Market Trends of Swine Feed Premix Industry
This section covers the major market trends shaping the Swine Feed Premix Market according to our research experts:
Increasing Demand for High-Value Animal Protein
According to FAO, the production quantity of pig meat rose sharply from 119 million metric tons in 2016 to 120 million metric tons in 2018, while the number of pigs slaughtered also increased from 1,481.2 million to 1,484.5 million heads, in order to meet the rising demand for swine meat. Due to a decline in the prices of meat and meat products, developing countries are embarking on high-quantity meat consumption at much lower levels of the gross domestic product than the industrialized countries 2-3 decades ago. Urbanization also contributes actively to the increased demand for pork meat. Compared to the diet in rural areas, cities have varied diets rich in animal proteins and fats. Premixes are an important part of the expanding swine meat production industry. They help in improving the rate of weight gain, disease prevention, and conversion in swine, thus, enhancing the quality of meat production. The demand for low-cost meat with a greater nutritional value is a driving factor in the market.
Asia Pacific is the Largest Market
Asia-Pacific accounted for a share of more than 33.60% of the market studied in 2019, and it is forecast to register a CAGR of 3.6% over the forecast period. In India, pork is cheaper than other meat sources that are driving the growth of the swine population in the country. Factors such as a large middle-class population, growing disposable income, and changing consumer preferences are levitating the pork demand in the country. In Japan, according to Japan's Ministry of Agriculture, Forestry, and Fisheries (MAFF) after successive years of decline in swine population, there has been significant growth of swine numbers in 2019 and were recorded at 853,100 head, highest since 2015 and there is a growth of 4% over the previous year. The USDA estimates that the increased food services will push the pork consumption in the country in 2020, and that is anticipated the rise in the consumption of swine feed and, in turn, drive the Japanese feed premix market. However, the varying swine meat prices across various countries in the region is still boosting swine production in the country which in turn boosts the sale of swine feed premixes in the upcoming years.
