Market Research Report
Swine Feed Market - Growth, Trends and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||319136|
|Published||Content info||189 Pages
Delivery time: 2-3 business days
|Swine Feed Market - Growth, Trends and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 189 Pages||
The global swine feed market is projected to grow at a CAGR of 1.27% during the forecast period (2019-2024). The growing demand for pork meat is the major driving force behind the growth of the market. Increased awareness regarding the quality and safety of pork and increased industrial livestock production are two other factors augmenting the growth of the market.
Swine feed is prepared from a combination of nutrients, either from plant or animal sources, mainly consisting of soy meal, corn, barley, wheat, sorghum, minerals, vitamins, other micro nutrients, and antibiotics. Increasing demand for pork in the global market, mainly from the pork consuming regions such as Europe and South East Asia, has raised the demand for swine feed.
Growing Demand for Pork Meat is driving the market
Pork is the most popular and widely consumed meat source worldwide, majorly in Europe and Southeast Asia. Pork is cheaper than other meat sources which are a major factor for its high consumption. In Addition, its palatability, fat content, and texture fascinates the consumer. A large middle-class population, growing disposable income and changing consumer preferences are levitating the pork demand. Pork production and consumption are very high in the developed regions, such as North America and Europe and in developing countries such as China and Japan. Pork is highly nutritious meat as it contains high protein, and less fat and cholesterol, as compared to beef and other meat sources. It provides a rich protein meat source for consumers at a low cost, which makes it an affordable animal meat source for most of the consumers of the developing regions and therefore the increasing demand for the pork meat is driving the market.
Asia Pacific dominates the market
Asia is the leading market for pork consumption and production which accounts for about half of the world production. Owing to the huge consumption of pork meat, the Asia-Pacific region is the largest market for swine feed products. South East Asia is the largest producer and exporter of pork in the world, followed by Europe and North America. Pork meat is consumed in the region from ancient times and is the most preferred meat due to its fat content and taste. China is the major market for pork production, followed by Vietnam, Thailand, South Korea, Japan, and the Philippines.
The global swine feed market is highly fragmented and competitive. The market has key players competing for a major market share on one end while more than 40% of the market share is acquired by small regional players catering to a small region. Acquisition and expansion are the major strategies employed by these companies. Innovation in products and launching new products is one of the most adopted strategies of major players. In addition, partnerships with local and major players are also other strategies that are being adopted by a few players.