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Global Hominy Feed Market Size Forecast 2024 - 2033

17 Dec, 2024

What Is The Scope Of The Global Hominy Feed Market?

Hominy feed is a byproduct of the corn milling process, composed of corn bran, germ, and starchy parts. It offers high fiber content and moderate protein and fat levels, making it nutritious for livestock. It is primarily used as animal feed, providing a source of carbohydrates, protein, and fiber. Its purpose is to supplement animal diets and support healthy growth and development in livestock.

Hominy Feed Global Market Report 2024 provides data on the global hominy feed market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Hominy Feed market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.

What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Hominy Feed Sector?

The hominy feed market size has experienced strong growth in recent years, expanding from $4.18 billion in 2023 to $4.49 billion in 2024, with a compound annual growth rate (CAGR) of 7.5%. The growth during the historic period is due to advancements in milling technology, increases in agricultural productivity, expansion of livestock farming, a rise in demand for animal protein, and advancements in animal nutrition science. The market is projected to continue strong growth, reaching $6.06 billion by 2028 with a CAGR of 7.8%. This forecasted growth is driven by factors such as corn prices, livestock feed demand, weather conditions, ethanol production levels, and transportation costs. Major trends expected during this period include rising livestock populations, growing awareness of nutritional benefits, expansion of the biofuel industry, advancements in feed processing technologies, a heightened focus on sustainable and organic farming practices, and increased adoption in emerging economies.

Which Factors Are Boosting Growth In The Hominy Feed Market?

The increasing corn production is expected to drive the hominy feed market's growth. Factors such as improved seed technology, favorable weather conditions, and enhanced agricultural practices contribute to rising corn production. Hominy feed supports this by providing a valuable feed option for livestock, boosting corn demand and cultivation. For instance, in August 2023, Corteva Inc. estimated that the 2023 national maize crop would cover about 250,000 hectares, a 20,000-hectare increase compared to the previous year. Therefore, the growing corn production is anticipated to drive the hominy feed market.

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What Key Areas Define The Segmentation Of The Global Hominy Feed Market?

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

How Are Emerging Trends Reshaping The Dynamics Of The Hominy Feed Market?

Companies in the hominy feed market are adopting strategic partnerships to leverage each other's strengths, expand market reach, and enhance product offerings. Strategic partnerships involve companies collaborating to achieve mutual benefits and success. For example, in September 2022, CovationBio, a US-based biotechnology company, and Primient Covation LLC, partnered with Truterra LLC, a US-based company specializing in sustainable agriculture solutions. This partnership aims to ensure that the corn used in CovationBio's and Primient Covation's products meets high sustainability standards. By collaborating with Truterra, they support U.S. Midwestern corn growers in implementing sustainable agriculture practices across the full agricultural footprint of their products, including Susterra PDO, Zemea PDO, and Sorona polymer, which are used in various applications such as fabrics and personal care items.

Which Region Has The Fastest Expansion In The Hominy Feed Market?

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.