Optimizing animal nutrition through animal feed micronutrients offers diverse applications, features, and uses. These micronutrients, including vitamins, minerals, and amino acids, promote animal health, growth, and reproduction. They are incorporated into animal feed to ensure a balanced diet, boost immune function, enhance bone health, and improve reproductive performance. The application of animal feed micronutrients is widespread in livestock and pet industries, contributing to the overall well-being and productivity of animals and the quality of animal-derived products.
According to Data Bridge Market Research, the Global Animal Feed Micronutrients Market is accounted for USD 1503.29 million in 2021 and is expected to reach the value of USD 2,469.31 million by 2029. The market is expected to grow at a CAGR of 6.40% in the forecast period of 2022 to 2029.
“Growing focus on animal health and welfare boosts the market’s growth”
The growing focus on animal health and welfare has fueled the growth of the animal feed micronutrients market. As livestock and pet owners prioritize animal nutrition and well-being, there is an increased demand for high-quality animal feed containing essential micronutrients. These micronutrients, such as vitamins, minerals, and amino acids, play a crucial role in maintaining animal health, promoting growth, and enhancing reproductive performance. As a result, the market for animal feed micronutrients is experiencing significant growth to meet the rising demand for healthy and productive animals.
What restraints the growth of the global animal feed micronutrients market?
“High raw material prices restraints the market’s growth”
High raw material prices restrain the animal feed micronutrients market's growth. The production of animal feed micronutrients relies on various raw materials, including vitamins, minerals, and amino acids, whose costs can fluctuate due to supply-demand dynamics and global market conditions. When raw material prices increase, it affects the overall production costs of animal feed micronutrients, leading to higher product prices. This can deter potential buyers and impact market growth, creating challenges for manufacturers in maintaining competitive pricing and market expansion.
Segmentation: Global Animal Feed Micronutrients Market
The global animal feed micronutrients market is segmented on the basis of product and application.
- On the basis Of product, the animal feed micronutrients market has been segmented into iron, manganese, zinc, boron, copper, and others.
- On the basis of application, the animal feed micronutrients market has been segmented into ruminant, poultry, swine, aqua, equine, and others.
Regional Insights: Asia-Pacific is most important for the Global Animal Feed Micronutrients Market
Asia-Pacific is the most important market for pork consumption and production, accounting for roughly half of Global output due to the high consumption of pork meat. Southeast Asia, particularly China, Vietnam, Thailand, South Korea, Japan, and the Philippines, is the world's leading pork producer and exporter. Historically, pork meat has been a staple in the region, gaining popularity due to its rich flavor and high fat content. As a result, the demand for animal feed micronutrients in this region remains significant to support the thriving pork industry.
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Recent Developments
- In October 2021, Cargill and BASF have recently formed a strategic partnership in the animal nutrition business. This collaboration will leverage additional markets and research and development capabilities to complement their existing feed enzymes distribution agreements. The partnership enables both companies to work together in developing, producing, marketing, and selling customer-focused enzyme products and solutions for animals, including swine.
- In July 2021, De Heus recently acquired Coppens Diervoeding, a leading feed manufacturing company focused on the pig farming sector and based in the Netherlands. This strategic acquisition has significantly expanded De Heus' production capacity, effectively doubling it.
- In November 2019, ADM has recently inaugurated a new livestock feed plant in Ha Nam province, Vietnam. This latest addition strengthens ADM's portfolio of investments in Vietnam and marks its fifth dedicated plant for animal nutrition in the country. The new facility reinforces ADM's commitment to meeting the increasing demand for high-quality animal feed in Vietnam's thriving agriculture sector. With this strategic move, ADM further solidifies its position as a key player in the animal nutrition industry in the region.
The Prominent Key Players Operating in the Global Animal Feed Micronutrients Market Include:
- CHR. Hansen Holdings A/S (Denmark)
- Lallemand Inc. (Canada)
- Novus International (U.S.)
- DSM (Netherlands)
- BASF SE (Germany)
- Alltech (U.S.)
- ADM (U.S.)
- Charoen Popkphand Foods PCL (Thailand)
- Associated British Foods Plc (U.K.)
- Cargill Incorporated (U.S.)
- Purina Animal Nutrition LLC (U.S.)
- Zinpro Corp (U.S.)
- Dallas Keith (U.K.)
- Balchem Inc., (U.S.)
- Kemin Industries, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global animal feed micronutrients market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Animal Feed Micronutrients Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
