Animal Feed Micronutrients Market to Reach $3.3 Billion, Globally, by 2031 at 7.0% CAGR: Allied Market Research

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Nov 04, 2022, 08:30 ET

PORTLAND, Ore., Nov. 4, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Animal Feed Micronutrients Market by Products (Trace Minerals, Vitamins, Others), by Livestock (Poultry, Ruminant, Aquaculture, Swine, Equine): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global animal feed micronutrients industry generated $1.7 billion in 2021, and is anticipated to generate $3.3 billion by 2031, witnessing a CAGR of 7.0% from 2022 to 2031.

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Prime determinants of growth

High demand for dairy goods including cheese, milk, curd in the food and beverage and rise in meat consumption in various nations such as China, India, Brazil and Australia sector drive the growth of the global animal feed micronutrients market. However, the use of heavy metals such as zinc and copper as micronutrients in animal feed damage the land and water when they are washed into the water. This factor restricts the market growth. Moreover, recent advancements in micronutrients for animal feed and a rise in their utilization to improve animal metabolism and disease resistance present new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global animal feed micronutrients market, owing to supply chain disruptions.
Because of the government norms regarding to social distancing and lockdown policies, the animal feed micronutrients market share was affected drastically.
Manufacturing facilities were closed due to unavailability of raw materials and lack of labor force.
Not only the production but also the sale of animal feed micronutrients was hampered due to closure of stores across the world, especially in the initial period of the pandemic.
However, the market is anticipated to recover soon in the post-pandemic.

The trace minerals segment to maintain its leadership status throughout the forecast period

Based on products, the trace minerals segment held the highest market share in 2021, accounting for nearly three-fifths of the global animal feed micronutrients market, and is estimated to maintain its leadership status throughout the forecast period. The demand for high quality animal feed micronutrients with trace minerals are necessary for the formation of viable ovaries, sufficient quantities of high-quality sperm, and improved embryo survival, which in turn, boosts the segment. However, the vitamins segment is projected to manifest the highest CAGR of 7.32% from 2022 to 2031. This is because vitamins are the backbone of a well-balanced animal diet. They are vital, irreplaceable micronutrients necessary for growth, reproduction, body development, animal well-being, and general health condition.

The poultry segment to maintain its leadership status throughout the forecast period

Based on livestock, the poultry segment held the highest market share in 2021, accounting for more than one-thirds of the global animal feed micronutrients market, and is estimated to maintain its leadership status throughout the forecast period. Micronutrients have a significant impact on the overall growth of broilers, layers, and turkey birds. The addition of trace minerals, significant nutrients, and vitamins improves the performance of the poultry birds in terms of reproduction, health, and general health. This factor drives the growth of the segment. However, the aquaculture segment is projected to manifest the highest CAGR of 7.6% from 2022 to 2031. Expanding aquaculture's role in eradicating poverty and malnutrition is just as vital as growing productivity. The report also analyzes segments including ruminant, swine, and equine.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than one-thirds of the global animal feed micronutrients market, and is likely to dominate the market during the forecast period. This is owing to enormous consumption of milk and meat in Asian countries. However, the Europe region is expected to witness the fastest CAGR of 7.2% from 2022 to 2031. due to high consumption of animal based products and meat in the region. Other regions discussed in the report are North America and LAMEA.

Leading Market Players:

NOVUS INTERNATIONAL
Alltech.,
Cargill, Incorporated.,
NUTRECO N.V,
ADM,
BASF SE,
Aries Agro Limited.,
Kemin Industries, Inc.
Lallemand Inc.
QualiTech

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://bit.ly/3WtFGbH

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