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Feed Micronutrients Market Poised for 7 % Growth, Set to Hit $745.62 Billion by 2029
Feed Micronutrients Market
The growing demand for poultry products is expected to drive the feed micronutrient market. Poultry products are valued for their nutritional benefits, versatility, and cultural significance. Feed micronutrients are essential to ensure the health, productivity, and quality of poultry. According to the FAO report from December 2023, global poultry meat output reached 142 million metric tons in 2023, reflecting a 1% year-on-year increase, further fueling the feed micronutrient market.
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What growth opportunities are expected to drive the feed micronutrients market's CAGR through 2034?
The feed micronutrients market has experienced strong growth in recent years. It will rise from $1.86 billion in 2024 to $1.99 billion in 2025, with a CAGR of 7.1%. The growth is attributed to the growing demand for meat products, increased livestock production, higher per capita income, the need for vitamins to boost immunity, and rising demand for antioxidants in feed.
The feed micronutrients market is expected to grow to $2.6 billion by 2029 at a CAGR of 7.0%. This growth is driven by the demand for dairy and poultry products, a preference for high-quality animal products, and increasing demand for antioxidants. Key trends include rising sustainability, product innovation, improved nutritional content, higher expenditure on animal welfare, and greater awareness of feed quality.
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What are the emerging trends shaping the future of the feed micronutrients market?
Companies in the feed micronutrient market are developing innovative products, such as organic-compliant chromium propionate feed ingredients, to meet the rising demand for sustainable and effective animal nutrition. Organic-compliant chromium propionate is a nutritional supplement for animal feed that adheres to organic farming standards. For instance, in January 2024, Kemin Industries Inc., a US-based specialty ingredients company, received FDA approval for the use of chromium propionate in turkey diets. This approval enables the use of Kemin's KemTRACE Chromium in turkeys, as well as in swine, broiler chickens, cattle, and horses.
Which growth-oriented segments of the feed micronutrients market are leading the industry's development?
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
Subsegments:
1) By Minerals: Trace Minerals, Macro Minerals, Chelated Minerals
2) By Vitamins: Fat-Soluble Vitamins, Water-Soluble Vitamins, Pro-Vitamins And Synthetic Vitamins
3) By Carotenoids: Beta-Carotene, Lutein, Zeaxanthin, Astaxanthin
4) By Other Product Types: Amino Acids, Antioxidants, Enzymes, Organic Micronutrients
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Which region dominates the feed micronutrients market?
Asia-Pacific was the largest region in the feed micronutrients market in 2023. North America is expected to be the fastest growing region in the market. The regions covered in the feed micronutrients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the feed micronutrients market?
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.
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What Is Covered In The Feed Micronutrients Global Market Report?
•Market Size Forecast: Examine the feed micronutrients market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the feed micronutrients market for a structured understanding.
•Key Players Overview: Analyze major players in the feed micronutrients market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the feed micronutrients market.
•Segment Contributions: Evaluate how different segments drive overall growth in the feed micronutrients market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the feed micronutrients market.
•Industry Challenges: Identify potential risks and obstacles affecting the feed micronutrients market.
•Competitive Landscape: Review strategic developments in the feed micronutrients market, including expansions, agreements, and new product launches.
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