The hominy feed global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Hominy Feed Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
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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Scope Of Hominy Feed Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Hominy Feed Market Overview
Market Drivers -
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.
Market Trends -
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.
The hominy feed market covered in this report is segmented –
1) By Type: White Hominy, Yellow Hominy
2) By Form: Whole Hominy, Crushed Hominy
3) By Processing Method: Traditional, Modern Or Industrial
4) By End User: Livestock Or Animal Feed, Pet Food Manufactures, Ethanol Production, Other End Users
5) By Distribution Channel: Direct Sales, Indirect Sales
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Regional Insights -
North
America was the largest region in the hominy feed market in 2023. The
regions covered in the hominy feed market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle
East, Africa.
Key Companies -
Major companies operating in the
hominy feed market are 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
Table of Contents
1. Executive Summary
2. Hominy Feed Market Report Structure
3. Hominy Feed Market Trends And Strategies
4. Hominy Feed Market – Macro Economic Scenario
5. Hominy Feed Market Size And Growth
…..
27. Hominy Feed Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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