Global Horse Feed Market - 2024-2031

Overview

Global Horse Feed Market reached US$ 8.23 billion in 2023 and is expected to reach US$ 11.44 billion by 2031, growing with a CAGR of 4.2% during the forecast period 2024-2031.

The increasing awareness among horse owners about the importance of proper nutrition for equine health and performance acts as a key trend for the horse feed market growth. As owners become more educated about the specific dietary needs of horses, they are willing to invest in high-quality feeds that meet those requirements. This heightened awareness has led to a growing demand for specialized feeds tailored to different life stages, activity levels, and health conditions of horses.

In August 2020, Bluegrass Horse Feed developed a new product, Bluegrass Re-Lite, in their Extra Pro Range. For performance horses that require additional digestive support without consuming extra calories, Bluegrass Re-Lite was created. This low-starch, high-fiber cube was created especially for horses that have digestive problems and cereal sensitivity.

Cereals have maintained the highest share in the horse feed market growth due to their nutritional value, versatility, widespread availability, and cost-effectiveness, making them a staple ingredient in various feed formulations. Similarly, Asia-Pacific dominates the horse feed market, capturing the largest market share due to increasing urbanization, rising disposable income, and growing equestrian sports participation, driving demand for high-quality horse feed products.

Dynamics

Rising Interest in Equestrian Activities

According to CDC, the Centers for Disease Control and Prevention, in the US, an estimated 30 million people ride horses annually. As more people engage in horse riding, equestrian sports, and recreational activities involving horses, there is a corresponding increase in the demand for specialized horse feed products. Horse owners understand the importance of providing their animals with proper nutrition to support their health, performance, and overall well-being.

One of the primary reasons for this trend is the growing awareness among horse owners and trainers about the importance of proper nutrition for equine health and performance. Horses require a balanced diet to maintain optimal health, support muscle development, and sustain energy levels during training and competition. As a result, horse owners are increasingly turning to specialized feeds formulated with the precise blend of nutrients required for their horses' specific needs.

Focusing on Horse Health and Wellness

The growing focus on pet horse health has become a significant driver of growth in the horse feed market, reflecting a broader trend towards pet wellness and the recognition of horses as valued companions. As more horse owners prioritize the health and well-being of their animals, there has been an increased demand for high-quality, specialized horse feed products tailored to address specific health concerns and nutritional needs.

In July 2020, to save the starving carriage horses in Marrakech, the international animal organization SPANA launched an emergency feeding program in Marrakech. This type of initiative not only addressed the needs of these animals but also shed light on the broader issue of equine welfare and the role that proper nutrition plays in maintaining the health and well-being of horses.

Fluctuations in Raw Material Prices

Fluctuations in raw material prices present a significant challenge for the horse feed market, acting as a restraint on its growth Raw materials such as grains, proteins, vitamins, and minerals are essential components of horse feed formulations, and any volatility in their prices can have a direct impact on production costs and ultimately on the affordability and availability of horse feed products.

hen the prices of key ingredients rise unpredictably, manufacturers may face higher expenses in sourcing and purchasing these materials. These increased costs are often passed on to consumers in the form of higher retail prices for horse feed products. As a result, horse owners may be less inclined to purchase feed or may seek out lower-cost alternatives, leading to decreased demand and slower market growth.

Segment Analysis

The global horse feed market is segmented based on type, nutrition type, form, ingredients, distribution channel, and region.

Cereals' Nutritional Value and Widespread Availability

Cereals have traditionally held a significant share in the horse feed market, largely due to their nutritional value, versatility, and cost-effectiveness. Cereal grains such as oats, barley, corn, and wheat are rich sources of energy, carbohydrates, protein, and essential nutrients, making them staple ingredients in many horse feed formulations. Oats, in particular, have been a longstanding favorite among horse owners for their digestibility and palatability, making them a popular choice for providing sustained energy and promoting digestive health in horses.

One reason for cereals' dominance in the horse feed market is their widespread availability and relatively low cost compared to other feed ingredients. According to FAO, about 37% of the world's supply of cereals, including milled rice, is utilized for feed. Cereal grains are widely cultivated around the world and are often produced in large quantities, allowing for economies of scale in feed production. This accessibility and affordability make cereals an attractive option for horse owners looking to provide their animals with a balanced and cost-effective diet.

