Animal Feed Organic Trace Minerals Market size to exceed $750mn by 2024
Published Date: December 11, 2018 Authors: Kunal Ahuja, Amit Rawat
Animal Feed Organic Trace Minerals Market size is set to exceed USD 750 million by 2024, according to a new research report by Global Market Insights, Inc.
Increasing consumer awareness pertaining to the side effects of chemically processed food will boost animal feed organic trace minerals industry demand. A substantial increment in the meat & dairy products will enhance market growth. For instance, as per the recent FAO reports, the global meat consumption per capita was around 41 kg, which is projected to surpass 45.3 kg by 2030.
Consistently increasing food demand in the form of dairy and meat products due to rapid population growth will drive the animal feed organic trace minerals market in the feed business. The world population is expected to be over 9.7 billion by 2050 with a global birth rate of 18.7 births per 1,000 people.
Rising consumer awareness pertaining to the livestock diseases along with the necessity for safe livestock nourishment practices will proliferate the business expansion. Moreover, the increasing outbreaks of diseases such as Avian Influenza in poultry owing to the lack of minerals have resulted in a growing demand for these products supplements.
Stringent government regulations and guidelines pertaining to the increasing usage of inorganic & synthetic supplements will propel the animal feed organic trace minerals market size. For instance, Commission Regulation (EC) No 1334/2003 of 25 July 2003, states the amending of the conditions for authorization of a number of additives in feeding stuff belonging to the group of trace elements. However, higher cost associated with animal feed organic trace mineral production as compared to inorganic variants for animal feed may impact the business growth.
Browse key industry insights spread across 300 pages with 354 market data tables & 18 charts & figures from the report, “Animal Feed Organic Trace Minerals Market Statistics By Livestock (Ruminant, Pig, Poultry), Mineral (Zinc, Iron, Manganese, Copper), Regional Outlook (U.S, Canada, Germany, UK, France, Russia, Spain, China, India, Japan, Australia, Indonesia, Thailand, Malaysia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Iron trace mineral segment of the market is anticipated to witness over 6.5% CAGR through 2024. Iron is the second major micronutrients that are utilized in the production of animal feed. It is a crucial mineral that is used to improve digestion among the ruminants owing to its oxygen carrying capacity in the body. The iron deficiency leads to a poor overall health in poultry animals, reducing their productivity and leading to huge losses for farm owners.
Manganese accounted for more than 15% of the global animal feed organic trace minerals market demand in 2017. Key health benefits including regulation of the certain enzymes, major nutrient for the skeletal development, and maintenance of the cartilage integrity among the livestock will propel the product demand in the market. Moreover, surging incidences of deformed calves’ births, including enlarged joints, dwarfism, and shortening of the nasomaxillary bones in their jaw will further provide positive scope for the segment growth.
Poultry segment is anticipated to surpass USD 90 million revenue by 2024. High deformity rates, including thickening and shortening of the long bones, coupled with malformed leg joints will boost the industry demand. Increasing egg & meat consumption owing to its economical, costing as compared to other meat products will provide more opportunity in the industry. For instance, as per the recent industry estimates, the global poultry consumption is increasing significantly at a growth rate of over 4%.
Asia Pacific animal feed organic trace minerals market outlook will witness over 6% CAGR from 2018 to 2024. Increasing demand for protein meal in emerging economies, including India, China, Australia, and Malaysia is likely to propel the meat consumption. Additionally, high consumption of the chicken in South Asian countries along with the high preference to pork in North East Asia will further propel regional industry growth.
Key industry players operating in the global animal feed organic trace minerals market include Phibro Animal Health, Novus International, Alltech Inc, Zinpro, Royal DSM NV, Cargill, Archer Daniels Midland, and Nutreco NV.The global industry share is highly consolidated owing to the presence of few dominating players. Collaborations, mergers & acquisitions, and product enhancements are among the key strategies to gain significant competitive share by the major industry players.
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