Animal Food Production

The Animal Food Production industry produces food for animals such as livestock and pets. Over the five years to 2022, industry revenue is expected to increase amid rising input prices throughout the period. Additionally, industry demand has been supported by several positive trends, including pet ownership, as the number of domestic cats and dogs has increased at an annualized rate of 0.7% over the five years to 2022. Since the price of industry products is dependent on domestic grain supplies, animal feed costs and livestock prices, rises in the prices of these inputs have bolstered industry revenue. As a result of these trends, industry revenue is expected to rise at an annualized rate of 1.7% to $68.4 billion over the five years to 2022. This includes a 1.5% rise in 2022 alone as the economy continues to recover from the effects of the COVID-19 (coronavirus) pandemic.