At 4.7% CAGR, North America Corn and Wheat-Based Feed Market is Projected to be Worth US$ 76,842.54 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America corn and wheat-based feed market was valued at US$ 53,211.34 million in 2022 and is expected to reach US$ 76,842.54 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Increase in livestock production and rising preference for organic are among the critical factors attributed to drive the North America corn and wheat-based feed market growth.

The demand for livestock products is driven by increasing urbanization, changing lifestyles and food preferences, and the rapidly rising population across the world. According to the Food and Agriculture Organization (FAO), meat protein consumption across the world is predicted to increase by 14% by 2030. Animal protein accounts for 16% of energy and 34% of protein in human diets. World milk production is expected to rise by 1.6% annually between 2020 and 2029 and reach 997 million metric tons in 2029, according to a report by the Organization for Economic Co-operation and Development (OECD) and FAO. The increasing consumption of protein-rich livestock products such as meat and increasing milk production propel the production of livestock. Livestock production accounts for ~19% of the value of food production and 30% of the global value of agriculture. As shown in the following figure, according to the FAO, the total meat production globally was 235.06 million metric tons in 2001, significantly increasing to 354.82 million metric tons in 2021. Poultry production accounted for a notable growth of 93% from 2001 to 2021.

Figure 5. Global Meat Production by Livestock Type (2001-2021)

The rising livestock production has encouraged manufacturers to focus on providing good quality and nutrient-rich feed for livestock. The growth in livestock production creates a demand for corn and wheat-based animal feed as cereals and grains are one of the main sources of energy and nutrients for animals. Corn is one of the major cereals used for animal feed production. According to the US Department of Agriculture, 40% of total domestic corn is used for animal feed. Wheat bran is intended for animal feed due to its high percentage of protein and high content of amino acids. Additionally, wheat has a large amount of fiber, which facilitates the digestive processes in animals. Thus, increasing healthy livestock production across the world drives the North America corn and wheat-based feed market growth.

On the contrary, the challenges related to corn and wheat production hampers the growth of North America corn and wheat-based feed market.

Based on product type, the North America corn and wheat-based feed market is bifurcated corn-based and wheat-based. The corn-based segment held 94.6% market share in 2022, amassing US$ 50,354.76 million. It is projected to garner US$ 72,508.31 million by 2030 to register 4.7% CAGR during 2022-2030. The corn-based segment is further sub segmented into corn gluten meal, corn gluten feed, and other corn-based feed. The wheat-based segment is further sub segmented into wheat gluten, wheat bran, and other wheat-based feed.

In terms of livestock, the North America corn and wheat-based feed market is categorized into poultry, ruminants, swine, aquaculture, and others. The ruminants segment held 36.0% share of North America corn and wheat-based feed market in 2022, amassing US$ 19,179.42 million. It is anticipated to garner US$ 28,568.29 million by 2030 to expand at 5.1% CAGR during 2022-2030.

Based on country, the North America corn and wheat-based feed market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.7% share of North America corn and wheat-based feed market in 2022. It was assessed at US$ 42,427.65 million in 2022 and is likely to hit US$ 60,697.93 million by 2030, registering a CAGR of 4.6% during 2022-2030.

Key players operating in the North America corn and wheat-based feed market are Associated British Foods Plc, Jungbunzlauer Suisse AG, Roquette Freres SA, BENEO GmbH, International Nutritionals Ltd, Agrana Beteiligungs AG, Grain St Laurent Inc, and Archer Daniels Midland Company, among others.


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