Hemp's Potential in the Animal Feed Market
Food is essential to all things living, yet the pure scale of the many industries that directly influence its supply chain tends to go unnoticed. The U.S. agriculture industry, including feed grown for animals, contributes more than $1 trillion annually to the U.S. Gross Domestic Product (GDP). The U.S. and China are by far the two largest consumers and producers of animal feed in the world. Animals in the U.S. alone consumed more than 230 million tons of feed in 2016, which resulted in approximately 52 billion pounds of livestock and poultry protein. And the market is growing. “The U.S. animal feed market is expected to grow at a CAGR [compound annual growth rate] of 2.40% … to reach $83.663 billion in 2024 from $72.568 billion in 2018,” according to Research and Markets.