The "global Animal Feed Micronutrients market" valued USD XX million in 2021 and is estimated to reach USD XX million by 2029, growing at a CAGR of XX%
Micronutrients in animal feed, as opposed to macronutrients, are nutrients that the body needs in trace amounts for optimal growth of an organism. Animal feed micronutrients are needed for the body to operate correctly, even though they are only required in minimal amounts. Many of the body's basic processes are dependent on the availability of these micronutrients.
Increasing demand for dairy products such as cheese, butter, cream, and curd in the food and beverage sector is projected to boost demand in diverse areas. Micronutrients in animal feed promote high milk production, which is expected to drive their use in ruminant nutrition throughout the projection period.
One of the main reasons affecting the market's current expansion is the rising demand for protein foods owing to nutritional inadequacies. Another important factor affecting the growth of the animal feed micronutrients market is the rise in pet adoption. According to the ACSPA, 3.2 million shelter animals are adopted in the United States each year. In addition, the American Pet Products Association estimates that 78 million dogs and 85 million cats are owned in the United States. The success of animal feed micronutrients infertility and growth in the animals has demonstrated a favourable effect, which has prompted a rise in expenditure on animal care. According to Statista, 471 million dogs were kept as pets by families in 2018. Due to a rise in demand from meat-eating populations, the worldwide market is expected to grow throughout the predicted period. Micronutrients guarantee that the meat is wholesome, that the milk output is good, and that the animals are growing. Meat and animal protein from milk-producing cattle are in high demand. Furthermore, micronutrients eliminate animal problems such as vitamin deficiency, poor development, and illness. During the anticipated timeframe, all of these locations are expected to drive worldwide market growth.
The market has been hampered by higher pricing for vitamins and vitamin products in the animal feed micronutrients industry, particularly in industrialised nations where the agricultural community is not as established to spend heavily in animal feed micronutrients.
COVID-19 illness began to spread throughout the world in early 2020, infecting millions of people globally, and major countries around the world enacted foot restrictions and work stoppage orders. The demand and supply chain has been disrupted due to restrictions on movement throughout the world and multiple lockdowns in a single year which spanned months. Also, during the Covid pandemic there was a brief period when bird flu also broke out leading to a serious negative impact on the poultry industry. Therefore, the Animal feed micronutrients market also got impacted negatively.
The global animal feed micronutrient market can be segmented on type, livestock, and geography. The market is divided into four groups based on type: zinc, iron, manganese, and copper. Zinc had the largest proportion of the market. This can be linked to zinc's ability to enhance and improve livestock's immune. It also plays a role in the production of RNA and DNA, as well as the release of hormones like insulin and growth hormones. Iron and manganese made for a sizable portion of the market. This is due to their capacity to reduce anaemia and promote animal reproduction, respectively. The market is divided into Ruminant, Poultry, Aqua, Swine, and Equine based on Livestock. The Poultry category held the largest proportion of the market. This is due to the fact that micronutrients are particularly important for poultry birds' general growth. They are an essential component in ensuring optimal reproductive health and general bird well-being. Due to the important nutrients that these feed supply to pigs, the Swine sector accounted for the second-largest market share. In 2020, the Indian population consumed 4 million tons of poultry meat.
The Animal Feed Micronutrient market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. In the next years, the animal feed micronutrients market in the Asia Pacific is expected to grow rapidly. Factors such as growing economic growth, a large population base, and a rising need for meat protein have all contributed to the market's rise. Because of the growing demand for meat, North America is expected to grow faster than the rest of the world in the next years. Latin America is expected to grow rapidly in the animal feed micronutrients market, owing to a growing demand for protein-rich foods and a growing population. In 2019, China consumed 20 million tons of poultry which was the highest volume in the entire planet. In the same year, the US consumed 19 million tons of poultry next to China.
Key players operating in the market are Aries Agro Limited, Cargill Incorporated, Nutreco N.V., Kemin Industries, Inc., Archer Daniels Midland Company. Leading multinational players dominate the market and hold substantial market share, thereby presenting tough competition to new entrants. The emerging-market players focus on entering into a strategic partnership; expansion of facilities, mergers, and acquisitions are vital strategies to boost their market shares and establish a global platform. The players are also investing in developing online payment mobile applications, in R&D activities, and offering superior quality consultation and services to customers. The Asia Pacific region is expected to provide new market players opportunities to expand their footprint due to increasing meat consumption.
Cargill was founded in 1865 in Iowa, United States. Cargill aims to nourish the world in a safe, responsible and sustainable way. The company tries to connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive. The company uses new technologies and insights for food, agriculture, financial and industrial customers in more than 125 countries.
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