According to a new report published by Research Dive, the global animal feed micronutrient market forecast will be $2,322.3 million by 2026, is rising from $1,372.0 million in 2018, and at a 6.8% CAGR.
Increasing micronutrient requirements from animal feed industry is the significant animal feed micronutrient market trend.
Animal feed micronutrient market insights
The global animal feed micronutrient market is majorly driven by the increase in the volume of micronutrient consumed in the animal feed industry to provide meat and products to the consumers. Growing interest of maintaining the pet animals, increasing the expenditure on animal nutrition are driving the growth of the animal feed micronutrient market in the coming years. According to the Food and Agriculture Organization (FAO), in 2018, the global meat production reached about 327 metric tons, and is 1.7% higher than the previous year. Furthermore, the rising request for animal protein from milk and meat is further driving the animal feed micronutrient market in the coming years. Zinc and copper are major trace minerals in the animal feed and these are heavy metals and pollutants for the soil, due to this, stringent condition by governments is expected to hamper the animal feed micronutrient market growth. Lack of awareness among the formers about the importance of micronutrients in the animals is also hinder the market growth. Rise in the consumption rate of meat in the worldwide is creating enormous investment opportunities in animal feed micronutrient market. Micronutrients are essential in the animals and their deficiency leads to poor growth and fertility. The abovementioned factors are projected to enhance the animal feed micronutrient market in the future time.
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Global animal feed micronutrient market is categorized into livestock feed and product. Based on product, the market is sub-segmented into trace minerals, vitamins and others. Vitamins type is estimated a noteworthy progress with highest growth rate of 7.1%, and is anticipated to generate revenue of $761.7 million by the end of 2026. The vitamin has ability of enhance the immunity power of the animals, which will further increase the market size in the forecast period. Trace mineral was the highest type segment and is expected to register a revenue of $1,333.0 million at a CAGR of 6.7% during the projected time period, this is due to the minerals deficiency, which is common problem in the animals, this deficiency cannot be resolved with the traditional feed, this is expected to drive the micronutrient market over forecast period.
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Based on livestock feed, aqua feed segment will experience the prominent growth with notable market size in 2018, is projected to register of $243.8 by 2026. This is due to the upsurge in the consumption of aquatic animals by the consumers. For example, fish is the one of the healthiest food on the planet, which is loaded with the important nutrients, due to this people are including fish in their diet. This is directly influencing animal feed micronutrient industry to meet the requirements of the consumers. Poultry feed segment has generated highest market size accounting for $576.2 million in the year 2018, and is increasing with rate of 6.6% during the forecast period. This is due to the growing demands from the food & beverage industry to produce food products such as bakery products. This require high production of poultry products that is expected to drive the animal feed micronutrient industry in the projected time period.
Europe region market is anticipated to continue its growth during forecast period with highest growth rate, due to the existence of major key participants of micronutrient market and rise in the animal production in the Europe region, is expected to reach $520.2 million at a CAGR of 7.0% in the forecast time period. The global animal feed micronutrient is dominated by the Asia-Pacific region and is accounted for highest animal feed micronutrient market size of $452.8 million in 2018, and is growing at a rate of 6.7% during forecast timeframe. This is due to the recent developments in the animal feed micronutrient market in Asia-Pacific region owing to the presence of high meet consumption in this region specifically in the countries such as China, Japan, South Korea and India are major contributors in the micronutrients market in this region.
Zinpro Corporation, Novus International Inc., Balchem Corp, Nutreco N.V., Kemin Industries Inc., Alltech Inc. Qualitech Inc., Lallemand Inc., Cargill Inc., and Archer Daniels Midland Company, are the top gaining key players of animal feed micronutrient market. These companies are accepting the new strategies include new product launches, product inventions, joint ventures, collaboration & partnerships to gain majority of the animal feed micronutrient market share.
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