According to the latest report by IMARC Group, titled “Swine Feed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global swine feed market reached a value of US$ 114.9 Billion in 2018. There has been a steady rise in the demand for pork across the globe which is promoting the growth of the swine feed industry. Pigs require a specific set of nutrients to maintain their weight, energy and milk production levels. Some of the essential ingredients in swine feed include amino acids, water, fiber, vitamins A, D and E, and minerals including calcium, phosphorus and magnesium. In recent years, the growing emphasis on biosecurity has prompted swine feed manufacturers to use high-quality ingredients for formulating their products.
Global Swine Feed Market Trends:
Over the past few years, several technologies have been adopted in the feed manufacturing industry to improve the production process. One of these technologies is pelleting which is a cost-effective method that helps in decreasing diet segregation, improving feed handling, reducing dustiness and increasing bulk density. Moreover, manufacturers are also developing innovative product variants, such as swine feed premix, which are considered more effective in disease prevention and improving the rate of weight gain. Apart from this, urban areas have a higher consumption rate of pork and other animal fats and proteins, as compared to rural areas on account of easier access and higher disposable incomes. Therefore, rapid urbanization, particularly in developing regions, has led to a rise in the demand for high-quality swine feed in these regions. Looking forward, the global swine feed market size is projected to exceed US$ 149.6 Billion by 2024, expanding at a CAGR of around 4% during 2019-2024.
Market Segmentation:
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