- The global swine feed market was worth $114.9 Billion in 2018.
- Key players are maintaining high-quality standards so the final product remains compliant with applicable industry standards.
- Manufacturers are currently focusing on adopting numerous advanced technologies to improve the production process.
According to the latest report by IMARC Group, The global swine feed market was worth $114.9 Billion in 2018. Looking forward, the market value is projected to exceed $149.6 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024
Swine feed refers to the formulated diet given to domesticated pigs to maintain their overall health and nutritional requirements. It is typically made from various ingredients, including soybean meal, corn, wheat bran, vegetable protein and barley.
The global swine feed market is fragmented in nature, characterized by the presence of various small as well as large manufacturers operating in the industry. These manufacturers are currently focusing on adopting numerous advanced technologies to improve the production process. For instance, pelleting represents one of the most cost-effective technologies that aid in reducing dustiness, improving feed handling, decreasing diet segregation and increasing bulk density.
Manufacturers are also introducing innovative product variants, such as swine feed premix, which are considered more effective in disease prevention and increasing the rate of weight gain. Furthermore, owing to the rising competition and high maturity levels in the market, key players are maintaining high-quality standards so the final product remains compliant with applicable industry standards, since deviations may pose a threat for the long-term survival and growth of the enterprise. In line with this, they are also investing in promotional campaigns for generating brand awareness, which is aiding them in acquiring a significant market share.
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Based on the product type, the market has been segmented into grower, starter, sow and others. The grower segment currently represents the biggest segment.
Based on the feed essence, the market has been segmented into vitamins, antioxidants, feed acidifiers, antibiotics, feed enzymes, amino acids and others.
Based on the feed additive type, the market has been segmented into zoo-technical feed additives, sensory feed additives and nutritional feed additives.
On a geographical front, the market has been categorized into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. Among these, Asia Pacific is the biggest market for swine feed, accounting for the majority of the global share.
The competitive landscape of the market has also been examined with some of the key players being Chr Hansen, Royal DSM Holdings Limited, Lallemand Inc., BASF Limited, Novus International Inc., Kent foods, Archer Daniels Midland Company, Cargill Inc., ABF Plc. and Alltech Inc.