Report : South & Central America Corn and Wheat-Based Feed Market Forecast to 2030 - Regional Analysis - by Product Type [Corn-Based (Corn Gluten Meal, Corn Gluten Feed, and Other Corn-Based Feed) and Wheat-Based (Wheat Gluten, Wheat Bran, and Other Wheat-Based Feed)] and Livestock (Poultry, Ruminants, Swine, Aquaculture, and Others)
At 5.1% CAGR, South & Central America Corn and Wheat-Based Feed Market is Projected to be Worth US$ 31,484.85 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the South & Central America corn and wheat-based feed market was valued at US$ 21,186.18 million in 2022 and is expected to reach US$ 31,484.85 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Growth of aquaculture industry and rising preference for organic feed are among the critical factors attributed to drive the South & Central America corn and wheat-based feed market growth.
The fishery industry is expanding due to changing cultural preferences, improving aquaculture production, and rising demand for fish and seafood. Fish has a high protein content and low cholesterol; therefore, the demand for fish and fish-related products has increased across the globe. Thus, aquaculture production has upsurged to cater to the increasing demand. As per the FAO, global aquaculture production of animal species grew by 2.7% in 2020 compared with 2019.
Figure 1. World Aquaculture Production, 1091–2020
With growing aquaculture, the demand for aquafeed is increasing. Fish meal is the major feed used in the aquaculture segment. Corn gluten meal has recently been used as a plant-based alternative to fishmeal. Corn gluten meal contains a high protein and low fiber content with low anti-nutritional factors (ANF). They are rich in minerals, vitamin B, and vitamin E. Corn gluten meal in shrimp feed significantly enhances digestibility and energy.
Moreover, with the rising sustainability concern, aquaculture farmers are significantly replacing animal-sourced feed with plant-sourced feed. Thus, the demand for wheat and corn-based feed is increasing due to their high quality and nutritional performance. Roquette Frères, a key market player in the corn and wheat-based feed market, offers wheat-based feed for aquaculture. Thus, the growth of aquaculture is expected to create massive opportunities in the corn and wheat-based feed market across the world in the coming years.
On the contrary, the challenges related to corn and wheat production hampers the growth of South & Central America corn and wheat-based feed market.
Based on product type, the South & Central America corn and wheat-based feed market is bifurcated corn-based and wheat-based. The corn-based segment held 90.7% market share in 2022, amassing US$ 19,225.87 million. It is projected to garner US$ 28,453.81 million by 2030 to register 5.0% CAGR during 2022–2030. The corn-based segment is further sub segmented into corn gluten meal, corn gluten feed, and other corn-based feed. The wheat-based segment is further sub segmented into wheat gluten, wheat bran, and other wheat-based feed.
In terms of livestock, the South & Central America corn and wheat-based feed market is categorized into poultry, ruminants, swine, aquaculture, and others. The poultry segment held 44.8% share of South & Central America corn and wheat-based feed market in 2022, amassing US$ 9,486.93 million. It is anticipated to garner US$ 13,768.77 million by 2030 to expand at 4.8% CAGR during 2022–2030.
By country, the South & Central America corn and wheat-based feed market is segmented into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 54.3% share of South & Central America corn and wheat-based feed market in 2022. It was assessed at US$ 11,505.08 million in 2022 and is likely to hit US$ 17,165.54 million by 2030, registering a CAGR of 5.1% during 2022–2030.
Key players operating in the South & Central America corn and wheat-based feed market are Agrana Beteiligungs AG, Archer Daniels Midland Company, Associated British Foods Plc, BENEO GmbH, International Nutritionals Ltd, and Roquette Freres SA, among others.
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