The global feed micronutrients market is poised for significant growth, with a healthy Compound Annual Growth Rate (CAGR) exceeding 6% expected during the forecast period spanning from 2019 to 2027. This trajectory is set to elevate the market’s value to over US$ 2.5 billion. This expansion is underpinned by a mounting emphasis on the sustainability of animal nutrition products, a trend prevalent in both developed and developing regions.
Recent years have witnessed a substantial transformation in the global animal feed micronutrients market, marked by enhanced quality control measures and shifting demand dynamics.
The increasing appetite for meat and dairy products is anticipated to maintain a steady ascent throughout the forecast period, further bolstering the demand for feed micronutrients. Key drivers behind the market’s growth include the expanding livestock production sector and the rising per capita income levels globally.
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Feed Micronutrients Market: Key Takeaways:
- The growing trend toward clean label products that require regulatory certification is expanding the product variety for feed micronutrients.
- The vitamins category is expected to increase at a CAGR of around 6.5 percent over the forecast period. Vitamins are needed to promote metabolism, immunity, and reproductive health, which is driving sales of feed micronutrients.
- The poultry sector accounted for more than 40% of the worldwide feed micronutrients market. Rapid expansion of poultry product production facilities would broaden the product portfolio, notably in European countries such as Germany, the United Kingdom, France, and Russia.
- APAC accounts for more than a third of the global feed micronutrients market. Consumption of meat and meat-related goods is increasing in rising economies such as Indonesia, India, China, and Japan, which is boosting growth. APAC’s commercial outlook is also brightening thanks to substantial expansion in the animal feed industry.
“Growing bioavailability of micronutrients is paving the path for the feed micronutrients market to see significant gains and generate lucrative roadmaps during the projected period,” Fact.MR Study
The global feed micronutrients market is moderately consolidated with few multinational conglomerates such as Tanke Biosciences Corporation, Vamso Biotec Pvt. Ltd., Archer Daniels Midland and Pancosma SA occupying the largest shares. Emerging players on the market for feed micronutrients face various constraints, such as increased regulations, higher production costs and low consumer awareness.
In September, 2018, Micronutrients USA and Kemin Industries partnered to introduce “IntelliBond VITAL”, the world’s first nutrition package to support the well-being and performance of dairy and beef cattle, containing six essential trace minerals.
Global Feed Micronutrients Market: In-Depth Assessment on Key Segments:
The global feed micronutrients market is segmented on the basis of product type, livestock and region.
· By Product Type:
- Others (Fatty Acids, Essential Nutrients)
· By Livestock :
· By Region :
- North America
- Latin America
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