New York, USA, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global animal feed micronutrient market is envisioned to garner a revenue of $3,272.40 million and rise at a CAGR of 7.0% throughout the estimated timeframe from 2022 to 2031.
As per our analysts, the rising number of meat consumers around the world and the growing need for micronutrients used in animal feed to produce more milk and nutritious meat, are the major factors expected to bolster the growth of the animal feed micronutrient market over the analysis timeframe. Besides, the increasing emphasis on animal health and the rising demand for animal-based goods among humans are expected to fortify the growth of the market throughout the forecast period. Moreover, the recent advancements in micronutrients for animal feed and their rising utilization to improve animal metabolism are expected to create extensive growth opportunities during the estimated timeframe. However, the strict government regulations on the significant use of zinc and copper across many nations may impede the growth of the market over the forecast period.
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Segments of the Animal Feed Micronutrient Market
The report has divided the market into segments based on product, livestock, and region.
Product: Trace Mineral Sub-Segment to be Most Profitable
The trace mineral sub-segment is expected to hold the maximum share of the market during the analysis period. This is mainly because trace minerals play a major role in the formation of viable ovaries, high-quality sperm, and the survival of improved embryos. Moreover, the rising demand for trace minerals for helping animals gain weight and enabling them to walk or graze normally is expected to propel the growth of the market sub-segment over the estimated period.
Livestock: Poultry Sub-Segment to be Most Productive
The poultry sub-segment is predicted to hold the highest revenue of the market throughout the forecast period. This is mainly due to the growing knowledge of vitamin and mineral-enriched poultry meat and eggs among consumers worldwide. In addition, the rapid expansion of poultry product production facilities is expected to fortify the growth of the market sub-segment during the analysis timeframe.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region of the animal feed micronutrient market is expected to hold the biggest share of the market over the estimated timeframe. This is mainly due to the sizable client base in the developing countries of this region. Moreover, a huge part of the population of this region needs a steady supply of safe and abundant animal proteins which is predicted to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Animal Feed Micronutrient Market
The rise of the Covid-19 pandemic has negatively impacted the animal feed micronutrient market. This is mainly due to the lockdowns, travel restrictions, and business closures imposed by the government of many nations. Moreover, the closure of international ports and eateries has impacted the growth of the market during the pandemic. In addition, the closing of numerous plants and factories has impacted production, delivery schedules, and sales of goods on the international market which has declined the market growth throughout the crisis.
Key Players of the Market
The major players of the animal feed micronutrient market include
- Qualitech Inc.
- Lallemand Inc.
- Zinpro Corporation
- Novus International Inc.
- Kemin Industries Inc.
- Cargill Inc.
- Balchem Corp
- Nutreco N.V.
- Alltech Inc.
- Archer Daniels Midland Company
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in December 2021, Trouw Nutrition, the animal nutrition division of Nutreco, a leader in innovative feed specialties and feed additives announced its long-term partnership with Stellapps, India’s leading startup working towards the digitization of the dairy supply chain. With this partnership, the companies aimed for finding innovative ways of feeding animals and developing high-quality animal feed including premixes and feed additives to support animal health, productivity, and milk yield.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Animal Feed Micronutrient Market:
- Animal Feed Micronutrient: Providing Complete Nutrition to Animals
- Importance of Animal Feed Micronutrient Supplement in the Growth of Pets and Cattle
- Global Animal Feed Micronutrient Market to Observe Widespread Growth with Growing Spending on Livestock Farming
