Asia Pacific Swine Feed Market – Growth, Trends, and Forecast (2020 - 2025)
Asia Pacific Swine Feed Market is projected to grow at a CAGR of 3.5% during the forecast period (20202025). The Asia Pacific Swine Feed Market is anticiapted to reach a market size close to USD 61.1 billion by 2020 during the forecast period. With the rise of income in the Asia Pacific countries, the demand for pork meat (pig meat) is increasing year by year, which makes it an attractive market. Pigs are mostly fed with cereal byproducts and cereals by smallholder farmers whereas the rich farmers rely on feed supplements for the healthy growth of their animals. Thus, the market for feed is captured by every kind of product and ingredient required for animal nutrition.
Key Market Trends
Increasing Demand for Pork Meat
Pork is the most popular and widely consumed meat in developing countries and specifically in Asian countries. Pork is cheaper than other meat sources, which is a major factor for its high consumption. In addition, its palatability, fat content, and texture fascinates the consumer. The large middleclass population, growing disposable income, and changing consumer preferences are levitating the pork demand. Pork production and consumption are very high in China, Vietnam, Indonesia, and India. Pork is highly nutritious meat as it contains high protein, and less fat and cholesterol, as compared to beef and other meat sources. It provides a proteinrich meat source for consumers at a low cost, which makes it an affordable animal meat protein source for consumers in the region. Thereby, boosting the demand for swine feed in the region.
China Dominates the Market
China is capturing a major share of the market by its dominance in swine feed additives. This is followed by other Asian countries such as India and Japan. The Asia Pacific is estimated to be one of the remunerative markets for the growth of the swine feed market, and it is projected to grow the highest during the forecast period. The awareness to consume high protein diets in emerging economies like India and China are anticipated to lead the growth of the market in this region. Although the consumption of pig meat is low in Australia the consumption is increasing at a good pace which registered an increase from 385.08 thousand tons in 2017 to 395.03 thousand tons in 2019 owing to the demand from the growing population of the country. Thus, the demand for fresh and quality meat in these countries will drive the market for swine feed in AsiaPacific.
The Asiapacific swine feed is highly concentrated with few large players acquiring major part of the market share.The major companies that contribute towards the swine feed market are Cargill, ADM Animal Nutrition, Alltech, Charoen Pokphand Foods PCL and New Hope Group. Acquisition, product launch, partnerships, and expansion are the major strategies employed by these companies.
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