The global animal feed micronutrient market is anticipated to witness noteworthy growth in the 2019—2026 timeframe. Growing adoption of animal feed micronutrient products is driving the growth of the market. The poultry feed sub-segment and trace minerals type sub-segment are projected to lead the market. The Asia-Pacific market is anticipated to be at the forefront.
New York, USA, Oct. 18, 2021 (GLOBE NEWSWIRE) -- A new report on the global animal feed micronutrient market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $2,322.3 million by 2026, rising at a CAGR of 6.8% from 2019 to 2026. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth:
The key factor thriving the growth of the global animal feed micronutrient market is the rising demand for animal feed micronutrients as it offers healthy meat, increased milk yield, and enhanced growth in the animals. Moreover, rise in the exportation of meat export owing to the growing number of meat consumers worldwide is projected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, huge costs involved in R&D and manufacturing of the micronutrients and lack of availability of raw materials are expected to hinder the market growth.
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The report segments the global animal feed micronutrient market into product, livestock feed, and region.
Trace Minerals Type Sub-Segment to Hold a Dominating Position
The trace minerals type sub-segment of the product segment is anticipated to hold a leading position in the market during the forecast period. This is chiefly owing to the rising deficiency of trace minerals such as iron, copper, zinc, manganese, and others in animals. As these minerals are highly required for better fertility and growth of the animals, their demand is increasing.
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The poultry feed sub-segment of the livestock feed segment generated a revenue of $576.2 million in 2018 and is anticipated to hold a foremost position in the market during the forecast period. This is chiefly owing to the rising demand for poultry meat as it contains vast quantities of nutrients.
Asia-Pacific Market to Dominate the Market
The report analyzes the global animal feed micronutrient market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to lead the market growth and garner a revenue of $759.4 million in the forecast period. The growth of this region market is primarily due to the existence of major meat producers in this region.
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Key Market Players
• Nutreco N.V.
• Archer Daniels Midland Company
• Balchem Corp
• Kemin Industries Inc.
• Qualitech Inc.
• Zinpro Corporation
• Lallemand Inc.
• Novus International Inc.
• Cargill Inc.
• Alltech Inc.
For instance, in January 2021, Cargill, a leading agricultural, food, financial, and industrial products firm, announced to open one of the world’s biggest premix and animal nutrition facilities in Ohio.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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