In its upcoming report titled “Animal Feed Micronutrients Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026,” Persistence Market Research provides important insights on the global market for animal feed micronutrients. Due to a number of variables, about which PMR provides crucial insights in depth, the worldwide animal feed micronutrients market is projected to see a strong CAGR of 4.2 percent over the forecast period.
Animal Feed Micronutrients Market analysis
With a considerable CAGR of 3.6 percent over the course of the forecast period, the ruminants segment of the animal feed micronutrients market is anticipated to maintain its leadership.
The global demand for animal feed micronutrients has been steadily increasing as a result of emerging nations’ growing propensity to exhibit an increase in their consumption of items generated from animals.
The market for animal feed micronutrients is primarily driven by the rise in global compound animal feed production.
Micronutrients in animal feed are a crucial component of contemporary livestock management. Animal feed micronutrients are favored as a feed supplement since it is difficult for cattle to absorb all of the required micronutrients from their feed alone.
In terms of volume, global compound animal feed production increased from 1,032 MMT in 2016 to 1069.9 MMT as of 2018.
The manufacture of compound feeds depends heavily on the inclusion of animal feed micronutrients, and as a result, demand has increased proportionately.
Farmers choose animal feed micronutrients items as an additive to create their own compound feed or to supplement the compound feed that is already available because compound feed does not satisfy the entire animal’s need for micronutrients.
One of the key factors boosting the animal feed micronutrients market is the rising awareness among livestock enterprises in developing nations.
The amount of meat produced worldwide in 2017 was 322.36 million metric tons. Consumption of meat and animal products is rising in developing nations as GDPs rise.
Micronutrients for animal feed are widely utilized in the livestock business to promote the best possible animal growth and to produce high-quality final goods.
The market for animal feed micronutrients is growing as processed meat product demand rises on a global scale.
The market for animal feed micronutrients is expanding as a result of rising worldwide fish consumption as well as expanding aquaculture operations that use these goods.
The European Food Safety Authority updated its recommendations for feed products’ copper concentration in 2016.
The restrictions restrict the amount of copper that can be provided to pigs as micronutrients in animal feed. Pig production around the world has been considerable in terms of volume and dollar value thanks to copper as a micronutrient component for animal feed.
This collectively may prove to be a barrier for the market for animal feed micronutrients.
The fluctuating cost of raw materials used to make animal feed micronutrients has occasionally forced major manufacturers to raise the price of their products.
Since animal feed micronutrients are typically purchased in bulk and slight price changes have a significant impact on the final consumer, the market for animal feed micronutrients is impacted by volatile raw material costs.
This study gives data and insights into the potential of the animal feed micronutrients market in particular geographies.
It also analyzes the trends driving each category. The ruminants category is anticipated to maintain its dominance as the largest market for animal feed micronutrients through 2026, while the swine and poultry segments are anticipated to rise rapidly between 2018 and 2026.
Key Players in the Animal Feed Micronutrients Market
The report’s scope also includes comprehensive profiles of the suppliers, allowing readers to assess their key products, recent innovations, and long- and short-term plans in the animal feed micronutrients market. Purina Animal Nutrition LLC., Novus International, Inc., BASF SE, Archer Daniels Midland Company, Koninkliijke DSM N.V., Balchem Corporation, Alltech Inc., Cargill, Incorporated, Kemin Industries, Lallemand Inc., Nutreco N.V., Prathista Industries Limited, Beachport Corporation Pty Ltd., Zinpro Corporation, Bluestar Adisseo Company, DALLAS KEITH LTD., Qualitech