The global horse bunk feeder market is expected to grow at a 6.5% CAGR between 2023 and 2033, from US$ 590 million to US$ 1,108 million.
The horse bunk feeder market, a subset of the larger agriculture sector, is focused on the development and sale of horse-specific feeders. The horse bunk feeder market has expanded significantly in recent years. The advantages of using these specialty feeders have been recognised by a number of horse owners and breeders.
The market is influenced by a number of factors, including the growing popularity of horse ownership and breeding. The demand for specialised equine items such as horse bunk feeders grows as more people become interested in owning and breeding horses.
The market has expanded and changed over time as technology and human understanding of horse nutrition have advanced. The market is expected to grow due to increased interest in horseback riding and increased knowledge about the importance of properly feeding horses. Furthermore, rising awareness of animal welfare is expected to fuel market growth.
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Horse owners and breeders are gradually realising the importance of good nutrition for horses. They are becoming more aware of how diet can affect a horse’s health and performance. Horse bunk feeders are a simple and effective way to feed horses the right amount of grain while minimising waste.
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.
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.
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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.
Horse Bunk Feeder Market Segmentation
By Material:
- Plastic
- Metal
By Length:
- Below 5 Feet
- 5 to 10 Feet
- Above 10 Feet
By Sales Channel:
- Direct Sales
- Retail Sales
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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