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Feed Micronutrients Market Size, Trends And Forecast 2024-2033
Feed Micronutrients Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to increased demand for meat products, increased livestock production, increased per capita income, increased need for vitamins to boost immunity, increased demand for antioxidants in feed micronutrients.
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%. The growth in the forecast period can be attributed to growth in demand for dairy products, poultry products, and other products, demand for feed micronutrients by ruminant, high consumer preference to poultry products attributable, demand for high-quality animal products, increasing demand for antioxidants in feed micronutrients. Major trends in the forecast period include rising sustainable practices, product innovation, innovative ways to improve the nutritional content, increasing expenditure on animal welfare, adoption of feed micronutrients, increasing awareness of feed quality.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Feed Micronutrients Market 2024 Key Insights:
• 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%.
• Rising Demand For Poultry Products Fuels Expansion Of The Feed Micronutrient Market
• The Emergence Of Organic-Compliant Chromium Propionate Feed Ingredients
• Asia-Pacific was the largest region in the feed micronutrients market in 2023
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