Description

The global Animal Feed Micronutrients Market size was estimated at USD 185.21 Mn in 2021, growing at a CAGR of 7.4% during the forecast period 2021-2027. Micronutrients are the nutritional elements required by the organisms in very fewer quantities to maintain the proper physiological functions. Animal Feed Micronutrients Market are used as additives along with the common feed about less than 100 mg per day. The commonly required animal feed micronutrients include iron, copper, zinc, magnesium, and others used for various animals such as poultry, ruminants, equine, aqua, swine, and others. The animal feed micronutrients are required to increase in performance and enhancing the reproduction rate, growth. In addition, micronutrients prevent, cure various diseases and enhance the digestibility in the animals. Global Animal feed micronutrients market is in the advanced stage as several local and international players are producing various animal feed micronutrients for improving the growth and health of the animals. Increase in the livestock expected to boost the animal feed micronutrients market.  Acquisitions & mergers, collaborations, joint ventures, and new product launch are the key strategies followed by various companies to increase their market share in global market. For instance, in January 2016, Nutreco acquired the Micronutrients, Inc. for strengthening its micronutrients feed product portfolio. Similarly, in May 2016, Balchem Corporation and BASF collaborated for the development of novel micronutrient feed products in the swine industry for North America region. Moreover, diversification of business segments around the globe is also a key strategy to increase the company’s revenue in the market. For instance, in March 2017, Archer Daniels Midland Company has expanded business plans in China to expand the company revenue.

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