by 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 obtained from dried mature corn kernels after removal of the hull and germ. It is a rich source of protein, starch, and fat and provides sufficient energy for animals. Hominy feed comes with various benefits such as improved digestion, shiny coats, and enhanced weight gain in animals. It is predominantly used to feed cattle, pigs, poultry, aquaculture species, and pet food. The increasing meat consumption globally is propelling the demand for animal feed including hominy feed.
Market key trends:
One of the key trends in the hominy feed market is its growing use in pet food. Pet humanization is on the rise with people treating pets as part of their families. This has boosted the demand for high-quality and nutrient-rich pet food. Hominy feed is gaining popularity in pet food due to its various nutritional properties. It helps support the energy requirements of pets and maintain their overall health. The rising pet population and growing expenditures on pet care are fueling the incorporation of hominy feed in pet food formulations. This increasing use of hominy feed in pet food is expected to drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the hominy feed market requires large investments for infrastructure and R&D. However, the growing market size attracts new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various manufacturers. Buyers can easily switch between manufacturers based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the key raw materials such as corn are commodities and globally available from various suppliers.
Threat of new substitutes: The threat of substitutes is low as hominy feed has no close substitute and plays a unique role in animal feed.
Competitive rivalry: The competitive rivalry is high due to the presence of established major players.
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 products. The market size for 2023 is US$ 1.25 Bn.
The North American region dominates the global hominy feed market currently owing to large-scale meat production in countries such as the US and Canada. Moreover, the Asia Pacific region is expected to be the fastest growing market due to rising disposable income and growing focus on protein-rich diets.
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 capture the largest market share currently.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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