According to the recent research report titled ‘Global Animal Feed Micronutrients Market Size study, by Product (Iron, Manganese, Zinc, Boron, Copper and Others), by Application (Ruminant, Poultry, Swine, Aqua, Equine and Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global animal feed micronutrients market was remunerated at USD 1556.73 million in 2020 and is expected to exhibit a CAGR of 5.9% over 2021-2027, subsequently amassing USD 2325.33 million by the end of the forecast period.
 

Surging demand for dairy products and increasing consumption of meat products are fueling global animal feed micronutrients market, cites the study.
 

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For the unversed, micronutrients are essential nutrients required in small amounts for organisms' overall health and maintenance. They are also important for the agricultural production of milk, eggs, fiber, and meat as they play a significant role in animal diet. The amount of minerals required is determined by the weight, age, inherent ailments, and type of production of the animals.
 

Growing awareness regarding the well-being of cattle and increasing expenditure on health of the livestock by animal owner are adding to the industry progression. Further, animal micronutrients have become an essential part of animal health with increasing number of people consuming meat in the form of pork, beef, etc.
 

Considering factors restraining worldwide animal feed micronutrients industry expansion, limited consumption of meat due to ecological and religious reasons is likely to act as a major challenge for businesses operating in this domain.
 

Speaking of regional landscape, Latin America, Asia Pacific, Europe, and North America are the top contributors to the overall market remuneration. Among these, North America currently holds considerable market share, owing to rising disposable income, and increasing per capita consumption of meat. The report states that, in USA, an average individual consumed 124.1 kg of meat in 2017 as compared to 114 kg in 2014.
 

On the other hand, Asia Pacific industry is projected to accrue notable returns by the year 2027, attributable to increasing population consuming poultry and diary products in the region.
 

Key players impacting global animal feed micronutrients market dynamics are QualiTech Inc., Novus International Inc., Alltech Inc., Keshav Fertilizers, Lallemand Inc., Archer Daniels Midland Company, Kemin Industries Inc., Nutreco N.V., Cargill Incorporated, and Aries Agro Ltd.