Animal Feed Micronutrients Market Research, 2031
The global animal feed micronutrients market was valued at $1.7 billion in 2021, and is projected to reach $3.3 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.In animal feed micronutrients market, the demand for animal protein is growing at a significant rate. Some of the key market growth drivers include rising demand for meat, poultry, and dairy products among the people.
Dairy goods including cheese, milk, curd, and others are in high demand in the food and beverage sector. Animal micronutrients aid ruminants in lactation, resulting in improved milk quality, which in turn results in superior cheese, curd, and others. The rising demand for meat is a result of both the increasing population this factor boost the animal feed micronutrients market share.
Heavy metals damage the land and water when they are washed into the water. Furthermore, it is anticipated that government rules will impede expansion. Zinc and copper are priority pollutants according to the U.S. The use of these metals as micronutrients in animal feed is controlled in Europe. These elements are anticipated to restraint the animal feed micronutrients market growth.
There are opportunities for new entrants in the animal feed micronutrient business due to recent advancements in micronutrients for animal feed and a rise in their utilization to improve animal metabolism and disease resistance. Global demand for the animal feed micronutrient product is anticipated to be driven by rising meat consumption in various nations such as China, India, Brazil and Australia. As meat consumption increases globally, there are more opportunities for expansion in the micronutrient industry to supply the need for meat is anticipated to fuel demand for the product during the projection period. In the upcoming years, it is anticipated that these drivers will continue to fuel animal feed micronutrients opportunity.
The key players profiled in this report include Nutreco, ADM, Balchem Inc., Kemin Industries Inc., Qualitech Inc., Zinpro Corp., Lallemand Inc., NOVUS INTERNATIONAL, Cargill Inc., and Alltech Inc.
The global animal feed micronutrients market forecast is segmented on the basis of product, livestock, and region. By product, the market is sub-segmented into trace minerals, vitamins, and others. By livestock, the market is classified into poultry, ruminant, aquaculture, swine, and equine. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The animal feed micronutrients market is segmented into Products and Livestock.
By product, the trace minerals sub-segment dominated the market in 2021. Cobalt, copper, iodine, iron, manganese, selenium, and zinc are trace minerals important to good cattle nutrition. Minerals deficiency, which is common problem in the animals, cannot be resolved with the traditional feed. Hence, the demand for high quality animal feed micronutrients is expected to drive the micronutrient market in forecast period. Trace minerals are necessary for the formation of viable ovaries, sufficient quantities of high-quality sperm, and improved embryo survival. Improved weight gain is also one of the advantages of trace minerals. These are predicted to be the major factors affecting the animal feed micronutrients market size during the forecast period.
By livestock, the poultry sub-segment dominated the global animal feed micronutrient market share in 2021. The entire growth of broilers, layers, and turkey birds is greatly influenced by micronutrients. The poultry birds perform better in terms of reproduction, health, and general performance thanks to trace minerals, important nutrients, and vitamins. Demand for the animal micronutrient feed products are anticipated to increase due to rising consumer knowledge of poultry meat and eggs that are vitamin and mineral-enriched. The outlook for the sector will also be supported by factors such as consumer desire for chicken products with better nutritious contents and high pricing for poultry replacements like beef or pig. Such livestock of animal feed micronutrients market demand to create a scope of growth for the sub-segment during the forecast period.
By region, Asia-Pacific dominated the global market in 2021 and is projected to remain the fastest-growing sub-segment during the forecast period. The FAO reports in 2021, states that, in the Asia-Pacific region, China produces and consumes the most beef, followed by India, Japan, and Indonesia. Furthermore, the staggering consumption of milk and meat in Asian nations is one reason contributing to this segment growth. Due to their huge population, China and India are now the two nations that consume the most meat. India consumes more than 80,000 metric tons of milk yearly, while China is one of the greatest consumer of pork, consuming 30 kg per person annually, little less than the entire European Union. Many East Asian countries, including Vietnam, Indonesia, and Japan, eat seafood such as salmon, tuna, and others in addition to pork and beef.
Impact of COVID-19 on the Global Animal Feed Micronutrients Industry
- The COVID-19 epidemic is a risky situation on a global scale. This pandemic has a huge effect on the global economy. The agriculture industry, which produces food and drinks, is significantly impacted by this fatal virus. The global closure of restaurants and ports has had an effect on the animal feed industry as well. Supply chain disruption had a substantial impact on the animal feed sector.
- COVID-19 started in Wuhan (China) in December 2019 and has quickly expanded throughout the world. In terms of confirmed cases and reported deaths, the U.S., India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are among of the nations that have been most severely impacted.
- The COVID-19 has affected businesses and industries in a number of countries due to lockdowns, travel bans, and business closures. The production, delivery plans, and sales of items on the global market have all suffered as a result of the closure of numerous plants and companies. Only a small number of companies have already issued warnings about possible delivery delays and ensuing sales reductions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the animal feed micronutrients market analysis from 2021 to 2031 to identify the prevailing animal feed micronutrients market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the animal feed micronutrients market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global animal feed micronutrients market trends, key players, market segments, application areas, and market growth strategies.
Animal Feed Micronutrients Market Report Highlights
Market Size By 2031
USD 3.3 billion
CAGR of 7%
2021 - 2031
Key Market Players
QualiTech, Aries Agro Limited., Kemin Industries, Inc., Lallemand Inc., BASF SE, Alltech., ADM, Cargill, Incorporated., NUTRECO N.V, NOVUS INTERNATIONAL
Increasing demand for high-quality foods, meat, poultry, and dairy products, among people, and growing requirement for highest quality of feed nutrients for animals’ health are some of the key market drivers which are expected to fuel growth of the market during the forecast period. However, negative environmental impact, such as soil pollution caused by the presence of ingredients like Zinc and Copper in the animal feed may act as a major restraint for the growth of the global feed micronutrients market. There are opportunities for new entrants in the animal feed micronutrient business due to recent advancements in micronutrients for animal feed and a rise in their utilization to improve animal metabolism and disease resistance. As meat consumption increases among people, globally, there are more opportunities for expansion in the micronutrient industry to supply the need for meat. In the upcoming years, it is anticipated that these drivers will continue to fuel market expansion.
Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market by the end of 2031, followed by Europe, North America, and LAMEA. According to FAO(Food and Agriculture Organization), China is the largest consumer of animal feed micronutrient followed by India, Japan, and Indonesia in the Asia-Pacific region. These are the key factors responsible for leading position of Asia-pacific in the global animal feed micronutrientsmarket.