The global swine feed market size was valued at USD 107.33 million in 2021. It is expected to reach USD 150.14 million by 2030, growing at a CAGR of 3.8% during the forecast period (2022–2030). Swine feed is manufactured using a combination of nutrients derived from either plant or animal sources. These nutrients include corn, soy, barley, sorghum, wheat, minerals, vitamins, other micronutrients, and antibiotics. Swine feed is also known as pig feed or hog feed. Pigs require specific nutrients in swine feed to flourish and grow to their full potential. The market expansion is primarily driven by the rising prevalence of pork meat consumption worldwide.
Additionally, a product innovation that manufacturers have done to provide higher quality swine feed has contributed to the swine feed market's growth in value sales. This growth has been driven by an increase in pigs worldwide. The expansion of the swine feed market is anticipated to be hampered by the rising global popularity of veganism. Despite this, the growing demand for organic feed will likely present enormous opportunities for expanding the market regarding value sales.
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Increasing Consumption of Pork Meat Worldwide to Aid Growth
Except for certain nations in the Middle East, most people worldwide choose to consume pork as their primary source of meat. Pork meat has a delicious flavor, but it also has a high nutritional profile. In addition, it provides a rich source of protein and fats and contains high amounts of selenium, vitamin B, and thiamine, all of which contribute to the fact that consumers frequently select it as their meal. Due to the rise in demand for pork meat, most of the owners of pig farms have been compelled to invest in swine feed. This ensures that pigs receive the appropriate nutrition consistently to achieve rapid growth, keep their health, improve their immunity, and raise their resistance to viral diseases. Additionally, this helps ensure that the pork produced is high-quality and safe to eat. As a result, the swine feed market's expansion in value sales is collectively driven by all of these factors.
Rising Product Innovation to Drive Market
The term "innovation" refers to creating or introducing a product or service that is either wholly original or an improved version of products or services that have come before. When providing high-quality swine feed to their customers, the swine feed industry manufacturers concentrate on continually improving their products. For instance, Alltech, a manufacturer of swine feed, has introduced a one-of-a-kind feed enzyme for animal nutrition. This enzyme helps increase efficiency by targeting various substrates in an animal's diet, such as swine feed, which the enzyme can then digest. This is leading to an increase in the demand for fortified swine feed among the owners of pig farms, contributing to the expansion of the market for overall swine feed.
Growing Popularity of Veganism to Restrict Market Growth
Veganism is the philosophy and practice of excluding all uses of products derived from animals, whether for food, clothing, or other applications (such as dairy). Because of an increase in awareness of the adverse effects on one's health that are associated with the consumption of animal products, as well as the negative ethical and environmental impact of animal agriculture, there has been a massive surge in the acceptance of veganism across the globe over the past few years. An increasing number of consumers are switching to vegan or plant-based diets, which lowers the demand for all types of meat, including pork meat, and for the products used to feed pigs.
Surge in Demand for Organic Feed to Boost Market Opportunities
During the production, processing, and preservation processes of organic swine feed, the use of any chemical or artificial additives, preservatives, or ingredients that are not organic is kept to an absolute minimum. Because they are made from organically grown raw materials, such as wheat and grains, the leading companies in this industry are constantly marketing organic swine feed to consumers. This is because these products are organic in origin. In addition, health concerns and consumer awareness regarding the health benefits of consuming organic pork meat are anticipated to increase the demand for organic swine feed. During the period covered by this forecast, this factor will likely present lucrative opportunities for expanding the swine market in terms of the product's sales value.
The global market for swine feed has been divided into product type, form, and nature.
Based on the product type, the global swine feed market has been categorized into starter, grower, and finisher.
The grower segment was the highest contributor to the market at a CAGR of 2.9% during the forecast period. Grower feed typically contains a significant amount of protein and a high concentration of nutrients. The amount of food that pigs consume should increase proportionally to their growth rate. Therefore, at this point, pigs should be fed grower feed, which helps them reach their full growth potential. In addition, grower feed is a vital feed that contributes to raising healthy and productive pigs.
The second-largest segment is the finisher segment is expected to grow at a CAGR of 3.9% during the forecast period. Finisher is nutritionally balanced for essential nutrients to ensure strong and healthy growth, economical feed conversion, and high lean meat yield. The finisher diet includes wheat, barley, triticale, oats, peas, rice, beans, lupins, lentils, and canola and soya bean products. The finisher diet encourages rapid growth and maturation in pigs while minimizing the accumulation of excess fat. This results in pigs that are healthier, more robust in appearance, and of a market weight that is more suitable for human consumption.
