January 23, 2020
According to the research report titled ‘Feed Micronutrients Market Size By Product (Trace Minerals [Iron, Zinc, Manganese, Copper, Boron], Vitamins [Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin K, Vitamin E, Carotenoids]), By Livestock (Poultry, Ruminant, Aquaculture, Swine, Equine) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Spain, China, India, Japan, South Korea, Australia, Thailand, Indonesia, Vietnam, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global micronutrients market is expected to register significant growth by the year 2025.
Rising concerns pertaining to health problems and micronutrient deficiencies has led to increasing consumption of high quality dairy products and meat which in turn is driving the feed micronutrients market growth. Feed micronutrients not only improve overall animal health but also enhance the food absorption rate in animals. Escalating animal healthcare expenditure along with rising prevalence of diseases are aiding the expansion of the market. Favorable federal reforms which prevent the use of synthetic additives coupled with growing animal feed industry in Brazil, Mexico, Japan, and China are stimulating the feed micronutrients industry outlook.
As per the product type, trace minerals segment is presumed to grow by 8% by the year 2025. Iron is a key element which is used in manufacturing of high-quality animal feed. The product’s ability to improve the digestion processes and overall health of poultry animals and ruminants will enhance market size.
On the other hand, vitamin segment is expected to grow with a CAGR of 6% during 2019-2025. Increasing livestock farming and growing demand to improve the reproductive performance, immunity, and metabolism rate among livestock is contributing towards popularity of vitamin-based feed micronutrients products across the globe.
In terms of livestock, the poultry segment is projected to exceed USD 1 billion by 2025. Shifting preferences towards using processed meat products and rising consumption of protein rich food items are facilitating the business scenario.
As per the regional analysis, Asia-Pacific feed micronutrients market is estimated to hold 30% volume share of feed micronutrients market by the year 2018. Improving economy and growing population has led to growing demand for meat food products in countries such as Japan, India, and China which in turn is contributing towards the market growth. Furthermore, growing inclination towards protein rich food items are fueling the demand for feed micronutrients products across the region.
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According to the report, Middle East & Africa feed micronutrients industry is projected to expand with 6% CAGR between 2019-2025. High occurrence of micronutrient deficiency and inadequacy in livestock are boosting the demand for feed micronutrients products across the region. Increasing frequency rates of non-cultivable lands and favorable government initiatives to prevent malnutrition instances are driving the market growth.
The prominent companies operating in the feed micronutrients market are Kemin Industries Inc., Cargill, U.S. Rare Earth Minerals Inc., Davidsons Animal Feeds, Novus International Inc., Mercer Milling Co. Inc., Nutreco N.V., Biochem, QualiTech Corp., Pancosma S.A., Phibro Animal Health Corp., Ridley Inc., Alltech Inc., Archer Daniels Midland Co., Royal DSM, Tanke Biociences Corp., Vamso Biotech Pvt. Ltd., and Zinpro Corporation.
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