Asia-Pacific Swine Feed Premix Market - Growth, Trends and Forecasts (2020 - 2025)
Asia Pacific Swine Feed Premix Market is forecasted to grow at a CAGR of 4.1% during the forecast period (20202025). Asia Pacific is an important and volumebased market in regard to swine feed premixes. The growth of this industry is dependent on certain broad aspects such as increasing demand for swine meat, innovation impetus from increasing regulations, and the overall increase of the feed additives market. Antibiotics are majorly used as a premix followed by vitamins and minerals for healthier pig production. The growing trend of pork consumption in countries like China, India, and Australia will drive the demand for feed premixes in the region.
Key Market Trends
Rising Demand for Quality 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. Besides, 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. Thus, due to the rising health concerns there has been a shift of the consumers towards quality pork. The pig farmers, therefore, demand premixes such as antibiotics, vitamins, and minerals to keep the animals healthy and diseasefree. 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 premix 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, which in turn is driving the swine premix 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 but 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 premix in AsiaPacific.
The swine feed premix market is fragmented, with the top global and regional players competing with the local manufacturers. The expansion and investments are the most preferred strategy for growth, followed by mergers and acquisitions in the market. The major companies are focused on expanding their businesses across regions and setting up new plants for increasing production capacity, as well as product lines. The major players in the market are Cargill Inc., DSM Animal Nutrition, BASF SE, Biomin, Adisseo, among others.
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