Based on the form, the global swine feed market has been categorized into pellets, Mash, and crumbs.
The pellets segment was the highest contributor to the market, growing at a CAGR of 3.1% during the forecast period. The pelleted form of swine feed is a more easily digestible form of the meal. In addition to this, it prevents the components from becoming separated. It prevents pigs from selecting specific parts while rejecting others, which are essential to their healthy development. Therefore, pig feed that comes in the form of pellets helps promote healthy pig growth and reduces the amount of wasted feed. Because of this, pig farmers are gravitating more toward swine feed that is available in pellet form, which drives sales of the product on a global scale. This, in turn, is the primary factor propelling the growth of the swine feed market in terms of total sales values.
The crumbs segment is the second-largest segment and is estimated to grow at a CAGR of 3.9% during the forecast period. A coarse form of swine feed suitable for piglets and has gained enormous popularity among owners of pigs is known as a crumb. When compared to mash feed, swine feed in the form of crumbs provides superior palatability and digestibility and improved performance in terms of feed conversion ratio (FCR). As a result, its utilization is expanding among proprietors of pig farms, driving sales in terms of sales value. This, in turn, is one of the driving forces behind developing the swine feed market.
Based on its nature, the global Swine Feed market has been categorized into conventional and organic.
The conventional segment is the highest contributor to the market, growing at a CAGR of 3.5% during the forecast period. Because conventional forms of swine feed are more readily available and more reasonably priced on the market, they represent a more significant proportion of the industry's total value. Consequently, the value of sales in the conventional swine feed market has been growing at a faster rate. In addition, the product catalog for this sector is more extensive than the organic sector. To generate higher value sales, manufacturers are putting a strong emphasis on product innovations and marketing their wares.
The organic segment is the second-largest segment and is estimated to grow at a CAGR of 4.4% during the forecast period. This can be attributed to the rise in awareness among pig owners regarding the health benefits associated with the use of organic swine feed to improve the overall quality of pork. This incentivizes manufacturers of convenience pig foods to make their products available in organic forms. Various businesses manufacture organic swine feed, one of which is Nature's Best Organic Feeds, which operates in the market and is one of the many businesses that produce organic swine feed specifically. There has been an increase in consumers' awareness of the importance of taking care of their health, which is anticipated to increase the demand for organic pig feed among pig farmers.
The global swine feed market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
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Asia-Pacific is the most dominant contributor to the global swine feed market, growing at a CAGR of 2.8% during the forecast period. The Asia-Pacific region experienced remarkable growth and surpassed all other regions to become the most lucrative and largest market overall. This can be attributed to both an increase in the consumption of pork meat and an increase in the production of pork meat in countries such as China, South Korea, Vietnam, and Thailand. Regarding value sales, there is anticipated to be an increase in the demand for pig feed during the forecast period in Asia-Pacific.
Europe is the second-largest contributor to the market and is estimated to reach around USD 34,534.05 million at a CAGR of 4.1% during the forecast period. The demand for swine feed is driven by increased disposable income, increased demand for pork meat, and effective marketing strategies adopted by manufacturers. In addition, the demand for organic swine feed has increased, which can be attributed to an increase in awareness about the benefits associated with the use of organic swine feed for the healthy growth of pigs. This awareness is likely to be a primary factor in the swine feed market's growth in value sales throughout the forecast period.
It is anticipated that an increase in the consumption of pork meat in North America, primarily in the United States, will drive the growth of the market for swine feed in terms of value sales. Furthermore, an increase in the preference for organic swine feed among owners of pigs is likely to offer enormous opportunities for the growth of the swine feed market in terms of value sales during the forecast period. This is because organic swine feed is healthier for pigs.
LAMEA is a developing region seeing an increase in the number of wealthy people, who now have the purchasing power necessary to invest in more nutritious food options, including pork meat. The demand for pork products in this region has resulted in an increased requirement for feed for pigs. In addition, there has been a shift in consumer preference toward organic pork meat, encouraging farmers to start using organic swine feed to keep up with the growing demand for organic pork meat. As a result, the swine feed market's growth in value sales is expected to be presented with a significant opportunity during the period covered by the forecast in this region.