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Animal Feed Organic Trace Minerals Market Size By Mineral (Zinc, Iron, Manganese, Copper), By Livestock (Dairy, Beef, Poultry, Pork), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast 2023-2032
- Report ID: GMI1402
- Published Date: Feb 2023
- Report Format: PDF
Animal Feed Organic Trace Minerals Market Size
Animal Feed Organic Trace Minerals Market size surpassed USD 700 million in 2022 and is set to record over 6.5% CAGR between 2023 and 2032, driven by the burgeoning demand for meat products.
The growing population and rising affluence in emerging nations are boosting the need for protein-rich foods, such as meat, dairy products, and eggs, which is contributing to the development of the animal feed sector. According to research conducted by the Organization for Economic Cooperation and Development (OECD), worldwide per capita meat consumption is set to stabilize at roughly 35.6 kg/year in r.w.e. by 2031. Furthermore, the application of precision farming techniques, as well as the development of novel feed components and technologies, is improving feed efficiency and lowering prices, making animal feed more accessible to farmers and consumers.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Animal Feed Organic Trace Minerals Market Size in 2022: | USD 700 Million |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 6.9% |
| 2032 Value Projection: | USD 1,350 Million |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 345 |
| Tables, Charts & Figures: | 365 |
| Segments covered: | Mineral, Livestock, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High production costs and associated R&D expenses to restrain the industry growth
Organic trace minerals are more effective than inorganic trace minerals and are utilized as inorganic mineral substitutes. The increasing bioavailability is bolstering product demand. However, organic minerals are more expensive than inorganic minerals for animal feed, limiting business demand. Subsequently, several organizations propose combining organic and inorganic trace minerals although the rising production rates are lowering operating expenses, which is likely to help firms tackle this restraint.
Animal Feed Organic Trace Minerals Market Analysis
The animal feed organic trace minerals market share from the dairy segment is anticipated to witness a 7% CAGR through 2032, on account of mounting product utilization due to the high protein deficiency in cows that eat low-quality feed. The booming demand for milk and its byproducts resulting from the increasing consumer affordability, coupled with prominent government initiatives that encourage milk production, is expected to stimulate the market growth. For instance, in June 2022, the New York Commissioner of Agriculture Richard A. Ball highlighted the initiatives that the department is undertaking to promote dairy sector development in the state during June's Dairy Month.
The animal feed organic trace mineral market from the zinc segment is estimated to reach USD 680 million by the end of 2032, owing to the rising product demand to prevent negative consequences related to zinc deficiency, such as anorexia, skin and appendage abnormalities, skeletal diseases, and reproductive problems in animals. Furthermore, while dietary intake of vital elements has demonstrated potential advantages that all farmers seek for the production of healthy livestock, companies and scientists are investing in R&D to improve the dosages of zinc oxide in animal feed, which is estimated to favorably influence the market growth.
The Europe animal feed organic trace minerals market size is poised to exceed USD 445 million by 2032. The European food system has emerged as a trusted provider of nutritious, safe, and high-quality food on a global scale due to modernization, innovative technology, and improvements in agricultural techniques that lead to more efficient and eco-friendly meat production. Furthermore, Europe has witnessed a surge in aquaculture feed consumption and high demand for chicken meat due to its healthier image compared to other meats, ease of preparation, lack of religious restrictions, and relatively lower price, which is projected to impel the market progression.
Animal Feed Organic Trace Minerals Market Share
Some of the major companies operating in the animal feed organic trace minerals market are
- Zinpro Corporation
- Mercer Milling Company, Inc.
- Archer Daniels Midland Company
- Alltech, Inc
- Ridley, Inc.
- Phibro Animal Health Corporation
- Novus International, Inc.
- Davidsons Animal Feeds
- Cargill
These enterprises are investing in R&D initiatives to explore the scope of applications of organic trace minerals in animal feed.
For instance, in January 2022, the Archer Daniels Midland Company announced the launch of its first scientific and research facility in China. The center was designed to encourage high-quality growth in the nutrition & health sector and to meet prevalent consumer demands in APAC.
Impact of COVID-19 pandemic
The COVID-19 outbreak resulted in strict lockdowns and transportation restrictions, severely impacting the animal feed supply chain, which decreased the availability of services relating to animal husbandry, and impeded access to markets and customers. The international production of organic feed was hampered by the high COVID cases in China, which is a major producer of organic soybean. The market for animal feed protein components was also severely impacted by the coronavirus pandemic although the demand for animal feed remained generally steady. However, government-imposed lockdowns prompted farmers to panic buy animal feed, which boosted the market revenue.
This animal feed organic trace minerals market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Minerals
- Zinc
- Iron
- Manganese
- Copper
- Others
Market, By Livestock
- Dairy
- Beef
- Pork
- Poultry
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Spain
- Germany
- UK
- Russia
- France
- Asia Pacific
- China
- India
- Japan
- Australia
- Indonesia
- Malaysia
- Thailand
- LATAM
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Frequently Asked Questions (FAQ) :
Animal Feed Organic Trace Minerals Market Scope
