The animal feed organic trace minerals market is primed to exhibit robust progress through 2027 owing to surging focus on animal nutrition in key regions across the globe. In addition, rising awareness pertaining to the benefits of organic trace minerals over inorganic trace minerals in improving production is speculated to further support market development over the forecast period.
Trace minerals are considered essential nutrients in animal diets, which has considerably boosted their adoption in recent years. They are known to be favorable for various functions, including reproduction, immunity, digestion, and growth. The past few decades have also seen an upsurge in research activities to identify the advantages of organic trace minerals in animal nutrition. To that effect, some studies have demonstrated that organic trace minerals facilitate enhanced bioavailability and gut absorption. These factors have augmented consumer interest, thereby promoting the expansion of the animal feed organic trace minerals market.
Furthermore, companies have been employing profitable strategies to address prevalent consumer demand, which has positively impacted market outlook. For instance, in September 2021, Cargill Animal Nutrition, a major industry player, announced its plans to ink a deal with Fruite Group, a Dutch animal nutrition firm, for constructing a state-of-the-art concentrate, premix, and young animal nutrition production plant in Hasselt, the Netherlands. The partnership is intended to combine Cargill’s specialty in animal nutrition and Fruite’s excellent animal nutrition manufacturing capabilities, enabling Cargill to maintain the supply of its Provimi portfolio to its customers in the region.
The animal feed organic trace minerals market has been segmented with respect to mineral, livestock, and region. Based on mineral, the market has further been segregated into iron, zinc, copper, manganese, and others (selenium, cobalt, and chrome).
In 2020, the others mineral segment was valued at over USD 105.0 million and is expected to grow at a CAGR of approximately 5.0% over the assessment timespan. Rapid development of the animal feed industry is foreseen to drive segmental growth in the coming years.
On the basis of livestock, the animal feed organic trace minerals market has been categorized into ruminant, poultry, swine, and others (aquatic, pets, and equine). The others livestock segment is estimated to progress at more than 5.0% CAGR to garner a valuation of about USD 105 million by the end of 2027. Growing pet ownership is set to fuel segmental demand over the following years.
In the regional landscape, the Latin America animal feed organic trace minerals market surpassed USD 75.0 million in revenue in 2020 and is poised to register a CAGR of nearly 6.5% through the review timeline to attain a substantial share in the overall market by the end of 2027.