Feed micronutrients are emerging as an essential element required to provide a high nutritional diet to animals to ensure optimum health and increase the quality of their end-products like milk, meat, and eggs. Rising income, population growth, and the subsequent increase in consumption of meat are key factors promoting the use of animal feed micronutrients.
As per data from OECD, the intake of meat proteins is projected to increase by 14% by 2030 as compared to that of the base period average of 2018 to 2020 globally. Furthermore, meat consumption preference has been gradually shifting towards poultry in developing countries, which could amplify the demand for micronutrients for poultry and add impetus to the overall feed micronutrients market development. In addition, health and nutrition companies like DSM have been developing nutritional programs and solutions to curb the impact of animal diseases, which account for over $300 billion in loss per year.
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As ensuring that animals receive the optimum level of irreplaceable micronutrients is essential to maintaining their productivity and health, the need for micronutrients will rise, with 4 major reasons responsible for feed micronutrients industry growth listed below:
- Steady increase in consumption of dairy products
Despite the major shocks caused by the novel coronavirus pandemic on industry verticals, dairy consumption remains resilient. According to the International Dairy Foods Association, the average American consumed over 655 pounds of dairy in cheese, milk, yogurt, butter, ice cream, and other dairy foods in 2020. This figure represents a consumption rise of 3 pounds per person as compared to a year earlier. Such factors could escalate the requirement of nutrition and health solutions for dairy animals and subsequently boost the usage of micronutrient supplements in animal feed.
- Favorable aquaculture and fisheries business landscape
As movement restrictions due to COVID-19 are gradually starting to ease, the international and domestic market conditions for fisheries and aquaculture have been significantly improved worldwide. As per the Department of Agriculture, Water, and the Environment’s data, aquaculture and fisheries production in Australia is projected to increase by 10% between 2021 and 2022. This favorable business environment may result in a substantial rise in demand for micronutrients for use in fish feeds.
- Growing needs for vitamins in swine
Vitamins are considered the foundation of balanced nutrition in animals, required to maintain normal physiological functions such as body development, growth, and reproduction, apart from their general well-being. The feed micronutrients market from the vitamins product segment is thus poised to depict a CAGR of around 5.5% through 2027, as per a GMI report.
Due to the continuous genetic change in swine and poultry and improved gain to feed ratios, DSM experts and researchers have estimated that there is likely a 1% rise in overall vitamin needs per year. As livestock numbers continue to grow in regions like the UK, the consumption of micronutrients including vitamins may also increase considerably to prevent micronutrient deficiency.
- Escalating farm expenditure in the U.S.
In prominent countries including the U.S., farm spending has been rising steadily over the recent years. According to the USDA, the regional farm expenditure witnessed an increase of 2.6% from $177,564 in 2019 to $182,130 in 2020 in total. On average, farm operations also spent $19,695 on livestock, poultry, and related expenses, and $28,250 on feed in the country. Factors like these could assert a positive influence on feed manufacturers and augment the consumption of feed micronutrients across the region.
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