PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1550686
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1550686
The swine feed market is estimated to be valued at USD 109.83 Bn in 2024 and is expected to reach USD 147.47 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 109.83 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 4.30% | 2031 Value Projection: | US$ 147.47 Bn |
The global swine feed market is expected to witness substantial growth in the coming years. Swine feed consists of various cereal grains, soybean, and additives which provide essential nutrients to support the growth and health of pigs. A balanced and nutritious diet is crucial for pig farming as it improves productivity and maximizes the returns for producers. With the rise in the demand for pork meat across different regions, the requirement for high-quality commercial swine feed has increased significantly. Various feed manufacturers are focusing on developing customized and compound feed formulations to meet the changing nutritional needs of pigs at different growth stages. Advancements in feed technologies along with growing awareness among farmers regarding scientific feeding practices are some key factors that are expected to propel the swine feed market forward.
The growth of the global swine feed market is driven by factors such as rising pork consumption worldwide, increasing focus on animal nutrition and health, and ban on antibiotic growth promoters. The pork meat industry has witnessed robust expansion in recent years due to changing dietary preferences of consumers in Asia Pacific and other developing regions. This has augmented the demand for high-quality commercial swine feed products. In addition, strict regulations regarding the usage of antibiotics in animal feed and growing awareness about antibiotics resistance are prompting feed producers to develop animal feed additives without antibiotics. However, high prices of raw materials including corn and soybean pose a restraint to the market growth. Meanwhile, technological advancements in feed formulations are expected to offer lucrative opportunities in the coming years.
Detailed Segmentation-