The global horse bunk feeder market is anticipated to grow from US$ 590 million in 2023 to US$ 1,108 million by 2033, reflecting a CAGR of 6.5%.
The development and selling of feeders specifically made for horses is the focus of the horse bunk feeder market, a subset of the wider agriculture sector. In recent years, the horse bunk feeder market has grown substantially. The advantages of employing these specialty feeders have been acknowledged by several horse owners and breeders.
The market is influenced by several variables, including the rising popularity of horse ownership and breeding. The need for specialist equine items, like horse bunk feeders, rises as more individuals show interest in owning and breeding horses.
As technology and human understanding of horse nutrition have progressed, the market has expanded and changed over time. The market is anticipated to rise as a result of rising interest in horseback riding, as well as increased knowledge about the value of feeding horses properly. Additionally, market growth is predicted to be fueled by rising awareness of animal welfare.
The necessity of good nutrition for horses is gradually becoming more recognized by horse owners and breeders. They are becoming increasingly aware of how the diet might affect a horse’s well-being and performance. Horse bunk feeders are a practical and effective technique to feed horses the proper quantity of grain while minimizing waste.
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With the development of technology, manufacturers have devised more advanced solutions, including feeders that can be remotely operated and that self-feed. A few producers also offer feeders that are specially made to fit the requirements of particular horse breeders and owners.
Horse bunk feeders have improved as a result of peer-reviewed studies into nutrition for horses and technological advancements. More modern features can be found on certain feeders, including self-dispensing technologies, changeable feed flow settings, built-in cameras and monitoring systems, anti-tip designs, and so on. This is likely to increase the adoption of these modern advanced bunk feeders.
North America is expected to dominate the market owing to the high adoption of advanced technology and the presence of numerous horse owners. The Asia Pacific region is also projected to witness significant growth in terms of CAGR. Horse nutrition is becoming more widely recognized in the developing nations of this region and consumer disposable income is rising as well.
KEY TAKEAWAYS
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 7.0% through 2033.
- The United States dominated the market in 2022 holding a 30.7% share of the global market.
- In 2022, Japan held a 3.9% market share globally.
- With a CAGR of 7.6% over the forecast period, India is predicted to develop rapidly in the market.
- The market in China is expected to proliferate, registering a CAGR of 5.2% over the forecast period.
- Germany accounted for 19.9% of the global market in 2022.
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COMPETITIVE LANDSCAPE
The top manufacturers of the horse bunk feeder market are Farm Ranch Store, Priefert Manufacturing, Runnings Inc., Ag Growth International Inc., Tractor Supply Company, Behlen Country, Behlen Mfg. Co., Hutchison Inc., FeedsForLess.Com, Tarter Farm & Ranch Equipment and others.
These businesses have adopted diverse tactics to put themselves well ahead of their competitors. They place a significant emphasis on innovation, enhancing productivity and efficiency, offering unparalleled customer service, putting into place cost-cutting strategies, distinguishing their goods and services, and establishing a solid track record for their brand. By putting both organic and inorganic business strategies into action, which include the launch of innovative products, acquisitions, partnerships, corporate restructuring, and partnerships, they have increased their clientele and fortune.
RECENT DEVELOPMENTS
- In January 2023, in Navarre, Ohio, Tractor Supply Company unveiled the formal opening of its freshest and prime distribution facility. The Navarre distribution facility will supply around 250 businesses and complete online purchases from clients in Ohio, Michigan, Minnesota, and other states in the Upper Midwest. The 900,000-square-foot structure’s construction got underway in May 2021, and it was finished in December 2022.
- In December 2022, a new distribution collaboration was established by Ag Growth International Inc. (AGI Inc.) and Ada Manufacturing Corporation (ADAMCO). The leading agricultural machinery dealer in the Philippines, ADAMCO has more than 30 facilities.
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