Global Animal Feed Micronutrients Market is valued approximately USD 1556.73 million in 2020 and is anticipated to grow with a healthy growth rate of more than 5.9% over the forecast period 2021-2027. Micronutrients are essential nutrients which are required in small quantities for the overall health and maintenance of organisms. They play an important role in animal diet too, and therefore they are vital for the agricultural production of eggs, milk, fiber, and meat. The amount of minerals required depends upon the age, weight, inherent diseases and type of production of the animals. The rise in the consumption of dairy and poultry products including milk, eggs, yogurt etc. has increased the demand of animal micronutrients. Above mentioned advantages, coupled with increased awareness and expenditure on health of the livestock by animal owners, are driving the animal feed micronutrients market. As the population of people consuming meat in the form of beef, pork etc. is increasing worldwide, the animal micronutrients have become an essential part of animal health. According to the Food and Agriculture organization of UN, total production of meat has increased by three times to 340 million in 2018 as compared to 50 years ago. Pig meat is the most popular meat worldwide, although the rise of poultry is increasing most rapidly. In USA, average person consumed 124.1 Kg of meat in 2017 as compared to 114 Kg in 2014. Due to the environmental hazards and religious doctrines associated with the consumption of animal livestock, the meat consumption is restricted in some societies. This may act as a restraint for its growth. However, increasing awareness regarding the health and well-being of cattle acts as an opportunity for Animal Feed Micronutrients Market in subsequent decade.
Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of Animal Feed Micronutrients Market. Due to more per capita consumption of meat as well as higher disposable income, North America emerged as a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the growing population consuming dairy and poultry products. Rising disposable will also boost growth in this region.
Major market player included in this report are:
Aries Agro Limited
Kemin Industries, Inc.
Archer Daniels Midland Company
Novus International, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global Animal Feed Micronutrients Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers