The global swine feed market size ispredicted to reach USD 148.17 billion by 2027, exhibiting a CAGR of 3.06%between 2020 to 2027. The increasing concerns regarding swine health andwell-being can be a crucial factor boosting the growth of the market during theforecast period, states Fortune Business Insights in a report, titled “SwineFeed Market Size, Share & Industry Analysis, By Type (Starter Feed, SowFeed, and Grower Feed), Additives (Vitamins, Amino Acids, Antibiotics, Enzymes,and Others), Form (Pellets, Mash, and Crumbles), and Regional Forecast, 2020 –2027” the market size stood at USD 117.54 billion in 2019. Thegrowing demand for high-quality pork meat across various regions of the worldwill subsequently create opportunities for the market in the forthcoming years.
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Market Driver:
Rising Concentration on Animal Welfare to Augment Growth
The rising consumer inclination towards organic meat products ispredicted to foster the growth of the market. The rising production of organicpig meat owing to the awareness pertaining to animal welfare will provideimpetus to the market. The increasing demand for well-bred pork meat hasimpelled manufacturers to increase their production capacities, which, in turn,will bode well for the market. The growing consumption of pork meat amongconsumers in various forms such as ham, bacon, chops, and lions will furtherenable speedy expansion of the market. The growing popularity of pork inwestern countries will escalate the trade and production of swine in theforeseeable future.
Market Restraint:
Declining Meat Consumption During Global Pandemic to DwindleMarket Growth
The coronavirus outbreak has disturbed the animal feed industryintensely. The temporarily shut down of businesses and operations has severallytriggered the swine feed market. Moreover, the spread of rumors concerning theconsumption of meat along with the misinformation about the toxic effects ofmeat consumption will have a negative impact on the market. likewise, thedisruption of the supply chain due to the lockdown in various regions acrossthe globe will thwart the market growth. Besides, the uncertainty associatedwith the current situation of COVID-19 will consequently create newerchallenges for the industry in the forthcoming years.
Regional Analysis:
Increasing Consumer Spending to Benefit Market in Asia Pacific
The market size in Asia Pacific is expected to account for themaximum share in the global market owing to the rising consumption of pig meatin Asian countries such as China, Japan, South Korea, Malaysia. The growingutilization of swine feed in the countries will contribute positively to thegrowth of the market. The surge in import and export activities will create newopportunities for the region. The focus of manufacturers towards low-costproduction, enhanced distribution networks, and high profitability will supportmarket growth in Asia Pacific. The increasing urbanization and consumerspending will have a tremendous impact on the market during the forecastperiod. North America is expected to witness a substantial growth rate duringthe forecast period due to the presence of numerous major players in theregion.
Browse Detailed Research Insights with Table ofContent:
https://www.fortunebusinessinsights.com/swine-feed-market-103090
