By Product- Segment Analysis
By Product, the Animal Feed Micronutrients Market is segmented into Iron, Manganese, Zinc, Boron, Copper and Others. Iron held the major market share in 2019, owing to its ability to improve cattle feed efficiency. Moreover, in April 2016 Kansas State University researchers have found that feeding concentration of zinc that are higher than recommended dietary concentration can help improve the growth of finishing cattle, a finding that could lead more profits for the industry. Also, manganese segment is projected to witness growth at fastest CAGR of 7.8% in forecast period 2020-2025. In addition, manganese is an important trace mineral which is involved in many aspects of both plant and animal life, primarily as an enzyme activator. Thus, increase in demand of manganese, zinc and other minerals to improve feeding efficiency of animals is likely to accelerate rapidly in the near future which in turn is likely to propel the animal feed micronutrients market during the forecast period 2020-2025.
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By Application- Segment Analysis
By Application, the Animal Feed Micronutrients is segmented into Ruminant, Poultry, Swine, Aqua, Equine and Others. Poultry segment held the largest market share in the year 2019 owing to the rising meat consumption along with the growing demand of poultry food is anticipated to trigger its market growth. Moreover, the nutrients of poultry are affected by a large number of factors including genetics, age, sex, reproductive state, ambient temperature and health status. Furthermore, vitamin nutrition is an important aspect in the production and marketing of poultry meat and eggs, so its optimization is essential in maximizing return over feed cost. Therefore, the rising demand of poultry food is poised to provide significant boost to the market evolution.
Geography- Segment Analysis
Asia Pacific contributed to the largest market share of 35% owing the growing population and increased consumer disposable income that is anticipated to augment the demand for meat and dairy products, thus driving the regional demand. Large cattle population along with the growing adoption of pets in this region have highly supported the growth of regional market. Europe animal feed micronutrients market is another dominant market owing to the presence of BASF a global supplier of innovative feed additives for livestock, aquaculture and companion animal. For Instance, in May 2016, BASF and Balchem collaborated to bring next generation feed efficiency and Health Products to the North American Swine Industry.
Drivers – Animal Feed Micronutrients Market
Increasing Demand of Protein Among Animals
Increasing demand of protein among animals owing to the nutritional deficiencies is a major factor driving the Animal Feed Micronutrients Market during the forecast period 2020-2025. Proteins are important building blocks of animal tissues. The majority of animal tissues and organs need proteins and other elements as their building blocks. Therefore, proteins in animal nutrition are needed for the growth and regeneration of tissues. Moreover, for monogastric animals (swine and poultry) the use of insects and worms such as mealworm and black soldier fly as well fish meal can be good alternatives of protein for animals.
Increasing Adoption of Pets
Increasing Adoption of Pets is a major factor driving the Animal Feed Micronutrients Market during the forecast period 2020-2025. Moreover, according to ASCPA it is estimated that 78 million dogs and 85.8 million cats are owned in the U.S. and 3.2 million shelter animals are adopted each year. This has led an increase in the expenditure on animal care products along with micronutrients and thereby triggering its market growth.
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Challenges – Animal Feed Micronutrients Market
Lack of Awareness among Farmers Regarding Animal Feed Nutrients
Lack of awareness among farmers regarding animal feed nutrients serves as a major setback for the growth of the Animal Feed Micronutrients Market during the forecast period 2020-2025. For instance, most farmers still use grass and other traditional food products instead of micronutrients thereby disrupting the smooth flow of animal feed micronutrients market during the forecast period 2020-2025.
Animal Feed Micronutrients Market Industry Outlook
Product Launches, Merger & Acquistion, joint ventures and R&D activities are key strategies adopted by the players in Animal Feed Micronutrients Market. Animal Feed Micronutrients Market top 10 companies are Agrium Advanced Technology, Alltech Inc., Animine, Archer Daniel Midland Company, Aries Agro Limited, Balchem Inc, Cargill Incorporated, Gawrihar Bio-Chem Pvt Ltd, Kemin Industries Inc and Keshav Fertilizer.
March 2018: DSM and Digital Health Company collaborated to deliver personalized nutrition solutions, providing individuals with the nutrients they need for optimal health based on comprehensive set of health and activity measurements.
October 2019: Alltech and Alimetrics collaborated on in vitro tool for estimating ruminant protein degradability.
Iron held the major market share in 2019, owing to its ability to improve cattle feed efficiency.
Poultry segment held the largest market share in the year 2019 owing to the rising meat consumption along with the growing demand of poultry food is anticipated to trigger its market growth.
Asia Pacific contributed to the largest market share of 35% owing the growing population and increased consumer disposable income that is anticipated to augment the demand for meat and dairy products, thus driving the regional demand.
Increasing demand of protein among animals owing to the nutritional deficiencies is a major driving the Animal Feed Micronutrients Market during the forecast period 2020-2025.
Related Reports :
A. Animal Nutrition Market
B. Animal Feed Additive Market
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