Geographical Penetration

Asia-Pacific's Growing Equine Industry, Coupled with Increasing Awareness About Proper Nutrition for Horses

The Asia-Pacific region holds a significant share in the growth of the horse feed market for several reasons. One of the primary drivers is the burgeoning equine industry across countries like China, Australia, Japan, and India. As economies in this region continue to develop, there's been a noticeable rise in disposable income levels, enabling more people to indulge in equestrian activities such as horse riding, racing, and breeding.

In July 2022, in India, the Turf Authorities of India (TAI) introduced the National Combined Totalizator System. The system will bring Indian horse racing closer to global trends and norms while enhancing openness among all stakeholders (government, clubs, racegoers, etc.). As the racing ecosystem evolves and becomes more professionalized, the demand for developing innovative feed solutions tailored to the needs of Indian racehorses grows.

Moreover, the increasing awareness among horse owners and trainers regarding the importance of proper nutrition for horses drives the demand for specialized feed products. In India, in May 2021, Animal lovers in Pune and Mumbai raised funds to feed starving horses in Matheran as tourism took a hit due to the enforcement of the lockdown. As more individuals become educated about the nutritional requirements of horses at different life stages and activity levels, there's a growing preference for scientifically formulated feeds that address specific dietary needs.

COVID-19 Impact Analysis

The pandemic-induced lockdowns and restrictions disrupted various aspects of the equine industry, including equestrian events, competitions, and recreational activities. As a result, many horse owners faced uncertainties and financial constraints, leading to changes in their purchasing behaviors and preferences for horse feed products which limited the market growth in that period.

However, the pandemic highlighted the importance of animal welfare and nutrition, prompting horse owners to prioritize the health and well-being of their animals. As a result, there was a growing demand for high-quality, nutritionally balanced horse feed products that could support the overall health, performance, and immune function of horses. Manufacturers responded to this trend by introducing new formulations and variants of horse feed designed to meet the specific needs of different breeds, ages, and activity levels.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine war had a significant impact on the global horse feed market, disrupting supply chains and causing market uncertainties. Ukraine, in particular, is a major exporter of grains and oilseeds, which are essential ingredients in many types of animal feed, including horse feed. The conflict in the region disrupted agricultural operations, transportation routes, and trade flows, leading to concerns about potential shortages and price volatility in the global feed market.

Furthermore, the geopolitical tensions in the region contributed to fluctuations in commodity prices, including grains and oilseeds. The uncertainty surrounding the conflict led to volatility in agricultural commodity markets, with prices for feed ingredients experiencing sharp fluctuations. These price dynamics have implications for the cost of horse feed production and distribution, potentially leading to higher prices for consumers and reduced profitability for feed manufacturers and suppliers.

By Type

• Performance
• Senior/Old
• Professional
• Mare and Foal
• Others

By Nutrition Type

• High Fiber
• Low Starch
• High Protein
• High Fats

By Form

• Pellets
• Cubes
• Powder

By Ingredients

• Cereals
• Supplements
• Cakes/Meals
• Others

By Distribution Channel

• Online Sales
• Offline Retail

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In February 2023, SPILLERS, known for its excellence in senior horse nutrition, launched SPILLERS Senior Complete Care Mix and SPILLERS Senior Super-Mash, the first senior horse feed line to get independent veterinarian approval.
• In June 2021, Excel Equine Feeds, a Louisville-based premium horse feed manufacturer, announced a new recycling initiative in collaboration with global recycling leader TerraCycle. The initiative will process feed packaging and offer incentives to customers who take part.
• In August 2020, Mary Hartman, an equine specialist from Rochester known for her popular line of nutritional horse biscuits, launched StableFeed, a new specialty feed that imitates a horse's natural diet. StableFeed, made from chia product is a nutritional health supplement for horses.
• In March 2021, Saracen Horse Feeds announced the release of RE-LEVE Cubes, a new feed. The BETA Feed Approval Mark has been given to RE-LEVE-Cubes because they are low in starch, low in sugar, whole grain, and alfalfa-free, making them a good feed for horses and ponies who are susceptible to equine gastric ulcer syndrome.

Competitive Landscape

The major global players in the market include Cargill Incorporated, Baileys Horse Feeds, Big V Feeds, Inc., ADM, Arvesta, Hubbard Feeds, Purina Animal Nutrition LLC, West Feeds, Cavalor, and RCL Food.

Why Purchase the Report?

• To visualize the global horse feed market segmentation based on type, nutrition type, form, ingredient, distribution channel, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global horse feed market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global horse feed market report would provide approximately 78 tables, 75 figures, and 209 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies