Market Overview:
According to the report, the global animal feed micronutrients market generated $1.7 billion in 2021, and is anticipated to generate $3.3 billion by 2031, witnessing a CAGR of 7.0% from 2022 to 2031.
High demand for dairy goods including cheese, milk, curd in the food and beverage and rise in meat consumption in various nations such as China, India, Brazil and Australia sector drive the growth of the global animal feed micronutrients market. However, the use of heavy metals such as zinc and copper as micronutrients in animal feed damage the land and water when they are washed into the water. This factor restricts the market growth. Moreover, recent advancements in micronutrients for animal feed and a rise in their utilization to improve animal metabolism and disease resistance present new opportunities in the coming years.
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Segment Overview:
- Trace Minerals
- Vitamins
- Others
- Poultry
- Ruminant
- Aquaculture
- Swine
- Equine
Increasing demand for healthy animal derived food and milk, among people is one of the key factor for the growth of animal feed micronutrients market. Also, growing requirement for highest quality nutrients for animal feed, in animal husbandry industry, is contributing to the animal feed micronutrients market growth in the upcoming years.
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The nutrients needed in trace amounts by an organism are called as micronutrients. Micronutrient is also important in animal feed. They are commonly used to increase feed consistency and to boost overall animal health. Dairy and poultry products are in higher demand as a result of the population’s rapid growth. People are becoming more aware regarding the moral production of animal products, which has ultimately increased demand for high-quality animal feed nutrients.
Like humans, livestock animals also need a balanced diet containing all the necessary nutrients, fluids, minerals, and vitamins. As a result, more livestock producers and farmers are including micronutrients in animal feed as an essential component of the animal feeding program is a major factor estimated to boost the animal feed micronutrients market demand in the upcoming years.
However, the market is likely to be constrained by the farmers’ lack of knowledge regarding presence of animal feed micronutrient products in the market and the advantages related to them. This factor is anticipated restrain the animal feed micronutrients market trends.
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Leading Market Players:
- NOVUS INTERNATIONAL
- Alltech.,
- Cargill, Incorporated.,
- NUTRECO N.V,
- ADM,
- BASF SE,
- Aries Agro Limited.,
- Kemin Industries, Inc.
- Lallemand Inc.
- QualiTech
