Animal feed organic trace minerals market expected to grow at a CAGR of 5.5 % during the Forecast timeframe: 2017-2024 | Zinpro Corporation, DSM, Phibro Animal Health, PANCOSMA, Nutreco
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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.
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Dairy & meat production growth across the globe owing to consistently increasing consumption will enhance the animal feed organic trace minerals demand. As per FAO, global meat production is expected to be 16% higher by 2025 compared to 2016. Poultry meat consumption is the major growth driver in overall meat production. Factors such as low production costs and lower product prices are anticipated to propel the poultry meat as a preferred choice for both producers and consumers in developing countries.
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.
Zinpro Corporation, DSM, Phibro Animal Health, Ridley Inc., PANCOSMA, Nutreco, Cargill, Kemin Industries, Novus International, Inc., Phibro Animal Health are among the major animal feed organic trace minerals companies.
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