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According to a new report published by Allied Market Research, titled, “Swine Feed Market by Product Type, Form and Nature: Opportunity Analysis and Industry Forecast, 2021–2027,” the global swine feed market size was valued at $100,185.5 million in 2019, and is projected to reach $121,179.3 million by 2027, registering a CAGR of 3.5% from 2021 to 2027.Swine feeds refer to the animal feed that are formulated to meet the nutritional need of pig. The swine feed consists of corn, barley, soy meal, sorghum, minerals, wheat, vitamins, other micronutrients, antibiotics, and others. Rise in demand for good quality pork meat has driven the demand for swine feed in the market. This in turn has bolster the swine feed market growth in terms of value sales. Feeding pigs with nutritional swine feed such as feed containing prebiotics, vitamins, antibiotics and others is one of the swine feed market trends which is trending among the farm owners.
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The outbreak of coronavirus has negatively impacted the swine feed market along with all stages of supply chain and value chain. It has further shaped consumer attitudes and priorities in several areas. The COVID-19 pandemic has not only hampered the production facilities but has also disrupted the supply chains such as material suppliers and distributors of the market globally resulting in the loss of the business in terms of value sales.
The global swine feed market is segmented into product type, form, nature, and region. By product type, the market is classified into starter, grower, and finisher. By form, it is divided into pellets, mash, and crumbs. By nature, it is segmented into conventional and organic Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, Australia & New Zealand, Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, Turkey, and rest of LAMEA).
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Furthermore, the starter segment is anticipated to be the fastest growing segment, in terms of value sales, during the swine feed market forecast period. Starter or creep feed is important for the future development of pigs of all sizes. Creep feeding is essential for sucking piglets for faster growth and attainment of satisfactory weaning weight. It eases the transition from sow’s milk to solid pig starter feed and promotes gut and digestive enzyme development, which enables the piglet to digest nutrients from food sources other than milk. Thus, the forementioned benefits associated with the starter or creep feed has increased its demand among the farm owners to produce good quality pigs. This in turn has driven the growth of the market in terms of value sales.
Additionally, the mash segment is anticipated to be the fastest growing segment, in terms of value sales, during the market forecast period. Swine feed in mash form is generally used for piglets, as it is easy to eat and digest. It consists of ingredient such as soybean meal, corn meal, wheat meal, and others that are grinded and mixed into the right proportions in order to meet nutritional requirements of piglets. Thus, are helpful in growing good quality pigs. This in turn has driven the demand for swine feed in mash form in the market.
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Key findings of the study
By product type, the grower segment accounted for the highest swine feed market share in 2019, growing at a CAGR of 2.6% from 2021 to 2027.
By Form, the pellets segment accounted for the highest market share in 2019, growing at a CAGR of 2.8% from 2021 to 2027.
By nature, the conventional segment accounted for the highest market share in 2019, growing at a CAGR of 3.2% from 2021 to 2027.
By Region, Asia-Pacific occupied maximum share in the market in 2019 and is expected to dominate the market during the forecast period.
The key players operating in the global swine feed industry include Purina Mills LLC, Archer Daniel Midland Company, Cargill Inc., BASF SE, Lallemand Inc., Kent Corporation, Charoen Pokphand Foods, Keystone Mills, Kreamer Feed Inc., and Alltech.
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Organization: Allied Market Research
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Website: https://www.alliedmarketresearch.com/
Release ID: 89029062
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