by The Hominy Feed Market is estimated to be valued at US$ 1.25 Bn or 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 produced from dried corn kernels during the nixtamalization process. It is a rich source of protein, fiber, and minerals for livestock such as cattle, swine, and poultry. The feed contains low-fat, high-protein, and gluten-free properties making it an ideal replacement for corn and soy-based feeds. It helps improve digestion, gut health, and nutrient absorption in livestock.
Market Dynamics:
The growing demand for nutrient-rich animal feed additives is expected to drive the growth of the hominy feed market during the forecast period. Hominy feed contains adequate proteins, minerals, and fiber content to support animal growth and health. It helps improve feed conversion ratios and livestock productivity. Additionally, hominy feed is cost-effective as compared to corn and soybean meals, thereby gaining adoption among livestock farmers. Cost benefits and nutritional attributes are favoring the replacement of conventional cereals and grains with hominy feed in the animal feed industry. However, high production costs and availability issues associated with nixtamalization process pose challenges to the market.
Segment Analysis
The hominy feed market is dominated by the corn segment. Corn constitutes around 85% of the total hominy feed production globally. This is because corn is the major raw material used for producing hominy feed and it is abundantly available across key producing regions. The high availability and low price of corn makes it a preferred choice for hominy feed producers.
PEST Analysis
Political: Protectionist trade policies in key countries can adversely impact the imports and exports of hominy feed affecting supply and demand dynamics globally.
Economic: A buoyant animal feed industry and rising meat consumption is fueling the growth of the global hominy feed market. Higher disposable income in developing nations is supporting the demand.
Social: Growing population and rapid urbanization is leading to an increase in demand for animal protein. This is positively impacting the hominy feed market.
Technological: Adoption of innovative processing technologies by hominy feed producers is helping improve nutrient density and digestibility of feed, thus maximizing production efficiency.
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 meat and dairy products worldwide. The market size for 2023 is estimated to be US$ 1.25 Bn.
The North America region dominates the global hominy feed market with over 30% share owing to robust animal feed production. Asia Pacific is identified as the fastest growing regional market stoked by rising meat consumption and expansion of commercial livestock farming in countries like China and India.
Key players operating in the hominy feed market include 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), and Didion Milling. These players are focusing on expansion into high growth markets and development of innovative plant-based feed products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
