Hominy Feed Market

Corn Feed is the Largest segment driving the growth of Hominy Feed Market

by

The global Hominy Feed Market is estimated to be valued at US$ 1.25 Bn or Mn 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 made from dried corn kernels that still have the germ and bran attached. It provides important nutrients for livestock and is high in energy as well as protein. Hominy feed is commonly used to feed beef cattle, dairy cattle, swine, and poultry as it supports growth and weight gain.

Market key trends:
One of the key trends in the hominy feed market is the rising demand for animal protein. The global consumption of meat and dairy products is growing significantly owing to increasing population and rising disposable income in developing countries. Hominy feed is an important ingredient in the livestock feed industry as it supports the healthy growth and development of farm animals. The growth in demand for animal-based food will consequently drive the growth of the hominy feed market during the forecast period.
Market key trends:
The hominy feed market is witnessing increased demand for non-GMO and organic hominy feed products. Producers are focusing on producing hominy feed using organic and non-GMO corn to cater to the rising health-conscious population. Furthermore, the market is experiencing rising adoption of hominy feed as an alternative to corn and soy-based animal feed due to its high protein and nutrient content.

SWOT Analysis
Strength: Hominy feed is a highly nutritious feed containing high protein, carbohydrates and fiber content. It is more economical than other alternatives like corn and soy-based feed.
Weakness: Hominy feed production faces constraints due to limited availability of processing units and fluctuations in corn prices.
Opportunity: Growing organic livestock farming and increasing popularity of non-GMO animal feed are creating opportunities for hominy feed producers. Emerging countries provide untapped growth potential.
Threats: Stringent regulations pertaining to GMO crops and availability of substitutes like sprouted grains pose threats to hominy feed market.

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 market size for 2023 is US$ 1.25 Bn.

Regional analysis: North America represents the largest market for hominy feed globally, driven by extensive meat production industry in the US. Asia Pacific is expected to be the fastest growing market owing to rising animal husbandry industry in China and India.

Key players operating in the hominy feed 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

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it