MARKET REPORT 74 FEED & ADDITIVE MAGAZINE June 2023 Stratistics MRC, which shares the same views about market drivers as other companies, draws attention to constraints in its report. According to Stratistics MRC, there are three major constraints in the market: the price volatility of raw materials, the growing veganism trend and animal diseases. According to the company's report, the market's expansion may be hampered by the high price volatility of the raw materials and additives used in the manufacturing of feed. For instance, a considerable increase in maize prices may adversely affect the owners of small and medium-sized pig farms' capacity to pay it. The demand for pig meat is expected to be hampered by the increased number of people choosing vegan and vegetarian diets and giving up animal products, which would further negatively impact the industry. Also, the adoption of plant-based diets and the rise in popularity of veganism are developments that are predicted to damage pig consumption in the future and reduce swine feed sales. It is also projected that the recent outbreak of various swine illnesses, including swine flu and African Swine Fever (ASF), will negatively affect product standards and overall swine feed demand during the course of the forecast period. MARKET STATUS BASED BY REGION In the global swine feed market, the largest markets by region are Asia-Pacific and Europe, as can be seen from the production data. According to the report by Mordor Intelligence, Asia-Pacific is the leading pork consumption and production market, accounting for about half of the world's production. The region is the largest market for swine feed products due to the huge pork meat consumption. Pork meat has been consumed in the region since ancient times and is the most preferred meat due to its fat content and taste. China is the primary market for pork production. In 2021, China has around 454.8 million swine population, accounting for more than 50% in the region. The demand is also generated from the processed meat industry, which is growing at a healthy rate and requires high-quality pork meat. The adoption of intensive livestock farming systems is expected to help maintain a steady growth rate of swine feed. China is followed by Vietnam, Thailand, South Korea, Japan, and the Philippines in the region. Japan, South Korea, and Taiwan are the saturated markets for pork consumption, while Vietnam and the Philippines are emerging markets.
RkJQdWJsaXNoZXIy MTUxNjkxNQ==