Feed Micronutrients Market to Grow at Steady Clip, with Rapid Adoption in Animal Husbandry, Finds Fact.MR
Published : 30 Jan 2020 Industry: Food & Beverage
The global feed micronutrients market is projected to grow at a positive CAGR of over 6% and is estimated to reach a value pool of over US$ 2.5 Bn by the end of the forecast period (2019-2027). In the last few years, the global market for feed micronutrients has undergone a transition in terms of quality and demand. Feed Micronutrients are considered an important feed additive for livestock, and are commonly used to increase feed quality in order to enhance cattle yield and overall health.
Increasing use of vitamins and trace minerals to activate important enzymes and hormones critical to the metabolic processes of livestock is stimulating growth of the feed micronutrients industry. Favorable government regulations and standards, particularly by CFIA (Canadian Food Inspection Agency), REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) and the FDA (Food and Drug Administration) to prevent micronutrient malnutrition and reduce the use of synthetic additives, will proliferate sales in global feed micronutrients market in the foreseeable future.
Key Takeaways of Feed Micronutrients Market Study
- The snowballing trend for clean label products demanding strict approval by regulatory bodies is further enhancing the product portfolio for feed micronutrients
- During the forecast period, the vitamins segment is projected to grow at a CAGR of over 6.5%. The requirement of vitamins to boost metabolism rate, immunity, and reproductive health is stoking sales of feed micronutrients
- The poultry segment accounted for over 40% share within the global feed micronutrients industry. The rapid expansion of manufacturing facilities for poultry products would increase the product portfolio particularly in European countries such as Germany, the UK, France and Russia
- APAC accounted for over 30% of the total share of the feed micronutrients industry. Upsurge in the consumption of meat and meat related products in developing economies like Indonesia, India, China and Japan are bolstering growth. Moreover, rapid growth in the animal feed industry is also creating a positive business outlook in APAC.
“The growing bioavailability of micronutrients is paving the way for feed micronutrients market to experience prominent gains and create lucrative roadmaps during the forecast period” says the Fact.MR analyst
Emerging Competitors Seizing Opportunity through Unique Partnership Approaches
The global feed micronutrients market is highly competitive owing to the presence of few dominant companies namely Zinpro Corporation, Tanke Biosciences Corporation, Vamso Biotec Pvt. Ltd., Archer Daniels Midland and Pancosma SA acquiring top shares. Emerging competitors in the feed micronutrients market are strategizing on new partnership approaches and supply chain contracts to develop their niche in the market. For example, in 2017, Archer Daniels collaborated with Anco Animal Nutrition GmbH and have developed a specific line of feed micronutrients for the Austrian market.
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for feed micronutrients, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for feed micronutrients on product type (minerals, vitamins, carotenoids, others (fatty acids, essential nutrients), livestock (poultry, aquaculture, swine, equine, others), across several major regions.
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