According to a report, “Animal Feed Micronutrients Market Size, Share & Trends Analysis Report By Product (Iron, Manganese, Zinc, Boron, Copper), By Application (Ruminant, Poultry, Swine, Aqua, Equine), By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.,The global animal feed micronutrients market size is expected to reach USD 2.12 billion by 2025, according to a new report by Grand View Research, Inc. The demand is expected to grow significantly over the coming years on account of high application scope coupled with increasing utilization in poultry application.
The market is driven by the capability of the product to increase the weight and improve the overall health of the animals. The deficiency of micronutrients can lead to hardening & cracking lesions on pig skin and slow growth, poor feathering, & abnormal skeletal development in poultry. This is likely to have a positive impact on the consumption over the forecast period.
Asia Pacific was the major consumer of the product in 2016 and is expected to witness growth at a CAGR of 7.8% from 2017 to 2025. Factors such as rapid urbanization, growing population, and rising consumer willingness to spend are expected to increase the demand for various kinds of meat including pork and beef, thereby leading to the market growth.
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China animal feed micronutrients market, by application, 2014 – 2025 (USD Million)
Further key findings from the report suggest:
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Zinc was the largest product segment and accounted for a revenue share of 31.4% in 2016 due to its ability to maintain appetite, skin & skeletal health, reproductive efficiency, and strong immune system
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Boron, a trace mineral, is majorly found in fruits, vegetables, nuts, and legumes. The demand for the product is likely to grow on account of its ability to regulate bone development, brain function, mineral metabolism, substrate energy usage, immunity, and insulin creation.
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Aqua feed is expected to grow at a CAGR of 5.9% from 2017 to 2025 due to the growing importance of aquaculture to fulfil the high demand for seafood
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Central & South America accounted for a share of 11.0% of the global animal feed micronutrients market in 2016. It is expected to be the third fastest growing region on account of high feed production growth in Argentina, Bolivia, and Paraguay
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In March 2017, Archer Daniels Midland Company announced the expansion of its animal food business in China with investments in new feed-premix facilities
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In April 2016, Cargill invested approximately USD 25 million to expand its animal nutrition plant in Spain in an attempt to help the company strengthen its position in Europe
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Product Insights
Iron accounted for 25.8% of the overall market share in 2016. High prevalence of anemia in domestic animals is expected to fuel the demand for iron-based micronutrients across various regions. The rising government investment in livestock farming is also expected to have a positive impact on demand over the next eight years.
Manganese is the fifth most abundant element on earth and plays a major role in the growth and fertility of animals. Manganese has been proved to play a vital role in the reproductive ability of animals along with immunity. The growing demand from the poultry application is expected to fuel the consumption of manganese over the forecast period.
U.S. animal feed micronutrients market revenue, by product, 2016 (%)
Zinc was the largest product segment in 2016 and is anticipated to grow at a CAGR of 6.8% from 2017 to 2025. The ability of the product to improve the immunity of livestock is expected to fuel the demand for zinc over the forecast period. Zinc forms an essential component of the RNA and DNA polymerase enzymes and boosts the activity of hormones such as glucagon, insulin, growth hormones, and sex hormones.
Other major micronutrients include cobalt, selenium, and iodine. The demand for these nutrients is likely to be driven by the growing consumption of animal feed premixes and animal nutrition products.
Grand View Research has segmented the global animal feed micronutrients market on the basis of product, application, and region:
Animal Feed Micronutrients Product Outlook (USD Million; 2014 – 2025)
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Iron
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Manganese
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Zinc
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Boron
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Copper
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Others
Animal Feed Micronutrients Application Outlook (USD Million; 2014 – 2025)
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Ruminant
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Poultry
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Swine
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Aqua
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Equine
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Others
Animal Feed Micronutrients Regional Outlook (Revenue, USD Million; 2014 – 2025)
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North America
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U.S.
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Europe
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Germany
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UK
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Asia Pacific
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China
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Australia
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India
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Central & South America
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Brazil
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Middle East & Africa
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