MARKET REPORT FEED & ADDITIVE MAGAZINE June 2023 73 Stratistics MRC points to much higher market sizes and growth rates compared to the other two research companies. According to the company's report, the global swine feed market is accounted for US$ 136.30 billion in 2022 and is expected to reach US$ 183.28 billion by 2028 growing at a CAGR of 5.06% during the forecast period. MARKET DRIVERS & RESTRICTIONS The increasing demand for pork across the world, food safety concerns, and trends such as animal health and welfare, sustainability and environmental impact stand out as the main driving factors in the swine feed market. Market research companies also draw attention to this in their reports. For example, according to the report by IMARC Group, the increasing concerns regarding food safety have created a demand for high-quality swine feed to ensure meat safety. Another factor that is stimulating the growth of the swine feed market is the rising awareness about the importance of maintaining a healthy pig diet amongst farm owners. In accordance with this, they are shifting from regular swine feed to functional and premium variants that help in improving the immunity of the animals against enzootic diseases as well as reducing the risk of metabolic disorders, acidosis, injuries and infections. Furthermore, an increase in the demand for organic pig meat from consumers in the developed nations, along with the introduction of new animal rearing practices and maintenance of high farming standards, has created a positive outlook for the global swine feed market. Mordor Intelligence points out similar things in its report. According to the report, swine livestock production has been growing across the world to support the needs of the changing diet patterns of the populations, particularly in developing markets. In addition to the growing demand for animal protein and the industrialization of livestock production, other factors driving the swine feed market include the increasing focus on animal welfare and sustainability. Consumers are becoming more concerned about the origin and quality of their food, leading to a rise in demand for products from animals raised in humane and sustainable conditions. This trend is driving the adoption of new feeding practices and technologies that promote animal welfare and reduce environmental impacts. High awareness, the growing demand for animal nutrition, and the ban of antibiotics in many regions are prompting players in the livestock industry and meat manufacturers to use good quality feed and are anticipated to drive the swine feed market globally.
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