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Swine Feed Market is Set for Strong Growth, To Reach US$ 149.6 Billion by 2024
There has been a steady rise in the demand for pork across the globe which is promoting the growth of the swine feed industry.
According to the latest report by IMARC Group, titled “Swine Feed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global swine feed market reached a value of US$ 114.9 Billion in 2018. There has been a steady rise in the demand for pork across the globe which is promoting the growth of the swine feed industry. Pigs require a specific set of nutrients to maintain their weight, energy and milk production levels. Some of the essential ingredients in swine feed include amino acids, water, fiber, vitamins A, D and E, and minerals including calcium, phosphorus and magnesium. In recent years, the growing emphasis on biosecurity has prompted swine feed manufacturers to use high-quality ingredients for formulating their products.
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Global Swine Feed Market Trends:
Over the past few years, several technologies have been adopted in the feed manufacturing industry to improve the production process. One of these technologies is pelleting which is a cost-effective method that helps in decreasing diet segregation, improving feed handling, reducing dustiness and increasing bulk density. Moreover, manufacturers are also developing innovative product variants, such as swine feed premix, which are considered more effective in disease prevention and improving the rate of weight gain. Apart from this, urban areas have a higher consumption rate of pork and other animal fats and proteins, as compared to rural areas on account of easier access and higher disposable incomes. Therefore, rapid urbanization, particularly in developing regions, has led to a rise in the demand for high-quality swine feed in these regions. Looking forward, the global swine feed market size is projected to exceed US$ 149.6 Billion by 2024, expanding at a CAGR of around 4% during 2019-2024.
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- The market has been segmented on the basis of the product type which includes grower, starter, sow and others. Amongst these, grower swine feed is the most popular product type across the globe.
- Based on the feed essence, the market has been segregated as vitamins, antioxidants, feed acidifiers, antibiotics, feed enzymes and amino acids. Amongst these, vitamins are the most common feed essence.
- On the basis of the feed additive type, the market has been divided into nutritional feed, zootechnical and sensory additives. Currently, nutritional feed additives are the largest segment.
- On the geographical front, the report has analyzed the market in Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Amongst these, Asia Pacific represents the largest market for swine feed. This can be attributed to rising demand for pork in countries like China, Vietnam, the Philippines and Thailand.
- The competitive landscape of the market has also been examined with some of the key players being Chr. Hansen A/S, Royal DSM Holdings Limited, Lallemand Inc., BASF Limited, Novus International Inc., Kent Foods Limited, Archer Daniels Midland Company, Cargill Inc., ABF Plc., and Alltech Inc.
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