Newark, NJ, Aug. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global swine feed market is expected to grow from USD 107.44 billion in 2020 to USD 139.09 billion by 2028, at a CAGR of 3.28 % during the forecast period 2021-2028
Certain factors are boosting the growth of the global swine feed market. Some of them include the high demand for animal protein, product innovation, growing middle-class population, the escalating demand for high-quality meat, and rising consumer awareness. Another factor is the demand for swine feed that has been increasing due to rising awareness of consumers related to the benefits of the product in helping swine’s gain good health. Further, pork is one of the most consumed meats globally. Its culinary experimentations have risen in demand for quality pork, which can be harvested only through feeding quality swine food to the pigs. However, the growing consumption of pork is inflating the prices of pork, which has benefitted the pig farmers in earning more income and supplemented the adoption of quality swine feed.
Swine feed plays an essential role in raising pigs successfully. Swine feed, also referred to as pig feed, is prepared from a combination of nutrients, either from animal or plant sources, mainly includes corn, vitamins, wheat, soybean meal, sorghum, barley, minerals, other micronutrients, and antibiotics. To produce meat and milk and growth and body maintenance, the pig must have a suitable feed. Thus, swine feed allows pigs to overgrow and keeps their health at optimum levels by increasing immunity power and resistance to viral diseases. Also, the nutritional needs of swine for healthy growth are influenced by factors such as the housing environment, genetic potential of pigs, and age and body weight.
The global swine feed market is expected to witness significant growth; owing to the use of enhanced pig feed is expected to lower the incidence rate of livestock epidemics. However, consumption of pork meat is rising in newer markets and, thus, contributes to the global sales of the swine feed market. Another factor in the arrival of premium-quality swine feed to check the incidence rate of animal epidemics is boosting the market growth. Further, increasing awareness about the safety & quality of pork and growing industrial animal production factors are fueling the market growth. The factors restraining the market growth are a rise in veganism and the high price volatility associated with raw materials. The increase in demand for organic feed is likely to offer immense opportunities for market growth in terms of value sales.
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Key players operating in the swine feed market include Kent Corporation, Cargill Inc, BASF SE, Alltech, Kreamer Feed Inc, Charoen Pokphand Foods, Keystone Mills, Archer Daniel Midland Company, Purina Mills LLC, and Lallemand Inc. To gain a significant market share in the global swine feed market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The pellets segment dominated the market and held the largest market share of 38.60% in 2020.
Based on form, the global swine feed market is segmented into mash, crumbles, and pellets. The pellets segment dominated the market and held the largest market share of 38.60% in 2020. This growth is attributed to the improvement in increased swine performance, excellent palatability, and feed efficiency. Due to their contribution to Average Daily Gain (ADG) & convenient feeding applications, pig farmers are most inclined toward pelleted products.
The grower feed segment dominated the market and held the largest market share of 39.12% in 2020.
Based on product, the global swine feed market is segmented into grower feed, sow feed, and starter feed. The grower feed segment dominated the market and held the largest market share of 39.12% in 2020. This growth is attributed to the high price of grower feed as they are designed to stimulate growth in newborn pigs.
The amino acids segment dominated the market and held the largest market share of 21.15% in 2020
Based on additives, the global swine feed market is segmented into amino acids, feed enzymes, antioxidants, antibiotics, feed acidifiers, and vitamins. The amino acids segment dominated the market and held the largest market share of 21.15% in 2020. This growth is attributed to its benefits in swine specially to absorb proteins, which is essential in various body functions of living beings.
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Regional Segment Analysis of the Swine Feed Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the swine feed market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Asia Pacific region holds the largest market share of 28.17% in the year 2020. This growth is attributed to rising meat consumption and production in India, Taiwan, South Korea, and China. Pork is inexpensive than other sources of meat that drive the growth of the swine population in India. Factors such as changing consumer preferences, growing disposable income, changing consumer preferences, and a large middle-class population are levitating the pork demand in the country. On the other hand, the North America region is witnessing significant growth due to the high benefits earned through the export of pork is attributed to the potential development of the quality swine feed industry in Canada & the U.S.
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About the report:
The global swine feed market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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