The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The horse feed market has experienced robust growth in recent years, driven by various factors contributing to the well-being of our four-legged companions. In 2023, the market size reached $8.16 billion, with a projected increase to $8.69 billion in 2024, reflecting a substantial compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to the rise in the equine population, the surge in equestrian sports and racing, the emergence of new markets, and increased participation in outdoor activities.

Anticipating Strong Growth Ahead

Looking forward, the horse feed market is poised for strong growth. By 2028, the market size is expected to reach $11.35 billion, showcasing a noteworthy CAGR of 6.9%. This anticipated growth in the forecast period is attributed to factors such as the influence of e-commerce and digital marketing, the rise in disposable income, increased participation in recreational activities, and the aging horse population.

Rising Horse Population Drives Growth In The Horse Feed Market

The Equine Surge

The substantial growth in the horse feed market is closely tied to the rising horse population. As the number of these magnificent creatures increases, the demand for nutritious and well-balanced feed grows in tandem. Horse feed plays a crucial role in providing essential nutrients such as protein, vitamins, calcium, and minerals, contributing to the overall health and longevity of horses. For instance, in 2021, the horse population in the US reached 9.2 million, according to the American Horse Council Foundation. This surge in equine numbers is anticipated to be a driving force behind the continued growth of the horse feed market.

Key Players Fueling the Market

Major companies play a pivotal role in shaping the horse feed market. Industry leaders such as Allen And Page Ltd., Cargill Incorporated, Equifirst Private Limited, and Purina Animal Nutrition LLC contribute to the market’s vitality. This diverse array of companies ensures a wide range of feed options catering to different equine needs.

View More On The Horse Feed Market Report 2024 – https://www.thebusinessresearchcompany.com/report/horse-feed-global-market-report

Innovative Horse Feed Products Revolutionize The Market

Revolutionizing Nutrition

Innovations in horse feed products are transforming the market, with a focus on enhancing nutritional quality and addressing specific equine needs. Major players are launching products such as targeted amino acid supplementation, equine microbiome optimization supplements, and veterinary diets tailored to address specific disease conditions. For example, Saracen Horse Feeds introduced Saracen RE-LEVE cubes in 2021, featuring low sugar content, alternative energy sources, and a unique blackcurrant flavor. These innovations not only improve digestibility and palatability but also contribute to the overall well-being of horses.

Strategic Acquisitions: Expanding Reach

Strategic acquisitions also play a crucial role in the evolution of the horse feed market. In January 2022, Sunrice Group’s CopRice line of horse feed acquired Pryde’s EasiFeed for $38 million, aiming to broaden its business scale and diversify into new geographic regions. This strategic move reflects the dynamic nature of the market and the importance of expanding offerings through acquisitions.

The Horse Feed Market: A Detailed Segmentation

Tailoring to Varied Needs

Understanding the nuances of the horse feed market requires delving into its segmentation:

1. By Type: Performance, Senior or Old, Professional, Mare And Foal, Other Types
2. By Nutrition Type: High Fiber, Low Starch, High Protein, High Fats
3. By Ingredients: Cereals, Supplements, Cakes or Meals, Other Ingredients
4. By Form: Pellets, Cubes, Powder
5. By Application: Online Sales, Offline Retail

Regional Dynamics: Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the horse feed market, reflecting the region’s significant contribution to the industry. The market is expected to continue its robust growth in the coming years, underlining the increasing importance of Asia-Pacific in the equine nutrition landscape.

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The Horse Feed Global Market Report 2024  provides comprehensive insights on the horse feed market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the horse feed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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