The global swine feed market size is predicted to reach USD 148.17 billion by 2027, exhibiting a CAGR of 3.06% between 2020 to 2027. The increasing concerns regarding swine health and well-being can be a crucial factor boosting the growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Swine Feed Market Size, Share & Industry Analysis, By Type (Starter Feed, Sow Feed, 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. The growing demand for high-quality pork meat across various regions of the world will subsequently create opportunities for the market in the forthcoming years.
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Rising Concentration on Animal Welfare to Augment Growth
The rising consumer inclination towards organic meat products is predicted to foster the growth of the market. The rising production of organic pig meat owing to the awareness pertaining to animal welfare will provide impetus to the market. The increasing demand for well-bred pork meat has impelled manufacturers to increase their production capacities, which, in turn, will bode well for the market. The growing consumption of pork meat among consumers in various forms such as ham, bacon, chops, and lions will further enable speedy expansion of the market. The growing popularity of pork in western countries will escalate the trade and production of swine in the foreseeable future.
Declining Meat Consumption During Global Pandemic to Dwindle Market Growth
The coronavirus outbreak has disturbed the animal feed industry intensely. The temporarily shut down of businesses and operations has severally triggered the swine feed market. Moreover, the spread of rumors concerning the consumption of meat along with the misinformation about the toxic effects of meat consumption will have a negative impact on the market. likewise, the disruption of the supply chain due to the lockdown in various regions across the globe will thwart the market growth. Besides, the uncertainty associated with the current situation of COVID-19 will consequently create newer challenges for the industry in the forthcoming years.
Increasing Consumer Spending to Benefit Market in Asia Pacific
The market size in Asia Pacific is expected to account for the maximum share in the global market owing to the rising consumption of pig meat in Asian countries such as China, Japan, South Korea, Malaysia. The growing utilization of swine feed in the countries will contribute positively to the growth of the market. The surge in import and export activities will create new opportunities for the region. The focus of manufacturers towards low-cost production, enhanced distribution networks, and high profitability will support market growth in Asia Pacific. The increasing urbanization and consumer spending will have a tremendous impact on the market during the forecast period. North America is expected to witness a substantial growth rate during the forecast period due to the presence of numerous major players in the region.
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