The Animal Feed Micronutrient Market Projected to Grow at a CAGR of 7.0% and Generate Revenue of $3,272.40 million by 2031Download Sample Reports Overview
The Global Animal Feed Micronutrient Market Size is predicted to be valued at $3,272.40 million by 2031, surging from $1,671.40 million in 2021, at a noteworthy CAGR of 7.0%.
Impact Analysis of COVID-19 on the Animal Feed Micronutrient Market
During the COVID-19 scenario, agriculture and food production have been highlighted as crucial global sectors. So, to feed a growing number of consumer’s worldwide, farmers have continued to make sure that farm animals receive high-quality nourishment. The disruption to the supply chain, however, is now having the greatest COVID-19 impact on the animal feed micronutrient market. During the COVID-19 crisis, when businesses were closed for the Lunar New Year, China, a major manufacturer and supplier of animal feed micronutrients, accumulated significant quantities of product, enough for 2-3 months' worth of supply. Additionally, the supply of containers & vessels and transportation of some micro-ingredients have been limited by logistical problems. All these factors have negatively affected the animal feed micronutrient market growth during the pandemic.
However, several initiatives launched by the Indian company are helping society to recover from pandemic. For instance, on16 December 2020, the first-ever greenfield project of the Dutch multinational corporation Nutreco's animal nutrition branch, Trouw Nutrition, began operations in Jadcherla (Hyderabad), India.
Global Animal Feed Micronutrient Market Analysis
The growth in demand for micronutrients in animal feed is being driven by the agriculture sector's increased awareness of cutting-edge techniques for animal husbandry and shorter time periods for livestock production. Dairy and poultry products are in higher demand as a result of the population's fast growth. People are becoming more aware of the moral production of animal products, which has ultimately increased demand for high-quality animal feed nutrients. Animal feed micronutrients yield quicker outcomes when compared to conventional feeding techniques. As a result, more livestock producers and farmers are including micronutrients in animal feed as an essential component of the animal feeding program. These are the major factors anticipated to boost the animal feed micronutrient market size during the analysis timeframe.
In industrialized nations with less developed agricultural communities where it has been challenging to invest a sizable sum in animal feed micronutrients, the higher prices for vitamins and vitamin products in the animal feed micronutrients market have been a barrier for the market. As a result of two of the world's top suppliers of vitamins stopping production from Q4 2017 until late 2018 for maintenance, there is currently a limited supply of vitamins as micronutrients for animal feed. As a result, there are now more barriers on the market for micronutrients for animal feed, and vitamin prices have gone up even more. These elements are anticipated to impede market expansion.
The market for animal feed micronutrients is steadily expanding as a result of rising worries about animal health and the incidence of diseases such as beriberi and scurvy that are brought on by nutritional deficiencies globally. Increase in reliance of the world's population on animal products, such as eggs, milk, and meat, is driving up the demand for micronutrients in animal feed. Micronutrients are essential for enhancing animal health. The rise of the animal feed micronutrient market trend is being aided by the growth of the animal husbandry industry in emerging nations. Additionally, government programs that assist the livestock industry and promote animal health in response to growing worries about food security are fostering animal feed micronutrient market demand.
Global Animal Feed Micronutrient Market, Segmentation
The global animal feed micronutrient market is segmented based on product, livestock, and region.
The product segment is further classified into trace minerals, vitamins, and others. Among these, the trace mineral sub-segment accounted for a highest market share in 2021. Traces are the minute amounts of minerals found in the plants and foods that animals eat, but these nutrients are crucial for creatures to operate normally. The most important ones are zinc, chromium, selenium, copper, manganese, iodine, and cobalt. Trace minerals have advantages, one of which is improved weight gain. Deformities that impede an animal's ability to walk and graze normally might result from mineral shortages. Animals who consumed enough trace elements before being transported showed the best weight growth and health afterward.
The livestock segment is further classified into poultry, ruminant, aquaculture, swine and equine. Among these, the poultry sub-segment accounted for a highest market share in 2021.The rapid expansion of poultry product production facilities, notably in European countries such as the UK, Germany, France, and Russia, will accelerate the growth of the poultry category. The customer demand for chicken products with higher nutrient levels and the expensive cost of poultry substitutes like beef or pig would help assist the sector's outlook.
The animal feed micronutrient market analysis in the Europe region is projected to show the fastest growth. The presence of micronutrient producers in Europe is credited with the expansion. In addition, the production of animal feed has increased in European nations such as Germany, France, and Spain to meet the region's demand for meat. Furthermore, some of the key factors propelling the European animal feed micronutrients market include rise in expenses for animal well-being, rising interest in owning pets, and wellness, along with success of animal feed micronutrients inthe development and fertility of the animal. Furthermore, the animal feed micronutrient market growth in Europe is being driven by the increased need for animal protein from cattle that produce milk and meat, paired with a recent outbreak of sickness in cattle.
Key Players in the Global Animal Feed Micronutrient Market
Some of the leading animal feed micronutrient market players are
- Nutreco N.V.
- Archer Daniels Midland Company
- Balchem Corp
- Kemin Industries Inc.
- Qualitech Inc.
- Zinpro Corporation
- Lallemand Inc.
- Novus International Inc.
- Cargill Inc.
- Alltech Inc.
In October 2021, following the announcement of their alliance, Cargill and BASF's present distribution agreements for feed enzymes will now have access to new markets and R&D resources. This partnership made it easier to create, manufacture, promote, and sell swine-specific enzyme products and solutions that are customer-focused.a