The global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hominy feed is a by-product of the nixtamalization process of corn. Nixtamalization increases the nutritional value of corn and hominy feed is a high-quality source of protein, carbohydrates, vitamins and minerals for livestock. It is often used as an inexpensive alternative feed ingredient in cattle, poultry and aquaculture diets.
Market key trends:
One of the key trends driving the growth of the hominy feed market is the increasing demand for animal protein. With rising incomes, urbanization and focus on protein-rich diets, consumption of meat, poultry, eggs and seafood is surging worldwide. This is prompting animal agriculture industries to ramp up production. However, livestock feed costs account for 60-70% of total production costs. Hominy feed as a replacement for more expensive feed ingredients helps lower input costs, cushioning profit margins. Additionally, its high nutritional profile supports better animal growth and performance.
Segment Analysis
The global hominy feed market is segmented on the basis of type and livestock. Based on type, the market is segmented into hominy feeds, hominy chops, hominy pellets, hominy beans, and others. The hominy feeds segment dominated the market in 2022 owing to its wide applications in feeding livestock such as cattle, horses, swine, and poultry. Hominy feeds offer essential nutrients to livestock and help in improving animal health as well as production.
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 meat consumption globally. The global hominy feed market size for 2023 is US$ 1.25 Bn.
Regional analysis: Asia Pacific dominated the global market in 2022 and is expected to remain the fastest growing region during the forecast period. Countries such as China, India, and Japan are major consumers of meat and meat products in the region driving the demand for hominy feed.
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. Cargill and ADM captured over 30% of the global market share in 2022 owing to their wide product portfolio and global distribution network.
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