Global Animal Feed Micronutrients Market is estimated to reach USD 1661.9 Million by 2021| Market Data Forecast
Global Animal Feed Micronutrients Market was
worth USD 1236.02 Million in 2016 and is expected to reach USD 1661.9 Million
by 2021 with a CAGR of 6.1 %. The Animal Feed Micronutrients Market is observed
to be developing at a significant pace, because of the rising populace resulting
in rising demand for meat and an inclination of customers towards the healthy
food, over the globe.
Animal Feed Micronutrients market incorporates
minerals such as zinc, iron, magnesium, copper, and others utilized for
Livestock. Animals require micronutrients in the appropriate amounts to improve
lactation, development, and reproduction. Irregularity or insufficiencies may
bring about suboptimal performance and poor health of the Animal.
Micronutrients are the source of vitality, protein, minerals, and vitamins.
They perform multifaceted functions in Animal production and growth and
furthermore contribute in catalyst system operations.
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Rising interest of owning pet animals, growing
expenses on animal wellbeing and wellness combined with success of animal feed
micronutrients in development and fertility of the animals are some of the
major factors driving the animal feed micronutrients market. Furthermore, the
rising demand for animal protein from milk and meat delivering cattle combined
with recent illness epidemic in cattle is further driving the animal feed
micronutrients market.
The critical dosage use of animal feed
micronutrients and dearth of awareness about the advantages of micronutrients
among uneducated and poor farmers are major factors restraining the animal feed
micronutrients industry.
Based on different types of Animal Feed
Micronutrients, Market is segmented into Zinc, Iron, Manganese, Copper, and
Others. Based on use of Animal Feed Micronutrients by different livestock,
Market is segmented into Ruminant, Poultry, Aqua, Swine, Equine and others.
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Geographically, this market is further
segmented in to North America, Europe, Asia-Pacific, Latin America and Middle
East & Africa. Asia-Pacific is the largest market because of its rapid
economic growth and large population. Asia-Pacific is also the fastest growing
region during the forecast period. Meanwhile, North America is growing at a
substantial CAGR is likely to be the second largest market by the end of the
forecast period.
Major companies operating in the global market
include Archer Daniels Midland Company (ADM), Balchem Corp., Lallemand Inc,
Alltech Inc., Cargill Inc., Novus International Inc., Kemin Industries Inc.,
Zinpro Corporation, Nutreco N.V. and Qualitech Inc.
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