Global Animal Feed Micronutrient Market Anticipated to Generate a Revenue of $2,322.3 Million and Rise at a CAGR of 6.8% during the Forecast Period 2019-2026 [300-Pages] | Commended by Research Dive

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22 Feb, 2023, 11:30 GMT

The global animal feed micronutrient market is predicted to see striking growth by 2026, due to the rising demand for micronutrients for animals globally. Regionally, the Asia-Pacific region is expected to have huge growth opportunities

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Animal Feed Micronutrient Market, by Product (Vitamins [Vitamin A, Vitamin B, Vitamin C, Vitamin D, Vitamin E, Vitamin K, Carotenoids], Trace Minerals [Zinc, Copper, Manganese, Iron, Boron], Others), Livestock Feed (Ruminant Feed, Poultry Feed, Equine Feed, Swine Feed, Aqua Feed), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2026".

According to the report, the global animal feed micronutrient market is projected to generate a revenue of $ 2,322.3 million and grow at a CAGR of 6.8% over the estimated period from 2019 to 2026.

Dynamics of the Animal Feed Micronutrient Market

The increasing number of meat consumers all across the globe has increased the demand for micronutrients as these are essential for providing high milk yield, healthy meat, and high growth in animals which is expected to boost the growth of the animal feed micronutrient market over the forecast period. Besides, the rising demand for animal protein from livestock producing milk and meat is further predicted to upsurge the growth of the market throughout the analysis timeframe. Moreover, the increasing developments in animal feed micronutrients and rise in the usage of micronutrients for the animal feed for improving the metabolism of the animals and resistance to diseases are expected to create expansive growth opportunities for the market over the estimated period. However, the lack of raw material availability and high R&D expenses may impede the growth of the market during the analysis period.

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Segments of the Animal Feed Micronutrient Market

The report has divided the market into segments based on product, livestock feed, and region.

  • By product, the vitamins sub-segment is predicted to be most productive and is expected to generate a revenue of $761.7 million during the analysis timeframe. The increasing necessity for vitamins to improve the immunity power and provide resistance to diseases is expected to propel the growth of the market sub-segment over the forecast period.
  • By livestock feed, the aqua feed sub-segment is expected to be the most profitable and is projected to garner a revenue of $243.8 million during the analysis timeframe. This is mainly due to the increase in the intake of aquatic products and their derivatives among individuals. Moreover, the continuous efforts given by the aquatic farmers to increase aquatic animal immunity power by replacing conventional food with micronutrients are estimated to fuel the growth of the market sub-segment over the estimated period.
  • By region, the Asia-Pacific region of the animal feed micronutrient market is predicted to have wide growth opportunities and is expected to generate a revenue of $759.4 million throughout the analysis period. The presence of the largest meat-producing nation in the world in this region is expected to drive the regional growth of the market during the forecast period.

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Key Players of the Market

The major players of the animal feed micronutrient market include

  • Zinpro Corporation
  • Qualitech Inc.
  • Lallemand Inc.
  • Kemin Industries Inc.
  • Novus International Inc.
  • Balchem Corp.
  • Cargill Inc.
  • Archer Daniels Midland Company
  • Alltech Inc.
  • Nutreco N.V.

These players are widely working on the development of new business strategies such as mergers and acquisitions, product development, partnerships, and collaborations to procure a leading position in the global industry.

For instance, in December 2021, Nutreco N.V., a Dutch producer of animal nutrition, fish feed, and processed meat products, announced its acquisition of Nutrimin, one of the largest suppliers of vitamin and mineral premixtures, and concentrates, and special feed for piglets. With this acquisition, the companies aimed to expand their businesses into the growing animal nutrition industry and provide greater access to farmers in Denmark.

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Further, the report also presents other vials aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.

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