Animal Feed Micronutrients Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Animal Feed Micronutrients Market is segmented By Type (Iron, Zinc, Copper, Manganese, Others), By Livestock (Poultry, Ruminant, Swine, Equine, Aqua), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Animal Feed Micronutrients Market Report Overview:

The Animal Feed Micronutrients Market report analyzes the global market size, shares, recent trends, competitive intelligence, and future market outlook. Micronutrients play a crucial role in the nutrition of animals, and their supplementation in animal feed helps in improving animal health and productivity. The market is driven by the increasing demand for high-quality animal feed, the growing awareness about animal nutrition, and the rising focus on animal welfare. In America, the Animal Feed Micronutrients Market is experiencing substantial growth. Key players in the market include Cargill, Incorporated, Archer Daniels Midland Company, Nutreco N.V., and other prominent players.

Animal Feed Micronutrients Market Scope and Summary

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Micronutrients in animal feed, as opposed to macronutrients, are nutrients that the body needs in trace amounts for optimal growth of an organism. Animal feed micronutrients are needed for the body to operate correctly, even though they are only required in minimal amounts. Many of the body's basic processes are dependent on the availability of these micronutrients.

Animal Feed Micronutrients Market Dynamics and Trends

Increasing demand for dairy products such as cheese, butter, cream, and curd in the food and beverage sector is projected to boost demand in diverse areas. Micronutrients in animal feed promote high milk production, which is expected to drive their use in ruminant nutrition throughout the projection period.

One of the main reasons affecting the market's current expansion is the rising demand for protein foods owing to nutritional inadequacies. Another important factor affecting the growth of the animal feed micronutrient market is the rise in pet adoption. According to the ACSPA, 3.2 million shelter animals are adopted in the United States each year. In addition, the American Pet Products Association estimates that 78 million dogs and 85 million cats are owned in the United States. The success of animal feed micronutrient infertility and growth in the animals has demonstrated a favorable effect, which has prompted a rise in expenditure on animal care. According to Statista, 471 million dogs were kept as pets by families in 2018. Due to a rise in demand from meat-eating populations, the worldwide market is expected to grow throughout the predicted period. Micronutrients guarantee that the meat is wholesome, that the milk output is good, and that the animals are growing. Meat and animal protein from milk-producing cattle are in high demand. Furthermore, micronutrients eliminate animal problems such as vitamin deficiency, poor development, and illness. During the anticipated timeframe, all of these locations are expected to drive worldwide market growth.

The market has been hampered by higher pricing for vitamins and vitamin products in the animal feed micronutrient industry, particularly in industrialized nations where the agricultural community is not as established to spend heavily on animal feed micronutrients.

COVID-19 Impact on Animal Feed Micronutrients Market Growth

COVID-19 illness began to spread throughout the world in early 2020, infecting millions of people globally, and major countries around the world enacted foot restrictions and work stoppage orders. The demand and supply chain has been disrupted due to restrictions on movement throughout the world and multiple lockdowns in a single year which spanned months. Also, during the Covid pandemic, there was a brief period when bird flu also broke out leading to a serious negative impact on the poultry industry. Therefore, the Animal feed micronutrient market also got impacted negatively.

Animal Feed Micronutrients Market Segmentation

The global animal feed micronutrient market can be segmented by type, livestock, and geography. The market is divided into four groups based on type: zinc, iron, manganese, and copper. Zinc had the largest proportion of the market. This can be linked to zinc's ability to enhance and improve livestock immunity. It also plays a role in the production of RNA and DNA, as well as the release of hormones like insulin and growth hormones. Iron and manganese made up a sizable portion of the market. This is due to their capacity to reduce anemia and promote animal reproduction, respectively. The market is divided into Ruminant, Poultry, Aqua, Swine, and Equine based on Livestock. The Poultry category held the largest proportion of the market. This is because micronutrients are particularly important for poultry birds' general growth. They are an essential component in ensuring optimal reproductive health and general bird well-being. Due to the important nutrients that these feed supply to pigs, the Swine sector accounted for the second-largest market share. In 2020, the Indian population consumed 4 million tons of poultry meat.

Animal Feed Micronutrients Market Geographical Analysis

The Animal Feed Micronutrient market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. In the next years, the animal feed micronutrient market in the Asia Pacific is expected to grow rapidly. Factors such as growing economic growth, a large population base, and a rising need for meat protein have all contributed to the market's rise. Because of the growing demand for meat, North America is expected to grow faster than the rest of the world in the next years. Latin America is expected to grow rapidly in the animal feed micronutrient market, owing to a growing demand for protein-rich foods and a growing population. In 2019, China consumed 20 million tons of poultry which was the highest volume in the entire planet. In the same year, the US consumed 19 million tons of poultry next to China.

Animal Feed Micronutrients Companies and Competitive Landscape

Key players operating in the market are Aries Agro Limited, Cargill Incorporated, Nutreco N.V., Kemin Industries, Inc., and Archer Daniels Midland Company. Leading multinational players dominate the market and hold substantial market share, thereby presenting tough competition to new entrants. The emerging-market players focus on entering into a strategic partnership; expansion of facilities, mergers, and acquisitions are vital strategies to boost their market shares and establish a global platform. The players are also investing in developing online payment mobile applications, R&D activities, and offering superior quality consultation and services to customers. The Asia Pacific region is expected to provide new market players with opportunities to expand their footprint due to increasing meat consumption.

• In December 2019, at Foreign Invested Enterprise (FIE) trade, the Archer Daniels Midland Company presented new dairy conceptions that allow new entrants to position themselves in the dairy products market with new products designed to reach high expectations.
• According to the Food and Agricultural Organization (FAO), global meat output grew by 1.5 percent in 2018, to 327 million tons, with production improvements accounting for the majority of the rise.
• In 2021, Kemin Industries acquired Proteus. Sustainable ingredient technology lessens the use of artificial ingredients and strengthens Kemin's position in the global meat processing industry

Cargill:

Overview:

Cargill was founded in 1865 in Iowa, United States.  Cargill aims to nourish the world in a safe, responsible, and sustainable way. The company tries to connect farmers with markets, customers with ingredients, and people and animals with the food they need to thrive. The company uses new technologies and insights for food, agriculture, financial and industrial customers in more than 125 countries.

Product Portfolio:

•      Biacid
•      Provimax
•      Proviox
•    Enzae

Key Development:

•      In 2020, the total revenue of the company is USD 114.6 billion
•    In 2021, Cargill acquired Proportion Foods.

Why Purchase the Report?

• Visualize the composition of the Animal Feed Micronutrients market products in terms of data type, business function, component, deployment model, organization size, and industrial vertical highlighting the critical commercial assets and players.
• Identify commercial opportunities in the Animal Feed Micronutrients Market by analyzing trends and co-development deals.
• Excel datasheet with thousands of data points of global Animal Feed Micronutrients market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Target Audience

• Micronutrients Producers,
• Suppliers, Distributors
• Government & Private Organizations
• Market Research Companies
• Others