New York, USA, June 01, 2021 (GLOBE NEWSWIRE) — As per a report by Research Dive, the global animal feed micronutrient market is anticipated to generate a revenue of $2,322.3 million by the end of 2026, rising from a market share of $1,372.0 million in 2018, at a considerable growth rate of 6.8% during the 2019-2026 timeframe. The market report compiles the present boom of the market and the upcoming scenario. The market study is put forth by researchers by scrutinizing facts and figures via primary and secondary research methods. Also, reference material from authentic sites, newspapers, journals, books, and periodicals are referred to while drafting the market report. Moreover, the report cites the Covid-19 outbreak’s impact on the market.
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Factors Affecting the Market Growth
The global market is anticipated to upsurge during the forecasted period due to an increase in the demand from meat consuming population. Micronutrients ensure healthy meat, high milk yield, and growth in the animals. The demand for meat and animal protein from milk-producing livestock is on the rise. Furthermore, micronutrients eradicate animal issues such as deficiencies in vitamins, poor growth, and animal diseases. All these places are predicted to drive the growth of the global market during the forecasted timeframe. However, strict rules on the usage of trace minerals such as zinc and copper are anticipated to hinder the market growth. A rise in meat export due to growth in meat consumers globally is estimated to create opportunities in the market.
The report divides the market into segments based on product, livestock feed, and region.
Vitamin Type Sub-Segment to be the Most Profitable
The product segment is classified into vitamins and carotenoids. Amongst these, the vitamin type sub-segment is predicted to reach $761.7 million by 2026, rising from a market share of $439.0 million in 2018. Vitamin deficiency is a common problem in animals, therefore the need for vitamins to improve deficiency is growing. This aspect is anticipated to propel the growth of the sub-segment market during the forecasted timeframe.
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Swine Feed Sub-Segment to Garner Maximum Revenue
The livestock feed segment is divided into poultry feed, ruminant feed, equine feed, aquafeed, and swine feed. Amongst these, the swine feed sub-segment is projected to register a revenue of $382.0 million by the end of 2026, rising from a market size of $219.5 million in 2018. The rise in the consumption of pork-based food products amongst the people is anticipated to fuel the growth of the sub-segment market during the forecasted period.
The major regions of the market are LAMEA, Europe, North America, and Asia-Pacific. Amongst these, the European market is expected to generate a revenue of $520.2 million by the end of 2026, rising from a market size of $301.8 million in 2018. The market growth in the European region is due to the vast existence of micronutrient manufacturers in the area. Also, a surge in the production rate of animal feed in European countries such as France, Germany, and Spain is estimated to drive the growth of the global market during the forecasted timeframe.
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Key Market Players and Developments
The well-known players of the global animal feed micronutrient market are
- Cargill Inc.
- Archer Daniels Midland Company
- Nutreco N.V.
- Balchem Corp
- Qualitech Inc.
- Kemin Industries Inc.
- Zinpro Corporation
- Novus International Inc.
- Lallemand Inc.
- Alltech Inc.
These market players are working on various strategies such as financing research and development activities, merging with prominent companies, profitable tie-ups, launching novel products, and collaborations to gain an upper edge in the market. For example, in September 2018, Kemin Industries, a company providing specialty ingredients for human and animal health and nutrition, pet food, aquaculture, nutraceutical, food technologies, crop technologies and textile industries, and Micronutrients USA, a producer of prepared feeds and feed ingredients for animals, partnered to launch IntelliBond VITAL 5 Cr, the world’s 1st nutrition package. This product contains six essential trace minerals for the well-being & performance of beef and dairy cattle.
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