Animal Feed Micronutrients Market 2023: By Product, Application, Manufacturer, Sales and Segmentation - Infinium Global Research

A new research report published by Infinium Global Research identified that The global animal feed micronutrients market is driven by the factors such as growing awareness about the importance of animal feed micronutrients in aiding the development and fertility of animals, growing demand for animal protein from milk & meat providing cattle and poultry and increasing applications for dairy products in food & beverage industry. However, critical dosage application of animal feed micronutrients, restrictions in the consumption of meat in different countries, preference of some farmers to stick with traditional feed and grass  are likely to act as restraining factors affecting the global animal feed micronutrients market over the forecast period.

According to the report the global animal feed micronutrients market was worth USD 1299.2 million in 2016 and it is projected to reach USD 2032.2 million in 2023, expanding at a CAGR of 6.7% between 2017 and 2023.

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Europe dominates the world animal feed micronutrients market in terms of dollar share, while Asia-Pacific is anticipated to be the second largest market over the forecast period. Emerging markets of Asia-Pacific, Middle East and Latin America regions are expected to drive the growth in the world market. Significant presence of dairy and meat industry coupled with growing awareness about the animal health in North America and Europe is expected to contribute significantly to the growth of animal feed micronutrients in the world market over the period of 2017 – 2023.

The growing demand for animal protein from milk & meat providing cattle and poultry 

As milk and meat products contain rich protein, the consumption of those is increasing.  Availability of frozen and packaged milk and meat products in retail stores make them even more convenient to use as they last longer. According to FAO, global meat production is anticipated to reach 48 Mt by 2025, predominantly due to the rise in production in developing countries. According to OECD, Latin America, North America and Europe are the major beef consuming regions. As per FAS/USDA data, global beef consumption in 2016 was 129.5 billion pounds. However, the consumption of beef in matured economies is decreasing as consumers prefer poultry more. The consumption of beef in developing countries is increasing, even though the global prices of beef are relatively higher than poultry meat. Cattle can provide meat for numerous consumers and it is relatively cheaper option in some regions. People who are wary of broiler chicken meat got an alternative in beef.  Due to the increasing demand in regions with lesser livestock, many countries export significant amount of beef products. Unlike goats and other milk providing animals, cattle can produce more milk. According to FAO, milk production in 2013 was 770 billion liters. More than 80% of that was produced by cows. According to OECD, the global per capita dairy consumption was approximately 111.3 kg in 2015 and it is expected to increase by 12.5% over a decade. Dairy products are the fifth largest source for energy and third largest source for fat and protein for humans.  For faster growth, better reproduction and more milk production, livestock industry is anticipated to reply more on micronutrients based animal feeds.

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Report Segmentation and Geographic coverage

The report segment the global animal feed micronutrients market by product, by type, by livestock and by regions. Market segmentation based on the types includes zinc, iron, manganese, copper and others including nickel. By livestock segment comprises poultry feed, aqua feed, ruminant feed, pork (swine) feed and others including equine feed and dog food among others. The global animal feed micronutrients market is analyzed covering the regions such as North America, Europe, Asia- Pacific, Latin America and Rest of the World.

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Companies Covered           

The report covers major player operating the animal feed micronutrients market such asCargill Inc., BASF SE, ADM Company, Evonik Industries A/S, Novozymes A/S, AlltechInc, Addiseo France SAS, Chr Hansen Holdings A/S., Invivo NSA SAS, Koninkliijke DSM N.V., and Nutreco N.V.

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