2014-02-13 14:51:01 - Animal Food Production in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United States Animal Food Production market benefited from increased demand during the past five years. Growth in global meat consumption and herd stocks, such as beef, pork and poultry, produced modest revenue gains during the past five years as meat producers demanded more livestock feed. The number of American households that owned a cat or dog reached an all-time high at the end of 2012, according to the American Pet Products Association. This rise in pet owners caused an increase in demand for pet foods, boosting demand for industry products and driving revenue growth.
Overall, IBISWorld expects industry revenue to grow at an average rate of 1.8% per year to $56.5 billion during the five years to 2013. In 2013
alone, revenue is anticipated to increase 4.0%.
Corn and soybeans are inputs that industry operators often use for feed production. Their shared usage in biofuel and livestock feed production, coupled with increased demand from both sectors, caused feed prices to rise during the past five years. To offset higher feed costs, producers invested in equipment to raise product efficiency and volume of feed produced. Despite rising feed costs, which hampered profitability, production efficiencies enabled industry profit to expand from 4.0% of revenue in 2008 to 4.2% in 2013. Attracted by higher profit margins as well as increased demand from downstream markets, the number of enterprises increased at an average annual rate of 1.3% to 2,667 during the five years to 2013.
The industry´s future prospects are expected to be good, with faster revenue growth anticipated through the five years to 2018, compared to the previous five years. Forecast increases in disposable income and pet ownership will drive demand for pet food. Exports are anticipated to grow during the next five years, as emerging markets expand world demand for meat and animal feed.
Advancements in crop technology and alternative energy sources combined with product innovation are projected to reduce input price volatility. Consequently, industry revenue is forecast to grow at an annualized rate of 2.9% to total $65.2 billion during the five years to 2018.
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