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Feed Micronutrients Market Current Scenario and Future Growth Analysis by 2029
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Micronutrients are essential trace elements that are necessary in animal diets for an animal’s health. They are essential to improve the production of meat, milk, fiber, and eggs. The feed micronutrients market is expected to observe an upward trend in terms of growth during the forecast period of 2019-2029. Rising individual awareness regarding the ruminant health blended with the increase in spending on breeding and livestock farming may benefit the feed micronutrients market greatly.
On the basis of product type, the feed micronutrients market is segmented into boron, copper, manganese, zinc, and iron. Other vital micronutrients include iodine, selenium, and cobalt. Vitamins and trace minerals are utilized on a large scale for activating essential hormones and enzymes that are necessary for the livestock’s metabolic processes.
Furthermore, feeds are also responsible for the infusion of protein, minerals, and energy in animal diets for propelling the rowth, lactation, and reproduction in livestock. Therefore, this factor may further provide a boost to the feed micronutrients market
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Favorable government norms and investments in research and development activities to harness the growth of feed micronutrients market
Government regulations and legislation favoring the feed micronutrients market may act as growth enhancers. Regulators such as CFIA and FDA are especially designing norms, notably
REACH regulations, to prevent micronutrient malnutrition in the livestock.
In addition, research and development activities are gaining considerable traction in the feed micronutrients market. Manufacturers are paying attention to encourage more research and development activities. For instance, recently a study found that pigs have better feed conversion when infused with copper. This is because copper enhances the pigs’ ability to utilize fat post- absorption. Therefore, this results in maximum energy utilization from the feed.
Key players in the feed micronutrients market are QualiTech Corp., Kemin Industries Inc., Biochem Lohne Germany, Vamso Biotec Pvt. Ltd., and Mercer Milling Co Inc. Mergers and acquisitions are also an important part of the feed micronutrients market. To maintain a dominant position in the feed micronutrients market, manufacturers forge various collaborations, joint ventures, acquisitions, mergers, or partnerships.
Increased consumption of meat and milk to further provide a boost to the growth of feed
micronutrients market
The growing population numbers, rapid urbanization as well as changing nutritional trends are key factors that lead to a rise in meat and milk consumption, thus boosting the growth rate of the
feed micronutrients market. The poultry industry may account for a larger share in the feed micronutrients market. Micronutrients are significant for improving the overall quality of the broilers and chickens for increased sales.
The feed micronutrients market is divided in the regions of North America, Asia Pacific, Europe, the Middle East and Africa, and South America. Asia Pacific is expected to seek the top position in terms of market share due to a variety of factors such as increasing meat consumption.
This, along withpreference of the geriatric population for meat due to the nutritional level is also expected to accelerate the growth rate of the feed micronutrients market. The region may also provide new opportunities for the market players to expand their footprint.The Middle East and Africa may also observe a steady growth rate due to growth in demand forimported beef and ongoing westernization of the region. Furthermore, Europe may also record good growth due to the presence of various animal feed manufacturers in the region.
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