Feed Micronutrients Market size to exceed $2.5bn by 2027
Published Date: November 8, 2021 Authors: Kunal Ahuja, Tushar Malkani
Feed Micronutrients Market size is estimated to surpass USD 2.5 billion by 2027, according to a new research report by Global Market Insights Inc.
Feed micronutrients are vital animal fodder additives that are added to the feed of the animals that are unable to obtain adequate vitamins and nutrients from the regular traditional feeds for enhancing the milk yield, growth, and animal health. Increasing demand for meat and dairy foods owing to the demand for protein-rich foods will fuel feed micronutrients industry size. Moreover, rising nutritional deficiencies due to changing consumption patterns and lack of nutrient bioavailability due to environmental stress will propel product adoption rate.
Stringent and strategic food safety measures by USDA, EFSA, and FSIS to improve public health will positively influence the feed micronutrients market growth. Additionally, rising pet adoption and large spending on animal health and wellness are likely to support industry expansion. Adoption of innovations and technological advancements by manufacturers in animal feed micronutrients will propel the business expansion.
Vitamins product segment is set to witness over 5.5% CAGR through 2027 owing to increasing vitamins deficiency and disease outbreaks among livestock animals
Feed micronutrients market from vitamin segment is set to surpass USD 1.2 Billion by 2027. Upsurge in the need for vitamins for improving the metabolism rate, immunity, and reproductive performance is expected to foster demand. Increase in the demand for quality meat, health concerns & disease outbreak in livestock is likely to propel product adoption rate.
In the animal feed industry, vitamins are included in fortified feed products for enhancing the growth, well-being, and performance of farm animals. Farmers and animal breeders also use several vitamins and minerals to reduce disease outbreaks in livestock. Feed additives such as vitamin E helps to increase antioxidant capacity of animals and reduce economic losses. In addition, increase in R&D expenditure on animal fodder supplements is anticipated to further boost demand for vitamin fortified feedstuff.
Browse key industry insights spread across 300 pages with 414 market data tables & 15 figures & charts from the report, “Feed Micronutrients Market Statistics By Product (Trace Minerals [Iron, Zinc, Manganese, Copper, Boron], Vitamins [Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin K, Vitamin E, Carotenoids]), Livestock (Poultry, Ruminant, Aquaculture, Swine, Equine) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Feed micronutrient demand from ruminant livestock is poised to record around 6% CAGR through 2027 pertaining to increasing product adoption in ruminant feeds
Feed micronutrients market from ruminant livestock segment exceeded USD 350 Million in 2020. Feed micronutrients facilitate high milk production and weight gain, thus are added in ruminant feeds. Increasing demand for meat and dairy products worldwide is anticipated to fuel segment growth. Furthermore, growing importance of animal nutrition in optimum food composition for long-term human health will propel consumption of beef and allied products.
Significant health benefits of ruminants in terms of enhanced nutrients consumption will positively drive the market demand. Increasing demand for milk and its by-products such as butter, cheese, curd, and cream along with the increase in the consumption of meat across the globe will boost the segment expansion.
Rising exports and domestic consumption of beef in the North America region should propel product demand
North America feed micronutrients market is predicted to grow at a CAGR of over 4.5% between 2021 and 2027. Growth in number of dairy farms in the region will foster the demand for products in the industry. The meat and poultry industry are the largest segment in U.S. agriculture, where meat production accounted for 55.8 billion pounds and broiler production for 59.4 billion pounds in 2020. High consumption of red meat, dairy, and eggs in the region has resulted in greater demand for animal-based foods, thereby propelling the industry statistics.
The feed micronutrients market is moderately fragmented and includes various players such Cargill, Aries Agro, Keshav Fertilizers, Agrium Advanced Technologies, Gawrihar Bio-Chem, Pratik Industries, Gawrihar Bio-Cham, and Mahomed Speciality. Companies are primarily engaged in business strategies such as expanding production capacity, merger, and acquisitions for business expansion.