Swine Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global swine feed market was valued at USD 99,039. 4 million in 2021 registering a CAGR of 4. 5% during the forecast period. Globally, during the COVID-19 situation, the importance of agriculture and food production has been recognized as an essential sector.
New York, April 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Swine Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271840/?utm_source=GNW
Consequently, the farmers continued to ensure that farm animals receive high-quality nutrition in order to increasingly feed the global consumers. ?However, the disruption of supply chain became the major factor impacting the swine feed market. China is an important country for the production as well as exporter of swine feed , and it stockpiled significant amounts of products during the emergence of COVID-19 situation as the companies were shut down for the Lunar New Year, which was sufficient for 2-3 months supply. Moreover, the supply of containers and vessels has also been affected along with transport of certain micro-ingredients due to logistics issues.
Swine livestock production has been growing across several countries around the globe to support the needs of the changing diet patterns of the populations, particularly in the developing markets. The livestock sector in the global market, especially in Asia-Pacific, is increasingly becoming industrial, with a large number of farmers remaining small and marginal in countries like India and China. With a large number of live swine animals, Asia-Pacific is the leading feed consuming region in the world followed by Europe, and thus, they have a direct impact on the swine feed market. The increasing scale of livestock production in the regions has contributed to the increase in feed production capacities in major economies of the region, such as China, India, Russia and Spain.
High awareness, the growing demand for animal nutrition, and the ban of antibiotics in many regions are prompting players in the livestock industry and meat manufacturers to use good quality feed and is anticipated to drive the swine feed market, globally. Thus, the aforementioned factors drive the global swine feed market and are anticipated to grow during the forecast period.
Key Market Trends
Increasing demand for high- value animal protein
There has been an increasing pressure on the livestock industry to meet the rising demand for meat and high-value animal protein. Population growth, rising incomes in developing nations, and urbanization have led to a surge in the global livestock production. With greater awareness among the population regarding the importance of protein-rich diets, an increase in the consumption of animal protein sources is expected. This is expected to fuel the growth of the market through usage of high-quality feed for swine, as pork is one of the most popular and widely consumed meat worldwide, majorly in Europe and Southeast Asia.
Due to a decline in the prices of meat and meat products, developing countries are embarking on high-quantity meat consumption at much lower levels of gross domestic product than the industrialized countries 2-3 decades ago. Urbanization also contributes actively to the increased demand for pork meat. Compared to the diet in rural areas, cities have varied diets rich in animal proteins and fats. The income levels and consumption of animal protein are correlated. Therefore, the increasing per capita income in regions, like Asia-Pacific, has led to a surge in the swine meat production in the region. The worldwide economic downturn has had a limited effect on the region. Therefore, the swine meat industry has maintained a positive outlook over the past decade, which will impact the growth of the swine feed market. ?
Asia-Pacific Region Dominates the Market
Asia is the leading market for pork consumption and production which accounts for about half of the world production. Owing to huge consumption of pork meat, the Asia-Pacific region it 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 Philippines. Japan, South Korea and Taiwan are the saturated markets for pork consumption, while Vietnam and Philippines are the emerging markets.
China holds the topmost position in terms of compound feed consumption. Factors, such as the increasing consumption of pork, rising income among the middle-class population, and urbanization, are leading to increased consumption of pork in the country. Consequently, the increased demand for meat and rising costs of raw materials for animal consumption are driving the demand for swine feed. The demand is also generated from the processed meat industry, which is growing at a healthy rate and requires high-quality pork meat. The adoption of intensive livestock farming systems is expected to help in maintaining a steady growth rate of swine feed.?
The global swine feed market is slightly consolidated with major players like Cargill Inc., Nutreco NV, Land O’ Lakes Inc., Charoen Pokphand Foods PCL, ADM, For Framers BV, and DLG Group are the prominent players in the market. Major companies are adopting strategies, such as mergers and acquisitions, expansion, and partnerships, to increase their market shares.
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