Animal Feed Organic Trace Minerals Market will cross USD 845 Million By 2024; Assert Global Market Insights
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Speaking along similar lines, worldwide animal feed organic trace minerals industry encompasses a host of other companies excluding Nutreco and Micronutrients, such as Biochem, QualiTech Corp., Kemin Industries, Vamso Biotec, Tanke Biosciences Corp., Selko, Ridley, Royal DSM, ADM, Novus International, Zinpro Corp., and Pancosma. The business space seems to be pretty much competitive in nature and includes the participation of numerous domestic players as well, apart from major corporations. Prolonged efforts by these companies are likely to contribute toward the expansion of global animal feed organic trace minerals market.
In recent years, global food animal production has expanded extensively, to fulfill the food requirements of the ever-growing population. Accordingly, the requirement of trace minerals incorporated in animal feed has also increased, leading to the growth of animal feed organic trace minerals industry across myriad geographies.
As per estimates from the Food & Agriculture Organization of the United States, global meat production stood at +300 million tons in 2015, and is anticipated to experience a growth of more than 1.5% over the coming years. The world population currently consumes around 75 pounds of meat per person, on an annual basis. The population in the developed nations consumes around 80 kg of meat per person, while people in the emerging nations consume around 32 kg of meat per person, annually. Subject to this fact, the massive proportion of meat production across the developing countries such as India, South Asia, Australia, and China, will certainly propel APAC animal feed organic trace minerals market to great heights.
Changing food preferences and healthcare dynamics have led to an increase in the consumption of protein-rich food. A subsequent rise in the consumption of livestock and the increasing awareness regarding the benefits of trace materials will lead APAC animal feed organic trace minerals industry to observe the highest gains of 7.5% over 2017-2024, having held more than 65% of the total revenue share in 2015. The region is one of the top consumers of meat – an average Chinese consumes around 60 kg of meat per year. The Chinese obtain 10% of their calorie intake from eggs and meat. Besides, the urbanization proportion in China will surpass 60% by 2024. Also, China animal feed organic trace minerals market will cross USD 60 million by 2024, driven by the rising consumption of meat and the rapid economic growth. All in all, with China, India, and Australia as the revenue contributors, APAC animal feed organic trace minerals industry will observe an increased demand over the coming years.
Another lucrative region contributing toward the overall growth of the animal feed organic trace minerals market is Europe. The region consumes pork, dairy products, and ruminant meat on a large scale. In fact, ruminants accounted for more than 35% of the overall Europe animal feed organic trace minerals industry in 2015, owing to the rising consumption of red meat and milk products subject to the massive benefits such as reproductive efficiency and enhanced milk quality. Pertaining to similar drivers, the overall animal feed organic trace minerals market from ruminants is slated to cross USD 300 million by 2024.
Iron is one such mineral that helps to enhance the digestion capabilities of ruminants subject to the fact that it is the vital oxygen carrier in the body. In addition, Europe is also renowned to consume iron-rich products, on account of which this mineral is in high demand in the region. Iron held more than 17% of the overall animal feed organic trace minerals industry share in 2016 and will continue to attain a major portion of the total revenue owing to its stimulating benefits.
European countries such as France and Germany are renowned for their heavy consumption of pork. Even LATAM, led by Brazil, is a major consumer of pork, owing to which LATAM animal feed organic trace minerals market from pigs was more than USD 3.5 million in 2016 and will grow at a rate of 5% over 2017-2024. Pigs held more than 27% of the overall animal feed organic trace minerals industry share in 2015 and will continue to register substantial growth across major geographies.
Europe animal feed organic trace minerals market, subject to increased red meat production and rising consumption of forage additives such as enzymes and carotenoids to enhance metabolism and animal bone structures, will register a CAGR of 6.5% over 2017-2024. Europe is expected to dominate the overall animal feed organic trace minerals industry by registering a valuation of more than USD 280 million by 2024. Germany, UK, and France are slated to be primary revenue contributors, with Germany animal feed organic trace minerals market from manganese slated to record a revenue collection of USD 8.5 million by 2024.
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Zinc is a key mineral that contributes heavily toward the growth of global animal feed organic trace minerals industry. The mineral helps improve animal immunity and their DNA/RNA synthesis by increasing the cell proliferation and replication. In addition, it helps to improve the structural, catalytic, and regulatory functions of animals, thereby providing an impetus to animal feed organic trace minerals market from zinc. The segment exceeded USD 230 million in 2016 and is expected to grow at a remarkable pace ahead.
Speaking of minerals, copper, selenium, and manganese are also extensively used in animals feed, especially poultry, to improve their protein intake rate and the metabolism functioning. Worldwide feed market was valued at USD 450 million in 2015, pertaining to the rising livestock consumption. Poultry dominated the overall animal feed organic trace minerals industry in 2015 by accounting for 45% of the overall share, and will continue to grow at a rate of 7% over 2017-2024. Rising consumption rate and low costs have led to the subsequently rising demand for poultry in countries such as Vietnam, UAE, Japan, Cuba, Saudi Arabia, and South Africa, thereby augmenting the overall animal feed organic trace minerals market from poultry. As per statistics, animal feed organic trace minerals industry size from poultry was around 116 million tons in 2016 and is likely to surpass 131 million tons by 2024.
A rapid upswing in worldwide dairy and meat production owing to their increased consumption will continue to remain one of principal factors driving animal feed organic trace minerals market size. Since trace minerals help to activate the vital hormones and enzymes that are essential for the smooth functioning of metabolic processes in livestock, animal feed organic trace minerals market is likely to continue depicting a positive growth graph, pertaining to the rising need for organic food consumption. Besides, technological advancements and increased scale of livestock breeding in countries such as India and Brazil will positively impact the industry growth. The rapid growth of the Animal feed enzymes market will also impact positively on animal feed organic trace minerals industry. It is important to remember that organizations such as FDA and REACH also play a major role in the expansion of animal feed organic trace minerals market. Stringent rules enforced by these organizations regarding the hazards of inorganic feed will drive the industry trends over the coming years.
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