Global Animal Feed Micronutrients Market
Micronutrients are the nutritional elements required by the organisms in very fewer quantities to maintain the proper physiological functions. Animal feed micronutrients 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.
The global Animal feed micronutrients market is growing at a significant CAGR due to increasing interest in owning pet animals. Increase in the consumption of dairy products in the food and beverage industry, growth in the population preferring for healthy meat and dairy products, rise in expenditure for the animal welfare and wellness, and focus on the development of fertility in animals expected to bolster the animal feed micronutrients market over the forecast period. In addition, increase in the prevalence of various diseases in animals, lack of nutrient food due to soil and water contamination, an increase in the awareness regarding adverse effects associated with the chemical food also fuel the animal feed micronutrients market over the forecast years. However, stringent regulatory policies for the nutritional products, lack of awareness regarding the animal feed micronutrients in untrained and poor farmers, who are preferring grass and other traditional food products in the rural area, and complexity in the dosing application might hamper the growth of Animal feed micronutrients market over the forecast years.
Global Animal feed micronutrients market is segmented on the basis of product type, micronutrient type and livestock
Based on product type, Animal feed micronutrients market is segmented into the following:
Based on the micronutrient type, Animal feed micronutrients market is segmented into the following:
Based on the livestock, Animal feed micronutrients market is segmented into the following:
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 animal feed micronutrients 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 animal feed micronutrients market. For instance, in March 2017, Archer Daniels Midland Company has expanded business plans in China to expand the company revenue.
Geographically, Animal feed micronutrients market is segmented into the following regions Viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific holds the dominant share in animal feed micronutrients market followed by North America and Europe. Asia Pacific holds dominant share in animal feed micronutrients market owing to increase in the population preference on the healthy meat and dairy products majorly in India and China, increase in the adoption of pet animals, rapid urbanization, and rise in cattle population. North America accounts for a key share of animal feed micronutrients market attributed to increase in the adoption of pet animals (according to American Pet Products Association, approximately 155 Mn canines and cats were owned in the U.S.), rise in expenditure for animal welfare and wellness, and increase in the awareness about the animal feed micronutrients expected to fuel the animal feed micronutrients market. Europe holds a significant share in animal feed micronutrients market due to increase in the preference for consumption of meat and dairy products, focus on fisheries in Europe countries such as Norway, Ireland, and U.K among others.
Some of the players in global Animal feed micronutrients market are Archer Daniels Midland Company (U.S.), Lallemand Inc. (Canada), Cargill Inc. (U.S.), Kemin Industries Inc. (U.S.), Nutreco N.V. (Netherlands), Balchem Corporation (U.S.), Novus International Inc. (U.S.), Zinpro Corporation (U.S.), Alltech Inc. (U.S.), Aries Agro Ltd. (India), Agrium Advanced Technologies (Canada), Anco Animal Nutrition Competence GmbH (Austria), Zivo Bioscience, Inc. (U.S.), and NutriQuest (U.S.) to name a few.
- In June 2017, Archer Daniels Midland Company collaborated with Anco Animal Nutrition Competence GmbH to develop Anco’s line of speciality feed ingredients in the Austria market
- In April 2017, Zevo Bioscience, Inc. executed an agreement with NutriQuest, for the testing and development of animal nutritional products for poultry and livestock.
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