Feed Micronutrients Market Size By Product (Trace Minerals [Iron, Zinc, Manganese, Copper, Boron], Vitamins [Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin K, Vitamin E, Carotenoids]), By Livestock (Poultry, Ruminant, Aquaculture, Swine, Equine) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, Spain, China, India, Japan, South Korea, Australia, Thailand, Indonesia, Vietnam, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
Published Date: Jul 2017 | 250 Pages | Report ID: GMI1921 | Authors: Vitika Verma, Shifa Iqbal Report Format: PDF
Feed Micronutrients Market size was valued over USD 1.2 billion in 2016 and is set to exceed 2 billion tons by 2024.
U.S. Feed Micronutrients Market Size, By Product, 2016 & 2024 (USD Million)
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Meat & dairy industry expansion owing to its increased consumption will enhance feed micronutrients market size. According to WHO, the global meat consumption will reach 45.3 kg per capita annually by 2030. Disease prevention, weight gain and better food absorption rate properties in livestock are key indicators for boosting the product penetration.
Increasing awareness among consumers pertaining to side effects from chemically processed foods will support the demand. Adverse effects of fodder on animal’s health due to lack of certain vital nutrients, makes the product a crucial supplement in livestock’s everyday meal. Rising demand for nutrient rich meat & dairy products for providing healthy diet to consumers is further fueling industry growth.
Rapidly growing fodder industry in developing economies along with increasing spending on livestock farming & breeding, in China, India & Brazil is predicted to drive industry demand.
Micronutrients deficiency leads to slow growth, abnormal skeletal development in cattle, hardening & cracking grazes on pig’s skin and poor feathering. Enhancing livestock growth, improves health and better reproduction are key factors fueling product demand.
Stringent government regulations towards the synthetic additives consumption has accelerated feed micronutrients market. Increasing trend for clean label products in the global industry will provide positive outlook to the product growth.
Changeable vitamins prices owing to the dependency on seasonal crops will impact the feed micronutrient market price trend. High heavy metals usage including, zinc and copper in the product causes soil & water contamination, thus restricting the industry growth.
Feed Micronutrients Market, By product
Trace minerals were valued at over USD 446 million in 2016. Increasing disease outbreak among animals has positively influenced product demand. Nutrient deficiencies or imbalance results in abnormal skin & hooves, poor wound healing, fertility problems muscular cramping and hair loss. High requirement among livestock for water content, vitamins, protein and energy for improving reproduction, lactation and growth will propel growth.
Vitamin A will witness growth over 6% up to 2024. Need for organic nutrients in small quantities to perform specific body functions including, releasing energy from vital elements, increasing body resistance and regulating body functions are expected to foster demand.
Feed Micronutrients Market, By Livestock
Poultry will surpass USD 990 million in revenue by 2024. Growing egg and meat consumption owing to increasing middle-class income are key factors supporting industry growth. Rise in global demand for meat of over 80% up to 2022, particularly in India and China will drive poultry industry.
Ruminants will be worth over USD 508 million by 2024. Positive results amid ruminants in terms of increased nutrients consumption and better health is another factor enhancing industry demand in this segment. Growing animal husbandry demand along with rising expenses on maintaining animal health are the factors stimulating this segment’s growth.
Aquaculture feed micronutrients market will witness gains over 6% up to 2024. Growing awareness about the benefits of proteins and other nutrients available in fish will drive industry growth in this segment.
Feed Micronutrients Market, By Region
APAC, led by India and China feed micronutrient market was at over 83 kilotons in 2016. Surge in demand for nutritious food particularly in geriatric population for increasing life expectancy level will benefit product demand. Rising meat consumption particularly in India, China and rest of the world, favorable socio-economic factors are the factors positively influencing the industry demand. As per recent statistics, an average Japanese person consumes around 50 kg of meat every year.
North America, dominated by the U.S. feed micronutrients market was valued at over USD 365 million in 2016. The region is among the major forage additive consumer including vitamins, emulsifiers and ferments owing to presence of many livestock breeding centers. Strict food safety norms over the supplements usage along with strong presence of a deep-rooted livestock production is driving the industry.
Europe feed micronutrients market is projected to witness moderate growth and will surpass 585 million by 2024. Rising animal protein demand from meat and milk delivering cattle coupled with recent epidemic in livestock is driving feed micronutrients market in the region.
MEA will witness more than 6% growth. Increasing number of restaurants and hotels owing to tourism industry expansion will positively influence industry growth.
Competitive Market Share
The feed micronutrients industry share is moderately fragmented in nature owing to the presence of large regional and global manufacturers. Cargill, Aries Agro, Keshav Fertilizers, Agrium Advanced Technologies, Gawrihar Bio-Chem, Pratik Industries, Gawrihar Bio-Cham and Mahomed Speciality Fertilizers are among the key industry players in feed micronutrients market.
Companies are adopting strategies including, collaboration, partnership and new product launch for providing an opportunity to increase product penetration. Expansion of supply chain network across North America and APAC to increase geographical presence will influence industry share.
Feed Micronutrients Industry Background
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Feed micronutrients are vital animal fodder additives that are widely used to improve forage quality for enhancing yield and livestock’s health. They are gaining popularity mainly due to their enhanced performance and increased applications as a growth promoter for maximizing reproduction rate, prevention & cure of diseases and for improving digestibility of fodder in animals.
In last few years, global consumption of feed micronutrients in animal fodder has witnessed a steady upward trend. Nutrients experts urged customers to check product labels and choose items that is high in nutrient content.
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