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.
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