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Hominy Feed Market Size: Growth Trends and Strategic Analysis
Hominy Feed Global Market Report 2024
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According to The Business Research Company's, The hominy feed market size has grown strongly in recent years. It will grow from $4.18 billion in 2023 to $4.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to advancements in milling technology, agricultural productivity increases, expansion of livestock farming, rise in animal protein demand, and development of animal nutrition science.
The hominy feed market size is expected to see strong growth in the next few years. It will grow to $6.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to corn prices, livestock feed demand, weather conditions, ethanol production levels, and transportation costs. Major trends in the forecast period include rising livestock populations, growing awareness about its nutritional benefits, expanding biofuel industry, advancements in feed processing technologies, heightened focus on sustainable and organic farming practices, and increased adoption in emerging economies.
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Market Drivers and Trends:
The increasing corn production is expected to propel the growth of the hominy feed market going forward. The increased corn production are subject to factors such as improved seed technology, favorable weather conditions, increased use of fertilizers and pesticides, advancements in agricultural machinery, and expanded acreage. Hominy feed contributes to increased corn production by providing a valuable feed option for livestock, which in turn stimulates demand for corn, leading to expanded cultivation and higher yields. For instance, in August 2023, according to Corteva Inc., a US-based agriculture company, the 2023 national maize crop is estimated to cover approximately 250,000 hectares, an increase of 20,000 hectares compared to last year. Therefore, the increasing corn production is driving the growth of the hominy feed market.
Major companies operating in the hominy feed market are adopting strategic partnerships approach to leverage each other's strengths, expand their market reach, and enhance their product offerings. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. In September 2022, CovationBio, a US-based biotechnology company, and Primient Covation LLC, a US-based company, partnered with Truterra LLC, a US-based company that develops sustainable agriculture solutions to ensure that the corn used in CovationBio's and Primient Covation's products meets the highest standards of sustainable practices. By participating in Truterra, CovationBio, and Primient Covation support U.S. Midwestern corn growers in implementing sustainable and regenerative agriculture practices across an area equivalent to 100% of the agricultural footprint of the corn used in their products, including Susterra PDO, Zemea PDO, and Sorona polymer. These corn-based products are utilized in fabrics, personal care items, food flavors, outdoor apparel, and others.
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Major Key Players of the Market:
Cargill Incorporated, Archer-Daniels-Midland, Bunge Limited, The Scoular Company, Ingredion Incorporated, Land O'Lakes Inc, Tate & Lyle LLC, Alltech Inc, Purina Animal Nutrition LLC, Didion Inc., Semo Milling LLC, LaBuddhe Group Inc., Jyoti Cornex Industries, Godawari Agro Industries, Graham Feed Company, Gramco Inc, Dexterous Private Limited, PV Sons Corn Milling Co. Pvt. Ltd., Trishla Industries, Shreeji Ingredients
Hominy Feed Market 2024 Key Insights:
• The hominy feed market size is expected to see strong growth in the next few years. It will grow to $6.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Corn Production Stimulates Growth in the Hominy Feed Market
• Advancing Sustainable Agriculture Through Innovative Partnerships
• North America was the largest region in the hominy feed market in 2023
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