Global Animal Feed Micronutrients Market Size By Type, By Livestock, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Animal Feed Micronutrients Market Size By Type, By Livestock, By Geographic Scope And Forecast
Animal Feed Micronutrients Market Size And Forecast
Animal Feed Micronutrients Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period from 2024 to 2030.
Global Animal Feed Micronutrients Market Drivers
The market drivers for the Animal Feed Micronutrients Market can be influenced by various factors. These may include
Growing Requirement for Animal-Based Protein Global population growth and rising incomes—especially in developing nations—are driving up the use of animal products including dairy, meat, and eggs. As a result, there is a greater need for premium animal feed that contains micronutrients for improved livestock productivity and health.
Knowledge of Animal Nutrition and Health Livestock farmers are becoming more and more conscious of the significance of providing balanced animal diet, which includes micronutrients to prevent deficiencies, boost immunity, and promote overall performance.
Growth of the Livestock Sector The growing consumer demand for items derived from animals is driving growth in the livestock business. Utilizing cutting-edge feed formulations with vital micronutrients to support the animals’ ideal growth and health is required due to this expansion.
Commercialization of Animal Husbandry The necessity for accurate and balanced feed compositions—which include micronutrients to maximize production efficiency—increases with the transition from traditional farming methods to industrialized and intensive animal farming operations.
Technological Progress in the Production of Feed The market has grown as a result of advancements in feed processing technology and the creation of more effective feed additives, which have made it simpler and more affordable to include micronutrients in animal diets.
Standards of Quality and Support from Regulations To protect the health and safety of cattle as well as final customers, governments and regulatory agencies are enforcing regulations and quality standards more frequently. This regulatory backing promotes the use of micronutrients and other premium feed additives.
Animal welfare and environmentally friendly farming methods As the need for sustainable farming methods and growing concerns about animal welfare grow, feed that improves health and lessens environmental effect is becoming more popular. Micronutrients are essential for accomplishing these objectives.
Innovation and R&D New micronutrient formulations and combinations that offer improved benefits for animal health are being discovered as a result of ongoing research and development efforts in the field of animal nutrition, which is fueling market demand.
Financial Elements Growing livestock agricultural operations are a direct result of economic expansion in emerging nations, which increases the need for premium animal feed that contains vital micronutrients.
Global Animal Feed Micronutrients Market Restraints
Several factors can act as restraints or challenges for the Animal Feed Micronutrients Market. These may include
Expensive Costs The cost of producing and adding micronutrients to animal feed can be high, which drives up the total cost of the feed. This may discourage farmers who are more economical or smaller in scale from using these products, particularly in poor nations.
Regulatory Obstacles New micronutrients may not be available for sale right away due to stringent laws and regulatory procedures. Manufacturers may find it more difficult to expand their markets if they must comply with different international standards.
Ignorance Farmers, particularly those in underdeveloped nations, frequently lack knowledge about the advantages of including micronutrients in animal feed. Lower adoption rates may result from farmers failing to see the potential gains in productivity and animal health.
Variable Costs of Raw Materials The cost of the final goods can vary depending on the price of the raw materials used to produce micronutrients. The market’s pricing tactics and manufacturers’ profit margins may be impacted by this volatility.
Complexity of Formulation for Feeds Creating a balanced feed composition with the right amounts of micronutrients can be difficult and need certain expertise. Smaller feed producers may find it difficult to overcome this complexity because they lack the resources or experience needed.
Saturation of the Market in Developed Areas The animal feed market may already be oversupplied in highly developed regions, which makes it challenging for new micronutrient products to establish themselves. These markets are dominated by well-known companies that have a large following, which limits the prospects for new competitors.
Farmers’ Economic Restraints Farmers are under financial strain, and this can result in lower spending on supplemental products like micronutrients. Other factors include low profit margins and expensive operating costs. Farmers might put more emphasis on basic feed materials than on extra nutritional bonuses.
Supply Chain Interruptions Geopolitical crises, natural catastrophes, and pandemics all generate supply chain disruptions that impact the distribution and availability of micronutrients for animal feed, which can impede market expansion.
Global Animal Feed Micronutrients Market Segmentation Analysis
The Global Animal Feed Micronutrients Market is segmented based on Type, Livestock And Geography.
Animal Feed Micronutrients Market, By Type
Zinc
Iron
Manganese
Copper
Based on Type, the market is classified into Zinc, Iron, Manganese, and Copper. Zinc accounted for the highest market share. This can be attributed to the properties of zinc to enrich and strengthen the immunity of livestock. It also forms an important constituent of RNA and DNA and also enables and supports the secretion of hormones such as insulin and growth hormones. Iron and Manganese also accounted for a considerable market share. This can be attributed to their ability to prevent anemia and develop fertility in animals, respectively.
Animal Feed Micronutrients Market, By Livestock
Ruminant
Poultry
Aqua
Swine
Equine
Based on Livestock, the market is bifurcated into Ruminant, Poultry, Aqua, Swine, and Equine. The Poultry segment captured the largest market share. This can be attributed to the fact that micronutrients are especially essential for the overall development of poultry birds. They are vital ingredients to ensure proper reproductive health and the overall well-being of birds. The Swine segment accounted for the second-largest market share owing to the key nutrients that these feeds provide to pigs.
Animal Feed Micronutrients Market, By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Based on Geography, the Global Animal Feed Micronutrients Market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region held a major market share owing to rapidly increasing demand for meat and poultry as a result of an increase in disposable income and economic development. Europe accounted for the second-largest market share. The presence of multiple market players in the region can be attributed to that.
Key Players
Novus International Inc.
Purina Animal Nutrition LLC
AG Solutions
Beachport Corporation Pvt. Ltd.
Zinpro Corporation.
Bluestar Adisseo Company
Pratishtha Industries Ltd
Dallas Keith Limited
Archer Daniels Midland Company
Koninklijke DSM N.V.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2019-2021
KEY COMPANIES PROFILED
Novus International, Inc., Purina Animal Nutrition LLC, AG Solutions, Beachport Corporation Pvt. Ltd, Zinpro Corporation, Bluestar Adisseo Company.
SEGMENTS COVERED
By Type, By Livestock and By Geography.
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