Feed Pellet Machine Market to Reach $191.9 Million, Globally, by 2031 at 4.7% CAGR: Allied Market Research
Growth in animal feed industry, rising consumption of processed and packaged food for animals around the world, surge in disposable income of pet owners, and multi-functionality of pet food drive the growth of the global feed pellet machine market.
PORTLAND, Ore., Nov. 22, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Feed Pellet Machine Market by Capacity (Small, Medium, Large), by Type (Semi-Automatic, Automatic), by End User (Poultry, Piggery, Shed, Aquaculture, Pets): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global feed pellet machine industry generated $120.2 million in 2021, and is anticipated to generate $191.9 million by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.
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Prime determinants of growth
Growth in animal feed industry, rising demand for convenience and high-quality food products, increase in urban population which leads to increased pet adoption, rising consumption of processed and packaged food for animals around the world, surge in disposable income of pet owners, and multi-functionality of pet food drive the growth of the global feed pellet machine market. However, increasing demand of organic food for animal food over processed food is decreasing the demand for feed pellet machine, which restricts the market growth. Moreover, technical advancements present new opportunities in the coming years.
The outbreak of the Covid-19 pandemic had a negative impact on the global feed pellet machine market, owing to implementation of the global lockdown which led to social distancing norms and travel restrictions.
Construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of feed pellet machine as well as their demand in the market, thereby restraining the growth of the feed pellet machine market.
Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of feed pellet machine companies at their full-scale capacities, which is likely to help the market to recover by end of 2022.
The large segment to maintain its leadership status throughout the forecast period
Based on capacity, the large segment held the highest market share in 2021, accounting for more than two-fifths of the global feed pellet machine market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to the advantages of large-scale production of feed pellets. Innovative product launches and higher level of comfort offered by shoes have also increased demand for mid-top sneakers. However, the small segment is projected to manifest the highest CAGR of 5.3% from 2022 to 2031, owing to an increase in the in-house production of feed.
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The automatic segment to maintain its leadership status throughout the forecast period
Based on type, the automatic segment held the highest market share in 2021, accounting for more than three-fifths of the global feed pellet machine market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to rise in automation in production facilities. The report also analyzes semi-automatic segment.
The shed segment to maintain its lead position during the forecast period
Based on end user, the shed segment accounted for the largest share in 2021, contributing to two-fifths of the global feed pellet machine market, and is projected to maintain its lead position during the forecast period. This is owing to the feed used for cattle in the shed. However, the aquaculture segment is expected to portray the largest CAGR of 8.3% from 2022 to 2031, owing to an increase in the trend to keep fish as pets and the health benefits of consumption of certain kinds of fish.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global feed pellet machine market, owing to a large amount of meat consumption in the region. However, the Asia-Pacific region is likely to dominate the market during the forecast period and is expected to witness the fastest CAGR of 6.1% from 2022 to 2031, owing to an increase in professional animal farming in the region.
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Leading Market Players:
Namdheri Industrial Works
ZHENGZHOU FUSMAR MACHINERY CO., LTD
Xinxiang Longxing Machinery Equipment Co., Ltd
Shandong Double Crane Machinery
S. G. Global Solutions
Nav Indus Food Machines
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