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| Hominy Feed market |
The Hominy Feed market is estimated to be valued at US$ 1.25 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hominy feed is obtained from dried maize kernels. It is used as animal feed
mainly for poultry as it provides important nutrients like proteins, vitamins,
and minerals. Hominy feed is used to produce balanced and complete animal feed
mixtures for pigs and poultry. It supports good animal health and performance.
Market Dynamics:
The growth of the market is driven by increasing demand for animal feed owing
to rising meat consumption globally. As per the US Department of Agriculture,
global meat production is projected to increase by over 17% between 2018 and
2028. This rising demand will require large volumes of nutritional animal feed
including hominy feed. Furthermore, hominy feed offers cost effective nutrition
to animals as it is a by-product of the corn wet milling industry. The rich
nutrient profile of hominy feed makes it suitable for balanced animal diets.
The key factors restraining the market include fluctuations in corn prices and
availability. Corn is a major raw material for hominy production and its prices
vary globally impacting production costs.
SWOT Analysis
Strength: Hominy feed has high nutritional value containing protein, fat, and
carbohydrates, making it an ideal additive for animal feed. It is cost
effective and readily available due to large production of maize. Hominy feed
has digestibility and palatability for livestock.
Weakness: Storage and transport of hominy feed requires special facilities to
prevent mold growth and degradation of nutrients. Its coarse texture can reduce
feed intake and palatability for some livestock.
Opportunity: Growing demand for animal protein has fueled the consumption of
animal feed. Developing regions with large livestock industries present an
opportunity for hominy feed producers.
Threats: Fluctuations in maize prices directly impact the cost of hominy feed
production. Changing weather patterns can adversely impact maize cultivation
and availability.
Key Takeaways:
The global Hominy
Feed Market Share is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period,
due to increasing demand for animal protein globally. The market size is
projected to reach US$ 2.15 Bn by 2030 from US$ 1.25 Bn in 2023.
Regional analysis
The North America dominates the global hominy feed market with over 35% share
due to large livestock production and established feed industries in the US and
Canada. Asia Pacific is poised to witness fastest growth in hominy feed
consumption at 8.3% CAGR led by China and India. Latin America holds
substantial share led by large livestock industries in Brazil and Argentina.
Key players
Key players operating in the hominy feed market are Cargill, Archer Daniels
Midland Company (ADM), Bunge Limited, Ingredion Incorporated, Associated
British Foods (ABF), Tate & Lyle, Agrana Beteiligungs AG, The Scoular
Company, Grain Processing Corporation (GPC), Didion Milling.
Read More,
https://www.trendingwebwire.com/hominy-feed-market-trends-size-and-share-analysis/
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