Market Overview:
The Global Animal Feed Micronutrient Market size is expected to grow from USD 1.75 billion in 2022 to USD 2.85 billion by 2030, at a CAGR of 6.3% during the forecast period (2023-2030).
Animal feed micronutrients are nutrients required for the animal body in trace amounts for the sufficient development of an organism. The nutrients are essential for functioning in the body and this is dependent on the availability of micronutrients. Additionally, micronutrients are used as an animal feed additive to boost feed quality to improve the health of livestock. The micronutrients work in providing complex functions during production and in upgrading enzyme system operations. Furthermore, the capability of animal feed micronutrients to raise the weight of animals, especially swine, is likely to help a positive scope for industry growth.
Top Key Players for Animal Feed Micronutrient Market:
Nutreco N.V., Balchem Corporation, BASF SE, Novus International Inc., Purina Animal Nutrition LLC., AG Solutions, Beachport Corporation Pvt Ltd, Zinpro Corporation, Bluestar Adisseo Company, Prathista Industries Ltd, Dallas Keith Limited, Archer Daniels Midland Company, Koninklijke DSM N.V., Alltech Inc, Cargill Incorporated, Kemin Industries, Lallemand Inc. and other major players.
Market Dynamics and Factors for Animal Feed Micronutrient Market:
Drivers:
Huge Growth and Demand for Ethical Meat Products and Protein Rich Food
The animal feed micronutrients market is driven by the rising volume of complex feed that is manufactured worldwide. Since most of the feed is manufactured in developed regions such as North America and Europe, it registers for a better-quality feed with adequate incorporation of animal feed micronutrients. This is expected to grow the demand for animal feed micronutrients in the projected period. In addition, the consciousness associated with the ethical treatment of animals and the growing demand for ethical meat products has led various agri-businesses to opt for animal feed micronutrients.
Opportunities:
Innovations by Major Key Players and Rapid Urbanization
The escalating demand for meat due to expanding urbanization, coupled with a surge in meat exports, is poised to drive market growth. Notably, prominent industry players embracing innovative approaches within the animal feed micronutrient sector are paving the way for lucrative prospects. These innovations promise to enhance the quality of animal feed, thereby positively impacting the Animal Feed Micronutrient Market's trajectory in the foreseeable future.
Segmentation Analysis of the Animal Feed Micronutrient Market:
By Product Type, iron micronutrient is projected to account for the largest market share owing to the high prevalence of anemia in domestic animals is anticipated to boost the demand for iron-based micronutrients over the different regions. The growing government investment in livestock farming is also anticipated to have a positive impact on demand in upcoming years.
By Livestock, ruminants, and poultry dominate the market share due to growing demand for the same from farm owners. Additionally, increasing milk and milk products and meat consumption coupled with a significant shift towards poultry food is expected to complement the growth of the market.
Regional Analysis of the Animal Feed Micronutrient Market:
Asia Pacific region dominates the animal feed micronutrient market during the forecast period. In the region some major factors responsible for the growth of the market such as high populations of cattle and poultry business, increasing demand for meat and meat products, milk and milk products from highly populated countries such as India and China, boosted commercial extension and expanding requirements for meat protein are helps to grow the market.
Key Industry Development:
In August 2021, two food companies reached an agreement to acquire US-based Company “Sanderson Farms.” The first company is Minnesota-based “Cargill, Inc.” and the second firm “Continental Grain Company” is based in Belgium. Both firms agreed to pay an amount of $4.53 billion collectively $203 per share to Sanderson in order to complete the acquisition process.
In November 2020, China-based animal feed additive manufacturing company “Bluestar Adisseo”, commonly known as Adisseo announced the successful acquisition of Netherlands-based feed additive firm “FRAmelco Group.” The acquisition is done by Adisseo mainly to brace its desire to dominate the animal additives market.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
