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Animal Feed Micronutrients Market Share and Growth Factors Analysis 2020
On the basis of various product types of micronutrients, the global animal feed micronutrients market is broadly categorized in four major classes namely, iron, copper, manganese, and others. Based on the use of feed micronutrients by various livestock, the market can be segmented as poultry, aqua, swine, equine and others.
Growing inspiration of owning pet animals, rising expenses on animal health and fitness coupled with success of animal feed micronutrients in growth and fertility of the animals are some of the major driver of the animal micronutrients market. Moreover, the increasing demand of animal protein from milk and meat producing cattle coupled with recent disease epidemic in cattle is further driving the animal feed micronutrients market.
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The critical dosage application of animal feed micronutrients and lack of awareness about the benefits of micronutrients among uneducated and poor farmers are some of the major challenges for animal feed micronutrients industry.
Asia Pacific is the largest market for animal feed micronutrients attributed to the large share of cattle population in this region. It is followed by North America and Europe. The U.S. is the largest market in North America whereas Brazil and Argentina are two of the biggest markets of animal feed micronutrients in rest of the world (RoW) region. Asia Pacific and North America collectively account for more than 60% of the total market share of animal feed micronutrients market. Asia Pacific is also the fastest growing region fueled mainly by the increasing demand from China and India. The rising dairy and dairy product market in this region is expected to boost the animal feed micronutrients market in upcoming years.
Some of the major companies operating in global animal feed micronutrients market includes Cargill Inc., Archer Daniels Midland Company (ADM), Lallemand Inc, Novus International Inc., Balchem Corp., Nutreco N.V., Kemin Industries Inc., Alltech Inc., Qualitech Inc., and Zinpro Corporation.
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