Animal Feed Micronutrients Market (Type - Zinc, Iron, Manganese, Copper, and Others; Livestock - Poultry Feed, Aqua Feed, Ruminant Feed, Pig Feed, and Horse Feed): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the animal feed micronutrients market provides an in-depth analysis of segments and sub-segments in the global as well as regional animal feed micronutrients market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional animal feed micronutrients market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global animal feed micronutrients market. According to the report, the global animal feed micronutrients market is projected to grow at a CAGR of nearly 5% during the forecast period of 2022-2028.

Market Insight

The global animal feed micronutrients market was valued at over USD 1.7 billion in 2022 and is expected to reach nearly USD 2.2 billion in 2028, with a CAGR of nearly 5% during the forecast period. Livestock plays a vital role in sustaining livelihood, nutritional and environmental security, and growth of Indian Agriculture. In the past decades, the giant strides made in the livestock sector are the primary reason for favorable growth rates recorded in the agricultural industry. While we have achieved horizontal growth in terms of animal numbers, there is a need to achieve vertical growth to improve productivity. The capability of animal feed micronutrients to increase the weight of animals, especially swine, is likely to provide a positive scope for industry development. The utilization of the product leads to the yield of good quality meat, which is expected to drive the demand over the forecast period.

The animal feed micronutrients market is quickly reaching its pre-COVID levels, and a healthy growth rate is expected over the forecast period, driven by the economic revival in most developing nations. However, unprecedented situations due to expected third and further waves impact the market’s growth. On the other hand, the rapid expansion of poultry products manufacturing facilities, particularly in European countries including the UK, Germany, France, and Russia, will generate colossal growth opportunities for the market after the pandemic. Additionally, consumers’ rising health awareness due to COVID-19 disease will shift their preference toward products containing more nutrients and contribute to the market’s growth over the forecast period.

The global animal feed micronutrients market is driven by factors such as the rising interest in owning pet animals, growing expenses on animal well-being and wellness, and the success of animal feed micronutrients in the development and fertility of the animals. Micronutrients play a crucial role in livestock production as they improve health, enhance growth and reproductive performance, and majorly drive market growth. On the other hand, the restraining factor identified in the study includes the critical dosage application of animal feed micronutrients. They are consistently increasing livestock production worldwide, anticipated to bring growth opportunities for the major players in this market. Lack of awareness about the advantages of micronutrients among the poor and uneducated farmers is a crucial challenge for the animal feed micronutrient industry. Additionally, an increase in the consumption of dairy products, including milk, yogurt, and cheese, is expected to drive market growth. Moreover, changing consumers’ preference toward meat compared to vegetarian food is anticipated to increase the product’s utilization further. In addition, favorable government regulation for preventing micronutrient malnutrition and reducing synthetic additives consumption will help market players reach new heights.

Among the geographies, Asia Pacific is expected to be the largest market for animal feed micronutrients market over the forecast period. The global animal feed micronutrients market was dominated by the Asia Pacific region, followed by the North American animal feed micronutrients market. Advantages associated with feed micronutrients such as it playing a crucial role in livestock production, enhancing growth, and reproductive performance have played a significant role in driving the animal feed micronutrients market worldwide. Similarly, factors such as rising interest in owning pet animals, growing expenses on animal well-being and wellness, and the success of animal feed micronutrients are essential factors responsible for the growth of the global animal feed micronutrients market. Moreover, the growing population and consumer disposable income are expected to augment the demand for meat and dairy products in the Asia Pacific, which is likely to impact the market over the next eight years positively.

Segment Covered

The report on the global animal feed micronutrients market covers segments such as type and livestock. On the basis of type, the sub-markets include zinc, iron, manganese, copper, and others. On the basis of livestock, the sub-markets include poultry feed, aqua feed, ruminant feed, pig feed, and horse feed.

Companies Profiled:

The report provides profiles of the companies in the market such as Cargill Inc, Nutreco N.V., Archer Daniels Midland Company (ADM), Kemin Industries Inc, Lallemand Inc, Alltech Inc, Novus International Inc, Balchem Corp., and Zinpro Corporation.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the animal feed micronutrients market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.