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Water-Soluble Vitamin And Mineral Feed Supplements Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Water-Soluble Vitamin And Mineral Feed Supplements Market
According to The Business Research Company's, The water-soluble vitamin and mineral feed supplements market size has grown rapidly in recent years. It will grow from $5.3 billion in 2023 to $6.05 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to focus on animal nutrition and welfare, rise in intensive farming practices, globalization of animal husbandry practices, awareness of nutritional deficiencies, efforts to improve feed conversion ratios.
The water-soluble vitamin and mineral feed supplements market size is expected to see rapid growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to demand for sustainable animal farming, global efforts for animal disease prevention, enhanced formulation for monogastric animals, focus on animal well-being and stress reduction, development of fortified functional feeds. Major trends in the forecast period include innovation in delivery methods, immune-boosting ingredients, nanotechnology in feed supplements, technology-driven feed management systems, formulation for monogastric animals.
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Market Drivers and Trends:
The increasing livestock population is expected to propel the growth of the water-soluble vitamin and mineral feed supplements market going forward. Livestock refers to animals that are kept or raised for various purposes, such as use, pleasure, or profit, particularly those that are raised on farms. An agricultural producer breeds and raises livestock, which encompasses cattle, hogs, horses, poultry, sheep, and small animals. Livestock can be provided with water-soluble vitamin and mineral feed for their nutritional requirements including promoting healthy bone development and maintaining reproductive efficiency. For instance, in March 2023, according to Eurostat, the Luxembourg-based statistical office, between November and December 2022, Italy's pig population rose by 330,000 heads, which represents a 4% increase compared to the same period in 2021. Similarly, Sweden's pig population increased by 50,000 heads, or 3% compared to the same period in 2021. Overall, in May 2022, the European Union had a significant livestock population, with an estimated 142 million pigs, 76 million cattle, 60 million sheep, and 11 million goats. Therefore, the increasing livestock population is driving the growth of the water-soluble vitamin and mineral feed supplements market going forward.
Product innovations are a key trend gaining popularity in the water-soluble vitamin and mineral feed supplements market. Major companies operating in the water-soluble vitamin and mineral feed supplements market are launching innovative mineral feed supplements to sustain their position in the market. For instance, in October 2021, Boehringer Ingelheim International GmbH, a Germany-based pharma company, launched Bovikalc Dry, an oral mineral supplement that enhances the comfort and well-being of dairy cows during the crucial dry off period of 45 to 60 days before the delivery of the next calf. This product is the first of its kind to be introduced to the US market and effectively reduces milk production in cows during the dry off phase, which prevents milk accumulation and udder swelling, ensuring a more comfortable dry-off experience. Bovikalc Dry is an ideal complement to BOVIKALC, an oral calcium supplement that has been a part of Boehringer Ingelheim's product range for many years.
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Major Key Players of the Market:
Alltech Inc.; Nutreco NV; Koninklijke DSM NV; Neovia Group; InVivo NSA; BASF SE; Archer Daniels Midland Company; Kemin Industries Inc.; Bluestar Adisseo Co.; Lonza Group AG; Bayer AG; Blackmores Limited; China National Chemical Corporation; Sanofi S.A.; Bee Health Limited; DLG Group; Cargill Incorporated; Novus International Inc.; Bioiberica S.A.U.; Pancosma S.A.; Zinpro Corporation; QualiTech Corporation; Nutriad International NV; VDS Pharma Animal Health B.V.; Lallemand Animal Nutrition; Provimi Holding B.V.; Biomin Holding GmbH; Trouw Nutrition International B.V.; WelBloom Biotech Co.
Water-Soluble Vitamin And Mineral Feed Supplements Market 2024 Key Insights:
• The water-soluble vitamin and mineral feed supplements market size will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Rising Livestock Population Boosts Growth In The Water-Soluble Vitamin And Mineral Feed Supplements Market
• Product Advances For Livestock Wellness
• Asia-Pacific was the largest region in the water-soluble vitamin and mineral feed supplements market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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