initiatives across various sectors. In the feed additives industry, Cargill, Incorporated (US), ADM (US), International Flavors & Fragrances (US), Evonik Industries AG (Germany), and BASF SE (Germany) are expected to dominate the market due to their innovative products and use of different distribution channels to meet consumer demand. For instance, BASF SE launched an enzyme-based feed additive globally that hydrolyzes beta-mannans into smaller components, thus helping animals to digest well. Similarly, Evonik Industries AG launched a probiotic-based product globally catering to poultry animals to stabilize the intestinal microbiota of broilers and chickens. The key players have also undergone several deals. For example, Evonik Industries AG partnered with Perstorp to distribute butyric acid-based products in South America. ADM has expanded in Illinois to increase the production of aquatic animal feed.
The realm of the digital agriculture market sees global leaders such as Cisco Systems, Inc. (US), IBM Corporation (US), Accenture (Ireland). Trimble Inc. (US), and Deere & Company (US). For the precision livestock farming market DeLaval (Sweden), GEA Group (Germany). Afimilk Ltd. (Israel). Allflex Livestock Intelligence (US), and Lely International (Netherlands) were the major players. Together, these companies exemplify the diverse and dynamic future of the feed industry. In 2024, feed industry players will continue investments in advanced feed technologies in unexplored countries and focus on delivering healthy and safe feed to consumers.
North America leads the Feed Industry, and Asia Pacific experiences the highest YoY growth.
In 2024, the global feed industry is expected to exhibit strong regional growth across key sectors. North America has long been at the forefront of the feed industry, driven by its advanced agricultural infrastructure, robust regulatory frameworks, and significant investments in research and development. The US Global Development Lab and Bureau of Food Security have collaborated on "Digital Development for Feed the Future." They are showcasing digital tools that can enhance cost-effective agricultural practices. In the US, agricultural ecosystems are undergoing a digital transformation, with farmers incorporating various digital agricultural technologies into their farms. Popular digital technologies include remote sensing systems, UAVs, AI predictive models, and automated machinery for crop monitoring and harvest cycle planning. Leading companies revolutionizing digital agriculture in the US include Deere & Company, Trimble Inc., Ceres, Ag Leader, and AGCO Corporation. These companies have formed collaborations, joint ventures, or partnerships between 2020 and 2023 to develop and offer advanced smart agriculture solutions.
The Asia Pacific region has been actively involved in digital agricultural initiatives. Although these efforts are still in the early stages, the region has consistently introduced programs aimed at revolutionizing the feed industry. For example, in September 2021, the Indian government announced the Digital Agriculture Mission 2021-2025. This program is designed to facilitate and expedite projects that leverage new technologies such as AI, blockchain, remote sensing, GIS technology, as well as the use of drones and robots. Additionally, the government has introduced various programs like the National Agriculture Market and Direct Benefit Transfer Central Agri Portal to assist farmers in embracing digital agriculture solutions.
New technologies are shaping the future of the feed industry, as are the related ingredients and additives. Ongoing research and significant investments are crucial for the future of the feed industry. Companies in North America and the Asia Pacific region have been consistently developing and introducing new products with a keen focus on animal nutrition and sustainability. In January 2023, International Flavors & Fragrances (US) launched two food additives: Enviva PRO, a probiotic, and Syncra SWI, an enzyme, aimed at improving gut health. In April 2023, Kemin Industries also launched Pathorol for farmed shrimp health in multiple Asian countries, including India, Thailand, Vietnam, Indonesia, and Singapore, further expanding its presence in Asia.
North America's leadership in innovation and regulatory standards, combined with Asia-Pacific's rapid growth and modernization, sets the stage for a dynamic and collaborative future. Stakeholders who leverage these trends and invest in sustainable, high-quality feed production will be well-positioned to succeed in the evolving global market.
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