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Animal feed processing equipment market to grow by $10B in 10 years
March 23, 2023
By
Bree Rody
Global insights firm Future Market Insights reports that the animal feed processing equipment market is anticipated to reach a valuation of USD $23.1 billion this year, and one of USD $34.8 billion by 2033, representing a CAGR of 4.2 per cent.
The growth is driven by rising demand for high-quality feed and the rapid industrialization of the market, as well as expansions of the market in APAC, FMI reports. Currently, the U.S> is currently dominating the equipment market, with roughly 20 per cent of the share. The European market is anticipated to grow at 7.5 per cent CAGR, representing one of the most noteworthy rises – that’s compared to a CAGR or 5.13 per cent for the North American market and 5.19 per cent for China.
The overall global CAGR of 4.2 per cent compares to the CAGR of 3.1 per cent demonstrated between 2017 and 2021.
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