Feed Micronutrients Market size exceeded USD 1.6 billion in 2020 and is estimated to grow at over 6% CAGR between 2021 and 2027. Rising demand for organic minerals owing to its beneficial effects on animal performance pertaining to bioavailability of micronutrients will drive the market for trace minerals. Continuous degradation of soil and changing climatic conditions due to global warming has resulted in deficient availability of nutrients in fodder. Increasing use of trace minerals in dietary supplements to improve the quality of animal-based foods and reproductive efficiency of animals will propel the demand.
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Ruminants segment is anticipated to witness CAGR at over 7.5% from 2019 to 2025. Rising awareness about ruminant health along with the surging side effects caused by chemically processed products will augment the industry landscape. Importance of animal nutrition in optimum food composition for long term human health will propel the demand for feed micronutrients. Additionally, increasing demand for feed micronutrients in agricultural community owing to advances in animal husbandry practices will drive the market.
Global Feed Micronutrients Market is projected to surpass USD 2,000 million by 2025; according to a new research report by Global Market Insights, Inc. Increasing fortification of animal feeds for addressing micronutrient deficiencies coupled with growing expenses on animal wellbeing and wellness is expected to exhibit a positive influence on the growth of the feed micronutrients market. Feed micronutrients help in prevention and cure of diseases, improve the digestibility, fertilization and enzyme system operation in animals, this is likely to propel its utilization in ruminant nutrition over the forecast period. In addition, increasing utilization of dairy products in the food & beverage industry in the form of butter, cheese, curd, and cream is expected to drive the product demand.
Increasing demand for meat and dairy foods owing to surge in consumption for protein-rich foods will drive the feed micronutrients market. Rising nutritional deficiencies due to changing consumption pattern and lack of nutrient bioavailability due to environmental stress will propel the use of feed micronutrients demand. According to FAO, per capita consumption of dairy foods is projected to reach 90kg by 2030. Robust growth in consumption supported by rapid rise in trade will boost the industry share.
Rising pet adoption and large spending on animal health and wellness will support the industry expansion. Positive outlook toward maintaining health & nutrition of ruminants, poultry, swine, and pets will support the overall industry growth. Adoption of innovations and technological advancements by animal feed manufacturers of animal feed to enhance forage quality for improving yield and livestock health will propel the business expansion. Additionally, increasing consumer awareness pertaining to ill effects of consuming chemically processed food will further support the industry expansion.
Positive applications outlook of feed nutrients including prevention and cure of diseases, reducing mortality rates and improving reproduction rates will support the demand for feed micronutrients market. Stringent and strategic food safety measures by USDA and FSIS to improve public health will positively influence the market growth. However, high soil and water contamination pertaining to the excessive use of heavy metals including zinc and copper in the products may hamper the industry growth.
Feed micronutrients market is moderately fragmented in nature due to the presence of regional and multinational manufacturers. Notable industry participants include Cargill, Aries Agro, Keshav Fertilizers, Agrium Advanced Technologies, Gawrihar Bio-Chem, Pratik Industries, Gawrihar Bio-Cham and Mahomed Speciality. Key strategies adopted by manufacturers include new product launch, integration with other stakeholders, collaborations and expansion of supply chain network for product penetration.
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