Animal Food Production is the manufacture of food for animals such as cattle and pets.
Revenue in the sector is predicted to slip marginally over the next five years due to declining input costs.
However, some favorable developments have driven market demand, including expanded pet adoption, with the number of domestic cats and dogs increasing at an annualized rate of 1.8 percent over the five years to 2021.
Since the prices of industry goods are determined by domestic grain supplies, animal feed costs, and livestock prices, decreases in the prices of these inputs have stifled industry revenue growth.
As a result of these developments, market income is forecast to fall slowly at an annualized rate of 0.1 percent to $61.6 billion over the next five years, reaching $61.6 billion in 2021.
This involves an uptick of 2.3 percent in 2020 and 1.7 percent in 2021, respectively, due to the COVID-19 (coronavirus) pandemic, as increased pet ownership balances supply chain delays and declining market spending.