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(2024-2033) Feed Micronutrients Market Competitive Landscape, Growth Factors, Revenue Analysis
Feed Micronutrients Market
As per the report, the feed micronutrients market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The feed micronutrients market size is expected to see strong growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
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Rising Demand For Poultry Products Fuels Expansion Of The Feed Micronutrient Market
The growing demand for poultry products is expected to drive the growth of the feed micronutrient market going forward. Poultry products refer to various items derived from domesticated birds, such as chickens, turkeys, ducks, geese, and quails. The demand for poultry products is due to their nutritional value, versatility in culinary applications, and cultural significance in many societies. Feed micronutrients are indispensable in poultry diets, contributing to optimal health, productivity, and product quality, ensuring that birds receive the necessary nutrients to thrive in various production environments. For instance, in December 2023, according to a report by the Food and Agriculture Organization of the United Nations (FAO), a US-based government organization, global poultry meat output reached 142 million metric tons in 2023, representing a 1% increase compared to the previous year. Similarly, global ovine meat output was 17.0 million metric tons in 2023, reflecting a 1.7% year-on-year increase. Therefore, the growing demand for poultry products drives growth in the feed micronutrient market.
The Emergence Of Organic-Compliant Chromium Propionate Feed Ingredients
Major companies in the feed micronutrient market are focusing on developing innovative products such as organic-compliant chromium propionate feed ingredients to meet the growing demand for sustainable and effective animal nutrition solutions. An organic-compliant chromium propionate feed ingredient is a type of nutritional supplement used in animal feed that meets the standards and regulations for organic farming. For instance, in February 2021, Kemin Industries Inc., a US-based specialty ingredients company, launched KemTRACE Chromium-OR, a new organic-compliant chromium propionate feed ingredient designed for use in swine, cattle, broiler, and horse diets. This product aims to enhance glucose utilization, mitigate the adverse effects of stress, and ultimately boost cellular energy and function. These improvements improve maintenance, reproduction, growth, and immunity across these animal species.
The feed micronutrients market covered in this report is segmented -
1) By Product Type: Minerals, Vitamins, Carotenoids, Others Product Types
2) By Form Type: Non-Chelated, Chelated
3) By Livestock: Poultry, Aquaculture, Swine, Equine, Other Livestocks
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Major companies operating in the feed micronutrients market are Cargill Incorporated, Archer Daniels Midland Company, BASF SE, Tyson Foods Inc., Evonik Industries AG, Syngenta Group, Nutreco N.V., Alltech Inc., Lallemand Inc., Kemin Industries Inc., Godrej Agrovet Ltd., Phibro Animal Health Corporation, Ridley Inc., Purina Animal Nutrition LLC, Zinpro Corporation, Novus International Inc., Biochem GmbH, Pancosma SA., Pancosma S.A., Procare Solutions, Tanke Industry Group, QualiTech LLC, Mercer Milling Company Inc., Davidson Brothers (Shotts) Ltd.
Contents of the report:
1. Executive Summary
2. Feed Micronutrients Market Report Structure
3. Feed Micronutrients Market Trends And Strategies
4. Feed Micronutrients Market - Macro Economic Scenario
5. Feed Micronutrients Market Size And Growth
…..
27. Feed Micronutrients Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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