Press release
Pre & Post Covid-19 Impact On Global Animal Feed Micronutrient Market - What Does the Year Ahead Hold?
Animal Feed Micronutrient
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
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o Long-term and short-term impact of Covid-19 on the market
o Cascading impact of Covid-19 on Animal Feed Micronutrient Market, due to the impact on its extended ecosystem
o Understanding the market behavior Pre- and Post-COVID-19 pandemic
o Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis of Animal Feed Micronutrient Market -
Animal feed micronutrients are the nutrients that are needed in trace amounts by the body for optimal growth of an organism. Though micronutrients are required in trace amounts, they are the body's utmost necessity for proper functioning. Micronutrients can play a key role in the body for metabolic activities and enhancing immunity power of the body. These micronutrients are vital animal food substances for improving the growth, health and milk yield of the animal, which are unable to gain from traditional foods.
High Demand for Animal Feed Micronutrient
In agricultural sector, the rising demand for animal feed micronutrient is driven by the agricultural communities' growing awareness towards advanced practices of animal husbandry and reduced timeframes for production of livestock. As the population is growing rapidly, the demand for dairy and poultry products is also rising. People are becoming aware towards the ethical production of animal products, which has eventually up surged the demand for animal feed nutrients of high quality. When compared with old-style feeding methods, animal feed micronutrients provide faster results. Hence, more livestock businesses and farmers are making animal feed micronutrients a vital part of the animal feed regime.
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Recent Developments in Animal Feed Micronutrient Market
The minerals incorporated in animal feed micronutrient market includes zinc, copper, magnesium, iron, and others utilized for livestock. As per a blog published by Research Dive, animals need micronutrients in the proper amounts to improve development, lactation, and reproduction. Insufficiencies or irregularity may bring about poor health and suboptimal performance of the animals. Micronutrients are the source of vitamins, vitality, minerals, and proteins. They perform multifaceted functions in animal growth & production, and also contribute in operations of catalyst system.
According to the ACSPA, the U.S adopts approximately 3.2 million shelter animals every year. Further, around 85 million cats and 78 million dogs are owned in the U.S, stated the American Pet Products Association. This has increased the expenditure on animal care along with the success of animal feed micronutrients in growth and fertility in the animals.
Since 2017, the GDPs are increasing and thus the consumption of meat products and meat in the developing countries is on the rise. Micronutrients are widely used in the livestock industry to obtain high-quality end products and for optimal growth of the animals.
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In January 2016, Nutreco broadcasted the acquisition of Micronutrients thereby allowing and strengthening their product portfolio of animal nutrition.
In December 2019, Archer Daniels Midland Company presented new dairy conceptions at Foreign Invested Enterprise (FIE) trade. These conceptions allow new entrants to position themselves with new product designs on the dairy products.
Potential Future of Animal Feed Micronutrient Market
Global market for animal feed micronutrient is anticipated to witness a progressive growth during the forecast period from 2019 to 2026. The global market is driven by the increasing volume of compound feed that is produced globally. Since maximum amount of animal feed is produced in Europe and North America regions, it accounts for a healthier quality feed with the required quantity of animal feed micronutrients.
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High expenses on research and development and lack of raw materials availability are predicted to hinder the market growth. However, recent developments in animal feed micronutrient and increase in the usage of micronutrients for the animal feed, to improve metabolism of the animal and resistance towards diseases is creating investment opportunities in the global animal feed micronutrient industry.
Rising demand for micronutrients, meat export, and rapid urbanization will escalate the growth of global market in the near future. As per the Research Dive statistics of research report, the global animal feed micronutrient market is anticipated to rise at a CAGR of 6.8% during the forecast period. The top gaining players of the global market are adopting various strategies such as mergers & acquisitions, joint ventures, and R&D activities to upsurge the growth of the global market.
Mr. Abhishek Paliwal
Research Dive
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